不动产证券化

【作者】 江高峰；

【导师】 刘俊；

【作者基本信息】 西南政法大学 ， 民商法学， 2002， 硕士

【摘要】 本文旨在通过对不动产证券化法律实质的研究，提出构建我国进行不动产证券化的法律实现形式——不动产投资基金法律制度的建议。不动产证券化以其精妙的结构和独特的功能，在资金供求双方之间架起一座桥梁，满足了他们各自不同层次的需要。因而成为各国争相引进的制度，也成为不动产物权和债权发展的新趋势。我国经济学界对此金融创新进行了广泛而且深刻的讨论，但是法学界对这一新生事物却未予足够的重视。基于此认识，本文即从法律的角度重新审视了不动产证券化的法律实质，就不动产证券化的法律意义，法律实现形式——不动产投资基金及其基本制度和信托法理论分析等方面作了全面深入的探讨。全文除导论共有五部分。 第一部分不动产投资基金的历史形成及其发展。历史经验的了解与掌握可以为人们现在和将来的行为提供有益的参考和借鉴。本文首先介绍了不动产投资基金的产生背景——金融创新，详细阐述了金融创新的意义及其对投资基金业的影响，接着大致介绍了世界各国，尤其是美国不动产投资基金的发展历程，并且得出不动产证券化为世界各国争相引进的制度，成为不动产物权及债权发展的新趋势的结论。 第二部分不动产投资基金的制度功能。制度功能往往是人们决定是否建立某项制度的标准之一。不动产投资基金的本质是为资金需求双方提供一种金融中介。资金供给方寻到一种新的投资渠道；资金需求方则找到一种更低成本的融资管道。通过投资组合和多样性投资使企业加强了负债管理，分散了投资风险。此外，由于不动产的昂贵性和长期的特点，使得不动产权利人的投资不易变现，而藉由不动产证券化便提高了不动产的流动性。 第三部分不动产投资基金的基本理论。这一部分是从法律制度层面上来阐述的。不动产投资基金是以不动产为投资对象的投资基金。因而本文首先根据现行民法理论界定了不动产的范围，也即基金可投资的对象。它包括土地和土地定着物两部分。不动产的权利既包括不动产物权又包括不动产抵押债权。接着从公司型和契约型投资基金的组织结构及有关投资者保护的特殊设计三方面具体阐述了基金当事人的性质及其权义关系。 第四部分不动产投资基金的信托法理分析。不动产投资基金的设立、 运作涉及多方当事人，产生了多方法律关系，具体而言主要是传统民事法 律关系（如买卖合同关系，代理关系等）和投椭托法律关系。对于前者， 现在民法理论踞作颇丰，本文限于篇幅未作详细论述，主要针对投资信 托法律关系作出了系统分析。首先，本文回顾了信托雌统民韩托到商 事信托的发展历史，指出现行不动产投资基金也适用信托法理的法律实 质。其次就美国投资公司法进行了信托法理狐。从美国投资公司法适用 的信托——拟制信托到信托法理辩析，大陆法系对投资公司的态度作出了 全面深入的探析，最后，本文在详细介绍各国的立法晌和目前理梆究 成果的柳上，剖析了契约型不动产投资基金的信托法原理。主要指出契 约型基金的信托本质，但它又区别于一鹏托，属于特贼托。同时，本 文在分析契约型基金当事人法律关系后总结出我国构建契约型基金当事人 法律关系将遇到的难题及其对策。 第五部分结语一一构建我国不动产投资基金法律制度。联系我国的实 际情况，就我国推行不动产证券化可能遇到的法律障碍，析动产信托登 记制度、信托业法、证券法、信托酮制度、不动产投资瓣理办法等几 个方面断了舰对性的分析，并提出相应对策。更多还原

【Abstract】 The purpose of the thesis is to bring in suggestion on constructing the legal approach to realise the real estate securitization, which is the legal system of the real estate investment fund through researching on the essence of the real estate securitization. This financial innovation has been extentively and thoroughly discussed in the field of economics, while been paid little avtention in the law circle. The thesis examines the legal essence of the real estate securitization from the angle of law, and makes an comprehensive and thorough inquiry into the real estate investment fund, basic system and the theory of trust. The thesis consists in five parts besides the introduction.Part Ⅰ. The evolvement and historical development of the real estate investment fund. The thesis firstly introduces the background about the evolvement of the real estate investment fund-the financial innovation, and expounds in detail the significance and the influence to the industry of investment funds. Then the thesis generally introduced the historical development of the real estate investment fund in several countries, especially America.Part Ⅱ. The system function of the real estate investment fund. The essence of the real estate investment fund lies in connecting both parties of the funds as a financial intermediary. The party of funds supply finds a new channel to invest and the party of funds demand gets a lower-costed financing way. Thus the combination and variety of investment strengthen the management of liabilities and disperse the investment risks. Moreover, due to the expensive and long-range character of the real estate, benefits owed to the obligee of the real estate are not easily realized. By the way of the real estate securitization can exhances the mobility of the real estate.Part Ⅲ. The foundermental theory of the real estate investmentfund, the thesis begins with the scope of the real estate in the civil law theory. It includes the land and things fixed on land. The rights of the real estate includes both the real estate ownership and obligation with the real estate hypothecary. The thesis then expounds the parties and their jural relations existing in contractive investment funds, company founds and special design for the protection of the relating investors.Part Ⅳ. The analysis of the trust legal principle of the real estate investment fund. Founding and operating the real estate investment is concerned with several parties and bring about legal relations between these parties. Those legal relations are mostly traditional civil legal relations and legal relation of investment trust. The thesis systematically analyses the latter. Firstly, the author looks back upon the history of trust, from the traditional civil trust to commercial trust, and points out that the legal principle of trust can be applied to the existing real estate investment fund. Secondly, the trust principle analysis is exercised in American investment corporations. Lastly, after introducing the legal system and the theoric achivevement in several countries, the thesis analyses the trust principle of constructive real estate investment fund, and points out it is trust while it differs from general trust. It should be special trust. Meanwhile, the thesis finds out hard points on constructing the relation between the parties of contract investment fund and bring in counter measures.Part Ⅴ. Concluding remarks梕stablishing the legal system of the real estate investment fund in China. Linked with the practice in china and considered with the legal obstacles may be confronted when enforcing the real estate securitizzation, the thesis definitely analyses the registration system of the real estate trust , the law of trust industry ,securities law , the trust tax system and the management of the real estate investment fund , then brings in some counter measures.更多还原