资产证券化对投资人权益保护制度的研究

【作者】 鲁俊渝；

【导师】 沈晓明；

【作者基本信息】 上海海事大学 ， 民商法， 2007， 硕士

【摘要】 资产证券化是指将缺乏流动性,但能够产生可预见的稳定的现金流量的资产,通过一定的结构安排,对资产中风险与收益要素进行分离与重组,进而转换成为在金融市场上可以出售和流通的证券的过程。作为近几十年来国际金融领域最重要的金融创新之一,资产证券化以其精巧的构思和独特的功能,成为金融创新浪潮中的一颗璀璨明珠。资产证券化既是一种金融产品创新,更是一种融资体制和法律制度的创新。它具有不同于传统融资方式的表外融资、结构性融资和资产信用融资的特点,其实质就是通过一系列的机制设计将流动性较差、具有稳定收益的债权性资产转化为流通性好、并且与原始权益人隔离的证券性资产的交易过程。它之所以在一问世以来,便风靡全球,从资本市场非常发达的国家到资本市场很不健全的国家,都出现了它被实践的现象,这其中固然有许多方面的原因,但资产证券化结构最吸引人的地方是其法律构造中有一套特殊的证券化投资人权益保护制度。全文除引言和结语外,共分为六章。第一章对资产证券化的一般理论问题进行了概述。主要从资产证券化的概念、历史发展、运作原理、功效等方面进行了简单扼要的介绍。第二章是全篇论文中心内容的一个综述,是对资产证券化投资人权益保护制度基本理论的介绍,它主要是从资产证券化投资人权益保护制度的法律价值和制度内容两方面对其进行阐述。第三章是本文的重点之一,主要对证券化投资人权益保护制度的特定目的机构进行了介绍,特定目的机构具有分割资产、分离责任、隔离风险功能,从而实现保护证券投资者的目的。特定目的机构主要有两种形式:一是特定目的信托;二是特定目的公司。因而本章主要从保护投资人权益的角度,对特定目的信托和特定目的公司的运作原理、制度的构建及其相关内容进行了研究。第四章也是本文重点之一,主要是对证券化投资人权益保护制度中资产转移的基本理论及相关制度进行了比较研究,资产转移是证券化交易结构中最重要的环节之一,关系着整个证券化结构的成败,是具有基础性和核心地位的组成部分。第五章主要对证券化投资人权益保护制度的信息披露进行了介绍,本章从保护投资人的角度,对资产证券化信息披露的义务主体、信息披露的相关内容以及违反信息披露制度的违约救济进行了阐述。第六章主要对我国资产证券化中对投资人权益保护制度的有关立法体例和立法内容的有关建议。中国移植证券化投资人权益保护制度,面临立法体例的选择,是言衩拦?还是日本式的特别立法,本文认为中国应采用日本式的特别立法方式建立证券化投资人权益保护机制。最后对立法的内容上提出了一些建议。更多还原

【Abstract】 The asset securitization is the process to frame the asset being short of liquidity but having steady expected cash flow income, separate and reform the risk and proceeds and then convert them into the salable and current securities in the financial market. As one of most important financial innovation during recent over ten years in international financial field, the asset securitization has its ingenious design and special function as a bright pearl. The asset securitization is both a innovation of financial product and a innovation of financing and law system with different financial characters. The essence of the asset securitization is to transfer those assets short of liquidity but having steady expected income to those with well currency. The asset securitization is popular both in well-developed countries and in those countries with less-health market. We have many reasons for this situation. However the most appealing point of the law structure of asset securitization is to have some special regulation to protect their investors.There are 6 chapters excluding the preface and epilogue.Chapter 1 is the summary of general theory of asset securitization. The author will introduce the concept, history, the operation theory and function of the asset securitization and so on in a brief.Chapter 2 is the comprehensive description of the whole article. The author will explain the general theory of rights and benefits protection for the investors both in legal value and regulation contents.Chapter 3 is the point of the article. The author talks about SPV which have some functions of asset division, liability division and risk insulation. The functions of SPV can protect the securities investors. There are two types of SPV. One is SPT and the other is SPC. This chapter explains the operation theory and system design and other related contents of those two types.Chapter 4 is also the point of the article. And the author has comparative research on the general theory and other related system of asset transfer. The asset transfer is one of the most important steps in the structure of securitization trading and it determines the success of the securitization.Chapter 5 is to introduce the information disclosure of system of rights and benefits protection for the investors. The obligation party, the related matter of information disclosure and relieve manner have been described here in more detail.Chapter 6 is about related legislation system and regulation suggestions to protect the rights and benefits of investors during our asset securitization. When we plan our system of protection of rights and benefits of investors, we have to choose our legislation system, the American system or the Japan system—special law system. The author argues that we should choose Japan system. In the end of this article, the author also put forward some suggestions about legislation contents.更多还原