本文選題：資產(chǎn)證券化 + 真實(shí)銷售　； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：資產(chǎn)證券化始于20世紀(jì)70年代末美國(guó)住房抵押貸款證券,經(jīng)過近四十年的發(fā)展,如今已經(jīng)顯示出強(qiáng)大的生命力�？傮w來說,發(fā)起人將缺乏流動(dòng)性但能在未來產(chǎn)生可預(yù)見的穩(wěn)定現(xiàn)金流的資產(chǎn)或資產(chǎn)集合出售給特殊目的載體,由特殊目的載體通過一定的結(jié)構(gòu)安排,分離和重組資產(chǎn)的收益及風(fēng)險(xiǎn),并增強(qiáng)資產(chǎn)的信用,最后轉(zhuǎn)化成由資產(chǎn)產(chǎn)生的現(xiàn)金流擔(dān)保的、可以自由流通的證券,銷售給金融市場(chǎng)上的合格投資者。這是資產(chǎn)證券化通常的交易結(jié)構(gòu)。 資產(chǎn)證券化和傳統(tǒng)的融資工具不同,它兼具資產(chǎn)信用融資、結(jié)構(gòu)性融資和表外融資三種特征。首先資產(chǎn)證券化是依據(jù)基礎(chǔ)資產(chǎn)的信用進(jìn)行融資,投資者決定是否投資主要看組成資產(chǎn)池的資產(chǎn)的質(zhì)量、未來現(xiàn)金流的穩(wěn)定性、安全性等。真實(shí)銷售和風(fēng)險(xiǎn)隔離是資產(chǎn)證券化的兩大核心特征,真實(shí)銷售最終要達(dá)到的目的在于實(shí)現(xiàn)基礎(chǔ)資產(chǎn)與發(fā)起人其他資產(chǎn)的破產(chǎn)隔離。傳統(tǒng)理論認(rèn)為,資產(chǎn)證券化風(fēng)險(xiǎn)隔離有四種方式：更新、讓與、信托和從屬參與�，F(xiàn)實(shí)中,資產(chǎn)證券化更多采用讓與和信托的方式進(jìn)行風(fēng)險(xiǎn)隔離,更新和從屬參與已經(jīng)基本不用。 特殊目的載體是資產(chǎn)證券化過程中用以風(fēng)險(xiǎn)隔離的工具,它在資產(chǎn)證券化交易結(jié)構(gòu)中處于中心地位。從各國(guó)資產(chǎn)證券化的實(shí)踐經(jīng)驗(yàn)來看,特殊目的載體的組織形態(tài)有三種：公司型、有限合伙型和信托型。這三種類型各有利弊,但是都有一個(gè)共同點(diǎn),就是能夠?qū)⒒A(chǔ)資產(chǎn)和發(fā)起人的其他財(cái)產(chǎn)隔離開來,使它們相互獨(dú)立,彼此不受對(duì)方破產(chǎn)清算的影響。在我國(guó)現(xiàn)有的法律體系下特殊目的載體僅采用信托和專項(xiàng)計(jì)劃兩種形式。 我國(guó)的資產(chǎn)證券化起步晚,大致可以分為兩個(gè)階段：從1990年到2005年是探索階段。從2005年至今則是試點(diǎn)階段。而且我國(guó)資產(chǎn)證券化走的是一條和發(fā)達(dá)國(guó)家相反的道路,即先立法后試點(diǎn),先管制后發(fā)展。盡管陸陸續(xù)續(xù)有配套法規(guī)出臺(tái),但整體發(fā)展水平仍很滯后。中國(guó)資產(chǎn)證券化在未來的發(fā)展道路上,依然任重道遠(yuǎn)。
[Abstract]:Asset securitization began at the end of 1970s in American mortgage securities. After nearly 40 years of development, asset securitization has now shown a strong vitality. In general, sponsors sell assets or asset sets that lack liquidity but produce predictable and stable cash flows in the future to special purpose vehicles, which are structured by special purpose vehicles. The proceeds and risks of assets are separated and reorganized, and the credit of the assets is enhanced, which is eventually converted into securities that can be freely circulated and sold to qualified investors in the financial market, guaranteed by the cash flow generated by the assets. This is the usual trading structure of asset securitization. Asset securitization is different from traditional financing tools. It has three characteristics: asset credit financing, structured financing and off-balance-sheet financing. Firstly, asset securitization is based on the credit of the underlying assets. Investors decide whether to invest or not mainly depends on the quality of the assets that constitute the asset pool, the stability of future cash flow, the security and so on. Real sales and risk isolation are the two core features of asset securitization. The ultimate goal of real sales is to achieve bankruptcy isolation between the underlying assets and other assets of promoters. The traditional theory holds that there are four ways to isolate the risk of asset securitization: renewal, transfer, trust and subordinate participation. In reality, asset securitization uses the way of transfer and trust to isolate risks, but renewal and subordinate participation are not necessary. Special purpose vehicle is a tool for risk isolation in the process of asset securitization, and it plays a central role in the transaction structure of asset securitization. From the practical experience of asset securitization in various countries, there are three kinds of special purpose carriers: corporate type, limited partnership type and trust type. The three types have their pros and cons, but one thing in common is the ability to separate the underlying assets from the other assets of the originator, leaving them independent of each other's insolvency. Under the present legal system of our country, the special purpose carrier only adopts two forms: trust and special plan. China's asset securitization started late, can be divided into two stages: from 1990 to 2005 is the exploration phase. From 2005 to now is the pilot phase. Moreover, asset securitization in China is a contrary road to developed countries, that is, legislating first, then experimenting, regulating first and then developing. Despite the successive introduction of supporting laws, but the overall level of development is still lagging behind. China's asset securitization in the future development road, still have a long way to go.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287;D922.282

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