發(fā)布時(shí)間：2018-03-28 22:11

  本文選題：專項(xiàng)資產(chǎn)管理計(jì)劃　切入點(diǎn)：資產(chǎn)證券化　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：2007年次貸危機(jī)的爆發(fā),為我國資產(chǎn)證券化產(chǎn)品創(chuàng)新提供了一次全面審視與深入反思的契機(jī)。不同于結(jié)構(gòu)復(fù)雜、不斷衍生的CDO等次貸證券化產(chǎn)品,證券公司專項(xiàng)資產(chǎn)管理計(jì)劃產(chǎn)品仍然屬于與標(biāo)的資產(chǎn)直接相連的證券化產(chǎn)品,在基礎(chǔ)資產(chǎn)類型、產(chǎn)品結(jié)構(gòu)、風(fēng)險(xiǎn)特性、流動(dòng)性安排以及信息披露等方面都有與我國市場發(fā)展現(xiàn)狀相結(jié)合的具體要求。隨著證監(jiān)會(huì)《證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定》的出臺(tái),我國券商資產(chǎn)證券化業(yè)務(wù)有了新的載體,在此基礎(chǔ)上也有望步入快速發(fā)展的階段。但是受制于我國現(xiàn)有金融分業(yè)監(jiān)管體制以及整體金融市場化改革的緩慢,證券公司專項(xiàng)資產(chǎn)管理計(jì)劃業(yè)務(wù)目前仍面臨著不少難題亟待解決。目前我國的證券公司專項(xiàng)資產(chǎn)管理計(jì)劃仍然沒有明確其法律關(guān)系屬性,沒有明確未來債權(quán)等新型財(cái)產(chǎn)權(quán)利能否作為其基礎(chǔ)資產(chǎn)進(jìn)行證券化,而證監(jiān)會(huì)對(duì)于券商專項(xiàng)資產(chǎn)管理計(jì)劃審批的緩慢進(jìn)程也嚴(yán)重阻礙了該項(xiàng)業(yè)務(wù)的發(fā)展。因此從實(shí)務(wù)角度去分析證券公司專項(xiàng)資產(chǎn)管理計(jì)劃在缺陷的基礎(chǔ)上所面臨的風(fēng)險(xiǎn)及其解決方案就變得更具有現(xiàn)實(shí)意義。 本文的新穎之處在于選取了證券公司專項(xiàng)資產(chǎn)管理計(jì)劃這一特殊的資產(chǎn)證券化業(yè)務(wù),并對(duì)較為典型的實(shí)務(wù)案例進(jìn)行分析以探討目前在實(shí)操中所面臨的現(xiàn)實(shí)問題。 本文除導(dǎo)論和結(jié)論外,共分為四個(gè)部分 第一部分,首先對(duì)我國現(xiàn)有的幾種資產(chǎn)證券化模式進(jìn)行定義,重點(diǎn)比較了證券公司專項(xiàng)資產(chǎn)管理計(jì)劃與信托公司信貸資產(chǎn)證券化之間的差別,然后對(duì)我國目前的券商資產(chǎn)證券化新規(guī)進(jìn)行了介紹,同時(shí)對(duì)目前專項(xiàng)資產(chǎn)管理計(jì)劃的交易結(jié)構(gòu)及流程進(jìn)行了簡單的說明。 第二部分,對(duì)我國專項(xiàng)資產(chǎn)管理計(jì)劃的兩大缺陷提出了自己的分析。在目前我國的法律框架下,證券公司專項(xiàng)資產(chǎn)管理計(jì)劃仍只能定義為委托代理關(guān)系。而筆者認(rèn)為在目前資產(chǎn)管理的幾種法律形式下信托則為最合適的法律形式選擇。同時(shí)目前我國法律框架下并未對(duì)未來債權(quán)等新型財(cái)產(chǎn)權(quán)利進(jìn)行明確都可能給專項(xiàng)資產(chǎn)管理計(jì)劃帶來問題。 第三部分,筆者選擇了較為典型的遠(yuǎn)東租賃兩期專項(xiàng)資產(chǎn)管理計(jì)劃,對(duì)其在破產(chǎn)隔離、真實(shí)銷售等方面進(jìn)行了分析,探討現(xiàn)有項(xiàng)目所面臨的法律問題。 第四部分,在對(duì)前文相關(guān)法規(guī)及案例分析的基礎(chǔ)上,提出了對(duì)我國專項(xiàng)資產(chǎn)管理計(jì)劃的建議,提出了雙SPV的交易架構(gòu)模型,同時(shí)也提出了在功能監(jiān)管、信托立法等方面對(duì)該業(yè)務(wù)的建議。
[Abstract]:The outbreak of the subprime mortgage crisis in 2007 provides an opportunity for the innovation of asset securitization products in China, which is different from the complex structure and derivative of CDO and other subprime securitization products. The products of the special asset management plan of the securities company still belong to the securitization products directly linked to the underlying assets, in the basic asset type, the product structure, the risk characteristic, Liquidity arrangements and information disclosure have specific requirements to be combined with the current situation of market development in China. With the introduction of the Securities Regulatory Commission's regulations on the Management of Asset Securitization of Securities companies, There is a new carrier for asset securitization business in China, and on this basis, it is expected to enter the stage of rapid development. However, it is constrained by the slow reform of the overall financial marketization reform and the existing financial separation supervision system in China. At present, the business of special asset management plan of securities company is still faced with many problems to be solved. At present, the special asset management plan of securities company in our country still has not clearly defined its legal relationship attribute. It is not clear whether new property rights, such as future claims, can be securitized as their underlying assets, However, the slow process of the Securities Regulatory Commission's approval of the special asset management plan for securities firms has also seriously hindered the development of the business. Therefore, from a practical point of view, this paper analyzes the shortcomings faced by the securities company's special asset management plan on the basis of its defects. Risk and its solutions become more relevant. The novelty of this paper lies in selecting the special asset securitization business of securities company special asset management plan and analyzing the typical practical cases in order to discuss the practical problems in the actual operation at present. In addition to the introduction and conclusion, this paper is divided into four parts. In the first part, the author defines several existing asset securitization models in China, and compares the difference between the special asset management plan of the securities company and the credit asset securitization of the trust company. Then the paper introduces the new rules of asset securitization of securities firms in our country and gives a brief explanation of the trading structure and process of the current special asset management plan. In the second part, the author puts forward his own analysis on the two defects of China's special asset management plan. The special asset management plan of securities companies can only be defined as principal-agent relationship, and the author thinks that trust is the most suitable legal form under several legal forms of asset management at present. At the same time, the legal framework of our country at present. Any clarification of new property rights, such as future claims, could cause problems for special asset management plans. In the third part, the author chooses the typical two phases special asset management plan of far East lease, analyzes its bankruptcy isolation, real sale and so on, and probes into the legal problems faced by the existing projects. The fourth part, on the basis of the related laws and regulations and case analysis, put forward the suggestion to the special asset management plan of our country, put forward the transaction structure model of double SPV, and also put forward the function supervision. Trust legislation and other aspects of the business recommendations.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D922.287

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本文編號(hào)：1678284