资产证券化SPV的税收法律问题研究

【作者】 王成祥；

【导师】 唐丽子；

【作者基本信息】 对外经济贸易大学 ， 法律， 2007， 硕士

【摘要】 资产证券化是当代金融发展过程中最具创新性的金融工具,它自20世纪70年代起源于美国以来,凭借资产信用融资、结构型融资①和表外融资的竞争优势,迅速在美国及世界主要资本市场发展起来。资产证券化是指银行等金融机构或企业将其缺乏流动性但在未来能够产生可预见的稳定现金流的资产,通过一定的结构安排,对资产中的风险和收益进行分离和重组,进而转换为在资本市场上出售和流通的证券(资产支撑证券)的过程。不可否认,税收问题是资产证券化过程中不可忽视重要因素之一。因为税收直接决定了证券化融资成本的高低,决定了证券化融资结构是否有效。从证券化供给的角度来看,只有发起人通过开展证券化所获取的收益大于成本,才有发起证券化的动力;从证券化需求的角度来看,证券化产品应对投资者具有一定的吸引力,过重的税负不仅会缩小发起人的盈利空间,还会降低资产支撑证券对投资者的吸引力。而缺少供给与需求任何一个方面的支撑,证券化都无法开展。资产证券化是通过设计一个严谨的交易结构来实现融资目的的,结构型融资方式的交易架构中最核心的部分就是SPV。一般按照各国税法的规定,投资者必须为自己的证券投资收入缴纳所得税,寻求这一方面的税收负担减免,往往是可遇而不可求的。因此,在证券化操作过程中,通过减少税收支出增加投资者收益的重担,就落在了SPV的税收处理上。本文主要对SPV涉及的税收法律问题进行了较为系统的研究,探讨如何设计最佳的SPV结构以减少税收负担,在此基础上结合我国现存的法律制度,提出了我国SPV构建的现实选择。本文除引言和结束语外,分为四章。第一章从资产证券化的基本理论入手,对资产证券化的内涵、特征、基本架构及功能进行了介绍,为下文对SPV展开详细论述做好铺垫第二章首先介绍了SPV的特征、法律地位和构造模式,在此基础上提出了SPV的税收法律问题,并对世界各国SPV的税收法律规制予以比较研究。第三章对我国SPV的税收制度进行了分析和评价,并提出了我国SPV应该确立的税收原则。第四章从我国现实的税收政策出发,结合我国的法律环境,探讨了我国SPV构建的模式选择。更多还原

【Abstract】 As one of finance tool with most creativity in the course of finance development in modern economic society, asset securitization appeared since 1970s’in America and develops prosperously in America capital market and in other main countries’capital market depending on its advantages in asset credit finance, structure finance and finance beyond the sheet.Asset securitization is a process in which banks’or other enterprises’illiquid assets that will produce steadily cash-flow in the future are converted into a kind of circulative security in capital market through an structure arrangement to isolate and restructure the risk and benefits deriving from the assets. Undoubtedly, the problem of tax revenue is an important factor that shouldn’t be ignored because tax revenue decides directly on the cost and efficiency of the structure of securitization. From the point of view of the party of provision of securitization, sponsor will actively initiate securitization only when the benefits he gets exceed the costs he pays in the course of the securitization. From the point of view of the party of requirement of securitization, products of securitization need to be attractive to investors, while overweight burden will not only reduce the benefits space but cut down investors’enthusiasm. Lack of the support of any of parties, securitization can’t get its way. Securitization achieves it’s aim at financing through a rigorous structure in which the core is SPV. Generally, since every country provides that investors will pay income tax for his securities investment, it is difficult to get access to escaping the liability of tax payment. So, it is feasible to rise the benefits of investors by reducing SPV’s tax payment.This paper makes systematic study on legal problems concerned tax revenue of SPV and discusses how to design the best structure of SPV to reduce the burden of tax payment and further put forward lawmaking suggestions and practical choice in accordance with effective law in our country.This article consists of four chapters except its preface and conclusion.Beginning with the basic theory of Asset securities, chapter one, through introducing the definition, characters, participants and process, makes a substantial base to expound SPV in next chapters.Chapter two, at first, discusses the characters, status and model of SPV and further poses legal problem concerned tax revenue of SPV and carries on a detailed comparison and study on SPV’s regulations related to tax revenue in different countries of the world.Chapter three analyzes and appraisals the system of tax revenue relevant to SPV in our country and put forwards lawmaking principle we should adopt toward the problem of SPV’s tax revenue.Chapter four discusses the legal formation of SPV in china in compliance with our country’s tax revenue regulations and legal situation.更多还原