發(fā)布時(shí)間：2018-01-01 06:20

  本文關(guān)鍵詞：資產(chǎn)支持票據(jù)法律制度完善研究　出處：《西南政法大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 資產(chǎn)支持票據(jù) ABCP 資產(chǎn)證券化 風(fēng)險(xiǎn)隔離

【摘要】：資產(chǎn)支持票據(jù)產(chǎn)品的創(chuàng)新必然面臨法律障礙和制度缺陷，以法學(xué)視角對資產(chǎn)支持票據(jù)進(jìn)行深入研究意義重大。除去引言和結(jié)語，正文共分為四個(gè)部分： 第一部分，分析資產(chǎn)支持票據(jù)的法律性質(zhì)，是整個(gè)文章謀篇布局的切入點(diǎn)。資產(chǎn)支持票據(jù)雖有“票據(jù)”之名，但無“票據(jù)”之實(shí)，是一種非我國《票據(jù)法》上的票據(jù)的一種特殊“票據(jù)”。資產(chǎn)支持票據(jù)是資產(chǎn)證券化產(chǎn)品的結(jié)論消除了金融市場參與者的疑慮，，豐富了我國資產(chǎn)證券化理論的研究和發(fā)展。 第二部分，分析我國資產(chǎn)支持票據(jù)制度存在的缺陷。我國資產(chǎn)支持票據(jù)法律屬性模糊，導(dǎo)致監(jiān)管難度較大。風(fēng)險(xiǎn)隔離模式較為單一，不能滿足中小企業(yè)的要求，而且賬戶隔離型模式并不能夠在最大限度上隔離風(fēng)險(xiǎn)，效果難以達(dá)到標(biāo)準(zhǔn)資產(chǎn)證券化的要求。具體到資產(chǎn)支持票據(jù)的交易結(jié)構(gòu)，目前的單一融資方結(jié)構(gòu)限制了中小企業(yè)的市場準(zhǔn)入，不利于中小企業(yè)通過發(fā)行資產(chǎn)支持票據(jù)進(jìn)入債券市場融資。 第三部分，考察國外的相關(guān)法律制度，為我國資產(chǎn)支持票據(jù)制度的完善提供域外經(jīng)驗(yàn)。為了明確資產(chǎn)支持證券的法律屬性，美國和日本分別通過法院判例和制定法的方式將其界定為證券法上之“證券”，納入證券法的監(jiān)管。通過對國外風(fēng)險(xiǎn)隔離制度的分類研究，提出了特殊目的賬戶模式的表內(nèi)風(fēng)險(xiǎn)隔離制度，豐富了風(fēng)險(xiǎn)隔離理論。ABCP的交易結(jié)構(gòu)多元化，多融資方交易架構(gòu)制度對我國中小企業(yè)發(fā)行資產(chǎn)支持票據(jù)具有重要借鑒意義。 第四部分，提出資產(chǎn)支持票據(jù)制度的完善建議。確立融資性票據(jù)的法律地位，明確資產(chǎn)支持票據(jù)的證券屬性迫在眉睫。設(shè)計(jì)出表內(nèi)、表外雙軌制的風(fēng)險(xiǎn)隔離制度對資產(chǎn)支持票據(jù)的風(fēng)險(xiǎn)控制意義重大。為了促進(jìn)中小企業(yè)發(fā)行資產(chǎn)支持票據(jù)，建立多資產(chǎn)出售方融資架構(gòu)制度和循環(huán)型交易制度是上佳選擇。
[Abstract]:The innovation of asset-backed instruments is bound to face legal obstacles and institutional defects. It is of great significance to conduct in-depth research on asset-backed instruments from the perspective of law. Apart from the introduction and conclusion, the text is divided into four parts: The first part, the analysis of the legal nature of asset-backed instruments is the breakthrough point of the whole article. Although the asset-backed instruments have the name of "instruments", there is no "bill". The conclusion that asset backed instruments are asset securitization products eliminates the doubts of financial market participants. It enriches the research and development of asset securitization theory in China. The second part analyzes the defects of China's asset-backed instruments system. The legal attributes of China's asset-backed instruments are vague, leading to the difficulty of supervision, and the risk isolation model is relatively single. Can not meet the requirements of small and medium-sized enterprises, and the account isolation model can not maximize the isolation of risk, the effect is difficult to meet the requirements of standard asset securitization, specific to the transaction structure of asset-backed instruments. At present, the structure of single financier restricts the market access of SMEs, which is not favorable for SMEs to enter the bond market by issuing asset-backed notes. The third part, the investigation of the relevant foreign legal systems, for the perfection of China's asset-backed instruments system to provide extraterritorial experience, in order to clarify the legal attributes of asset-backed securities. The United States and Japan define it as "securities" in securities law by means of court cases and statutory law, respectively, and bring it into the supervision of securities law, and study the classification of risk isolation system in foreign countries. This paper puts forward the risk isolation system in the form of special purpose account model, which enriches the diversification of the transaction structure of ABCP. The system of multi-financing party transaction is of great significance for medium and small enterprises to issue asset-backed instruments. In the 4th part, the author puts forward some suggestions on the perfection of the asset-backed instruments system. It is urgent to establish the legal status of the financing instruments and make clear the securities attributes of the asset-backed instruments. The risk isolation system of off-balance sheet system is of great significance to the risk control of asset-backed instruments in order to promote the issuance of asset-backed instruments by small and medium-sized enterprises. It is a good choice to establish a multi-asset seller financing framework system and a circular trading system.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.287

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