【作者】 周静；

【导师】 夏雅丽；

【作者基本信息】 西北大学 ， 国际法学， 2007， 硕士

【摘要】 制度经济学究竟能够在多大程度上满足市场自生的冗余资源，使其可以再次进入良性市场循环?结构金融的代表——资产证券化，作为一种极具特色的融资体制创新，以其突出的表现回答了这一问题。交易结构的精巧设计及法律制度的配套保障使资产证券化成为自上世纪70年代以来发达国家投融资领域最具生命力的金融创新产品。在当前金融业的黄金发展时期，其融资的直接性、结构性、表外性特征表征了制度经济学的巨大作用力。鉴于资产证券化改良资产的强大功用和涉及的复杂融资担保法律关系，本文从对资产证券化缘起的重点追溯和强调的理论基调下，通过特性分析明晰了该制度设计及存在的必要价值，这对于我国目前金融创新发展在以国际接轨为契机的强劲势头下，如何把握时机拓宽思路、创新产品具有极其重要的指导作用。对于改变当前我国金融领域市场割裂、资金运作效率低下现状有极其重要的价值。在考察和借鉴海外资产证券化法律规制及实践运作支持的同时，进一步。它在中国发展的方向，作者认为是当务之急。作者在两大法系中美国和日本为重点的考察与比较借鉴之后，进而从启示点出发对我国发展资产证券化的既有实践和规范进行总结认为，我国目前的资产证券化发展可行性已经基本具备，研究重点应围绕金融信贷资产证券化的现实操作展开较宽范围的拓展研究。最后在整合先前学者理论研究成果及实务界实践成果的基础上，提出我国发展资产证券化的态度和构想。包括从特殊目的机构构建、强化信用增级、提高监管水平、税收配套和信息披露制度等六个方面创造实现条件，建立完善、规范的外部环境，加快多种类的资产证券化操作。更多还原

【Abstract】 Asset-backed securitization as a financial system creation product which have special features that three characters, direct, structure and off-balance. During the financial take-off from medium period, it shows huge of potential by skillful design and relative regulations. It becomes the most vitality product in financial domain. Owing to the strong function of improvement the trouble asset and complicated of law relationship, this article aim at found out the value by character analysis from tracing back to the origination which shows the right path to implement under current financial situation being line with nations. At the meanwhile, writer through investigate and draw lessons from developed countries experiences both on law regulations and operations. Make out the orient and rules of its development in China fatherly. Follow comparative research, summarizing the current practice and regulation of our country on this aspect, writer thought, we have the possibility of developing asset-backed securitization and the key point at operative reality and expand ways. Writer adapt the chart explains relative relationship directly take advantage of outlet of Economics, Finally, Put forward the frame paint to promoting securitization development on the basis of current scholars and research result. The suggestions including setup the SPV, consolidate credit enhancement, strengthen supervision, amend revenue regulation and open- information system acts which build up the entire normative external environment.更多还原