资产证券化信托模式研究
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摘要
资产证券化作为一种结构性融资,开创了直接融资时代;资产证券化作为一种金融创新,自其产生之时就没有停止过演进和扩张;资产证券化伴随着全球化浪潮,开始在全世界推广。因为资产证券化的创新特质,各国进行资产证券化的制度模式也各有不同,一时间呈现出如火如荼、百花齐放繁荣景象。作为改革开放的一部分,中国进行了资产证券化的试点,相继开展了信贷资产证券化和企业资产证券化试点。面对中国资产证券化试点分业僵局,最终采用何种模式进行资产证券化,莫衷一是。随后美国次贷危机爆发,进而演变成全球金融危机,一时间,资产证券化成为罪魁祸首,中国刚开始的资产证券化试点也陷入停滞。至此,我国无论是在学术界还是业界中都存在两个疑问,一是中国是否实施资产证券化,二是中国以何种形式实施资产证券化。笔者在此背景下写此文章。
本文首先通过对资产证券与信托制度基础定义、特质的分析,论证信托制度对资产证券化的功能性支持,这是资产证券化采用信托制度理论基础。其次,通过对世界主要的市场经济国家的资产证券化进行对比分析,得出信托模式是资产证券主要模式之一。再次,通过几种主要的资产证券化模式在中国适用性的分析,得出信托型的可行性和最优性。经过上述论证后,本文从法理学角度,解读信托模式资产证券化法律关系,并对其法律关系的主体、客体和内容进行分析论证。结合我国资产证券化理论与实践对相关问题进行了有针对性的论述,并提出自已观点,如资产证券化主体参与限制,客体债权性质辨析、参与主体法律关系定性等问题。然后,笔者结合目前资产证券化主要流程如资产重组、真实出售、风险隔离出现的问题,进行了有针对性的法学分析。最后,经过分析,指出目前中国实施资产证券化过程中存在的主要问题,并提出自已的意见和建议。
本文共分七章来完成本文所述内容分析、阐述。第一章为绪论,介绍本文研究背景和意义。第二章为资产证券化信托模式概述;第三章为各国家资产证券化发展;第四章为我国资产证券化模式选择分析;第五章为:资产证券化信托模式法律关系分析;第六章为资产证券化运作过程中主要法律问题;第七章为意见和建议。
Asset securitization is a structured finance, and create the era of direct-financing. Asset securitization turned into a financial innovation,, since the time of its formation did not stop the evolution of structure and scope of the expansion. Asset securitization, with the promotion of globalization in the world. And its innovative features, asset securitization States also have different system model. Showing a time in full swing, the flourishing prosperity, as part of reform and opening up, China has carried out a pilot asset securitization, one after another into the securitization of credit assets and corporate asset securitization two forms of asset securitization pilot. Face of China's asset securitization pilot separation of deadlock, where the final form of mining, today. Then the U.S. subprime mortgage crisis, and then evolved into the global financial crisis. For a time, asset securitization as the culprit, such as asset securitization in China just opened the pilot is also stalled. So far, our practice, whether in academia, there are two problems to be solved in the first, whether China is an asset securitization, the second is the form in which the asset securitization. In this context, the author wrote this article.
Firstly, through asset based securities and trust system definition, character analysis, demonstration of asset securitization trust system functionality support, which is asset securitization trust system theory using. Subsequently, through the securitization of the assets of the world's major countries, asset securitization were compared and analyzed the trust model is the main mode of asset securitization. And then, through several major asset securitization model, in China analysis, the trust-based feasibility and optimality. After the above argument to determine the mode of use of asset securitization, this paper models by the legal analysis of asset securitization trust relationship between the law and its legal relationship of subject, object, content analysis and appraisal of asset securitization combining theory and practice were targeted discussions and put forward their own point of view. Such as asset securitization in the main constraints, the nature of the object discrimination claims involved in the qualitative relationship between the main legal issues. Then, the main process of securitization of assets such as asset restructuring, true sale, the risk of isolation, the Law, a legal point of view of legal advice related to the environment.
Finally, after analysis, that the current existence of asset securitization in China the main problems and put forward their own comments and suggestions. This article is divided into seven chapters to complete the content analysis described in this article to explain. The first chapter is an introduction, describes the background and significance of this study. The second chapter is an overview of asset securitization trust model. The third chapter is the development of the national asset securitization; Chapter Four mode selection of Asset Securitization Analysis. Chapter V: Asset Securitization Trust model of legal relations; Chapter VI of the operation of the process of asset securitization major legal issues; Chapter VII of the comments and suggestions.
本文首先通过对资产证券与信托制度基础定义、特质的分析,论证信托制度对资产证券化的功能性支持,这是资产证券化采用信托制度理论基础。其次,通过对世界主要的市场经济国家的资产证券化进行对比分析,得出信托模式是资产证券主要模式之一。再次,通过几种主要的资产证券化模式在中国适用性的分析,得出信托型的可行性和最优性。经过上述论证后,本文从法理学角度,解读信托模式资产证券化法律关系,并对其法律关系的主体、客体和内容进行分析论证。结合我国资产证券化理论与实践对相关问题进行了有针对性的论述,并提出自已观点,如资产证券化主体参与限制,客体债权性质辨析、参与主体法律关系定性等问题。然后,笔者结合目前资产证券化主要流程如资产重组、真实出售、风险隔离出现的问题,进行了有针对性的法学分析。最后,经过分析,指出目前中国实施资产证券化过程中存在的主要问题,并提出自已的意见和建议。
本文共分七章来完成本文所述内容分析、阐述。第一章为绪论,介绍本文研究背景和意义。第二章为资产证券化信托模式概述;第三章为各国家资产证券化发展;第四章为我国资产证券化模式选择分析;第五章为:资产证券化信托模式法律关系分析;第六章为资产证券化运作过程中主要法律问题;第七章为意见和建议。
Asset securitization is a structured finance, and create the era of direct-financing. Asset securitization turned into a financial innovation,, since the time of its formation did not stop the evolution of structure and scope of the expansion. Asset securitization, with the promotion of globalization in the world. And its innovative features, asset securitization States also have different system model. Showing a time in full swing, the flourishing prosperity, as part of reform and opening up, China has carried out a pilot asset securitization, one after another into the securitization of credit assets and corporate asset securitization two forms of asset securitization pilot. Face of China's asset securitization pilot separation of deadlock, where the final form of mining, today. Then the U.S. subprime mortgage crisis, and then evolved into the global financial crisis. For a time, asset securitization as the culprit, such as asset securitization in China just opened the pilot is also stalled. So far, our practice, whether in academia, there are two problems to be solved in the first, whether China is an asset securitization, the second is the form in which the asset securitization. In this context, the author wrote this article.
Firstly, through asset based securities and trust system definition, character analysis, demonstration of asset securitization trust system functionality support, which is asset securitization trust system theory using. Subsequently, through the securitization of the assets of the world's major countries, asset securitization were compared and analyzed the trust model is the main mode of asset securitization. And then, through several major asset securitization model, in China analysis, the trust-based feasibility and optimality. After the above argument to determine the mode of use of asset securitization, this paper models by the legal analysis of asset securitization trust relationship between the law and its legal relationship of subject, object, content analysis and appraisal of asset securitization combining theory and practice were targeted discussions and put forward their own point of view. Such as asset securitization in the main constraints, the nature of the object discrimination claims involved in the qualitative relationship between the main legal issues. Then, the main process of securitization of assets such as asset restructuring, true sale, the risk of isolation, the Law, a legal point of view of legal advice related to the environment.
Finally, after analysis, that the current existence of asset securitization in China the main problems and put forward their own comments and suggestions. This article is divided into seven chapters to complete the content analysis described in this article to explain. The first chapter is an introduction, describes the background and significance of this study. The second chapter is an overview of asset securitization trust model. The third chapter is the development of the national asset securitization; Chapter Four mode selection of Asset Securitization Analysis. Chapter V: Asset Securitization Trust model of legal relations; Chapter VI of the operation of the process of asset securitization major legal issues; Chapter VII of the comments and suggestions.
引文
1 Paul W Feeney ,securitization: Redefining the Bank.[M],St Martins Press,1995。
2李勇:《关于我国不良资产证券化的初步探讨》[M],中国财经出版社,2005版,第1页。
3洪艳蓉:《资产证券化法律问题研究》[M],北京大学出版社,2004版,第5-6页。
4《金融资产证券化条例》第4条第3款。
5《信贷资产证券化试点管理办法》第2条。
6《证券公司企业资产证券化业务试点指引》(试行)第2条。
7于凤坤:《资产证券化:理论一与实务》[M],北京大学出版社,2002年版,第3页。
8何小锋等:《资产证券化:中国的模式》[M],北京大学出版社,2002年版,第11页。
9王志诚:《特殊目的公司与投资人之保护机制》[J],载《月旦法学》2002年第9期。
10王志诚:《金融资产证券化:立法原理与比较法法制》[M],五南图书出版公司2002年版,第35页。
11王志诚:《金融资产证券化:立法原理与比较法法制》[M],五南图书出版公司2002年版,第38页。
12朱奇:《论我国资产证券化中特殊目的信托的法律规制》[D],西南政法大学,2009。
13 Joseph Hu. Basies of Mortgage backed Securities[M]. Frank J. Fabozzi Associates,1997.
14刘向东:《证券化的信托模式研究》[M],中国财政经济出版社2007年版,第78页。
15刘向东:《证券化的信托模式研究》[M],中国财政经济出版社2007年版,第81页。
16彭冰:《资产证券化的法律解释》[M],北京大学出版社,2001年11月第1版,第27页。
17于纯海:《SPT法律构架中信托财产权法律属性辩析》[J],载《大连理工大学学报》(哲学社科版)2005年第3期
18黄立:《民法债编总论》[M],中国政法大学出版社,2002年版,第616-617页。
19李剑锋:《证监会鼓励五类资产证券化规模最小将在8亿元》[N]载《上海证券报》2006.6.30。
20注:在实际资金信托中还有单一资金信托即资金来源方为特定一方的,然单一资金信托不符合证券化的结构,故此处不作讨论。
21徐莉:《我国信贷资产证券化信托模式研究》[D]苏州大学2009年。
22杨晓刚:《信托型资产证券化之法律问题研究》[D],西南政法大学,2009年。
23杨晓刚:《信托型资产证券化之法律问题研究》[D],西南政法大学,2009年。
24李媛媛:《资产证券化的信托法理之研究》[D],中南大学,2007年。
25参见张泽平著:《资产证券化法律制度比较与借鉴》,,法律出版社,2008年版,第69页。
26参见刘绍猷:《将来债权的让与》[A]见郑玉波:《民法债编论文》(中册)[M],五南图书出版公司1984年版,第891页。
27金立新:《应加强完善信托公权配套规章》[N],载《金融时报》2010.12.05。
[1] Paul W Feeney ,securitization: Redefining the Bank.[M],St Martins Press,1995.
[2] Joseph Hu. Basies of Mortgage backed Securities. [M] ,Frank J. Fabozzi Assoeiates,1997.16.
[3]托马斯·李·哈森著,张学安译,《证券法》[M],中国政法大学出版社2003年版。
[4]周友苏:《新公司法论》[M],法律出版社2006年版。
[5]周友苏:《新证券法论》[M],法律出版社2007年版。
[6]中国人民大学信托与基金研究中心:《中国信托业发展报告》(2010)[M],中国经济出版社2010年版。
[7]陈赤.:《中国信托创新研究》[M],西南财经大学出版社2008年版。
[8]刘向东:资产证证券化的信托模式[M]中国财政经济出版社2007年版。
[9]张泽平:资产证券化法律制度的比较与借鉴[M],法律出版社2008年版。
[10]于凤坤:资产证券化:《理论与实务》[M],北京大学出版2004年版。
[11]何小峰,黄嵩,宋芳秀等:《资产证券化:中国的模式》[M],北京大学出版社2002年版。
[12]王志诚:《律金融资产证券化:立法原理与比较法法制》[M],五南图书出版公司2002年版。
[13]能见善久著,赵廉慧译,《现代信托法》[M]中国法制出版社2011年版。
[14]李勇:《关于我国不良资产证券化的初步探讨》[M]中国财经出版社2005年。
[15]洪艳蓉:《资产证券化法律问题研究》[M]北京大学出版社2004年版。
[16]杨晓刚:《信托型资产证券化之法律问题研究》[D]西南政法大学2009年。
[17]李媛媛:《资产证券化的信托法理之研究》[D]中南大学2007年。
[18]徐莉:《信贷资产证券化信托研究》[D],苏州大学2009年。
2李勇:《关于我国不良资产证券化的初步探讨》[M],中国财经出版社,2005版,第1页。
3洪艳蓉:《资产证券化法律问题研究》[M],北京大学出版社,2004版,第5-6页。
4《金融资产证券化条例》第4条第3款。
5《信贷资产证券化试点管理办法》第2条。
6《证券公司企业资产证券化业务试点指引》(试行)第2条。
7于凤坤:《资产证券化:理论一与实务》[M],北京大学出版社,2002年版,第3页。
8何小锋等:《资产证券化:中国的模式》[M],北京大学出版社,2002年版,第11页。
9王志诚:《特殊目的公司与投资人之保护机制》[J],载《月旦法学》2002年第9期。
10王志诚:《金融资产证券化:立法原理与比较法法制》[M],五南图书出版公司2002年版,第35页。
11王志诚:《金融资产证券化:立法原理与比较法法制》[M],五南图书出版公司2002年版,第38页。
12朱奇:《论我国资产证券化中特殊目的信托的法律规制》[D],西南政法大学,2009。
13 Joseph Hu. Basies of Mortgage backed Securities[M]. Frank J. Fabozzi Associates,1997.
14刘向东:《证券化的信托模式研究》[M],中国财政经济出版社2007年版,第78页。
15刘向东:《证券化的信托模式研究》[M],中国财政经济出版社2007年版,第81页。
16彭冰:《资产证券化的法律解释》[M],北京大学出版社,2001年11月第1版,第27页。
17于纯海:《SPT法律构架中信托财产权法律属性辩析》[J],载《大连理工大学学报》(哲学社科版)2005年第3期
18黄立:《民法债编总论》[M],中国政法大学出版社,2002年版,第616-617页。
19李剑锋:《证监会鼓励五类资产证券化规模最小将在8亿元》[N]载《上海证券报》2006.6.30。
20注:在实际资金信托中还有单一资金信托即资金来源方为特定一方的,然单一资金信托不符合证券化的结构,故此处不作讨论。
21徐莉:《我国信贷资产证券化信托模式研究》[D]苏州大学2009年。
22杨晓刚:《信托型资产证券化之法律问题研究》[D],西南政法大学,2009年。
23杨晓刚:《信托型资产证券化之法律问题研究》[D],西南政法大学,2009年。
24李媛媛:《资产证券化的信托法理之研究》[D],中南大学,2007年。
25参见张泽平著:《资产证券化法律制度比较与借鉴》,,法律出版社,2008年版,第69页。
26参见刘绍猷:《将来债权的让与》[A]见郑玉波:《民法债编论文》(中册)[M],五南图书出版公司1984年版,第891页。
27金立新:《应加强完善信托公权配套规章》[N],载《金融时报》2010.12.05。
[1] Paul W Feeney ,securitization: Redefining the Bank.[M],St Martins Press,1995.
[2] Joseph Hu. Basies of Mortgage backed Securities. [M] ,Frank J. Fabozzi Assoeiates,1997.16.
[3]托马斯·李·哈森著,张学安译,《证券法》[M],中国政法大学出版社2003年版。
[4]周友苏:《新公司法论》[M],法律出版社2006年版。
[5]周友苏:《新证券法论》[M],法律出版社2007年版。
[6]中国人民大学信托与基金研究中心:《中国信托业发展报告》(2010)[M],中国经济出版社2010年版。
[7]陈赤.:《中国信托创新研究》[M],西南财经大学出版社2008年版。
[8]刘向东:资产证证券化的信托模式[M]中国财政经济出版社2007年版。
[9]张泽平:资产证券化法律制度的比较与借鉴[M],法律出版社2008年版。
[10]于凤坤:资产证券化:《理论与实务》[M],北京大学出版2004年版。
[11]何小峰,黄嵩,宋芳秀等:《资产证券化:中国的模式》[M],北京大学出版社2002年版。
[12]王志诚:《律金融资产证券化:立法原理与比较法法制》[M],五南图书出版公司2002年版。
[13]能见善久著,赵廉慧译,《现代信托法》[M]中国法制出版社2011年版。
[14]李勇:《关于我国不良资产证券化的初步探讨》[M]中国财经出版社2005年。
[15]洪艳蓉:《资产证券化法律问题研究》[M]北京大学出版社2004年版。
[16]杨晓刚:《信托型资产证券化之法律问题研究》[D]西南政法大学2009年。
[17]李媛媛:《资产证券化的信托法理之研究》[D]中南大学2007年。
[18]徐莉:《信贷资产证券化信托研究》[D],苏州大学2009年。