本文選題：專項資產管理計劃　切入點：資產證券化　出處：《西南財經大學》2014年碩士論文

【摘要】：2007年次貸危機的爆發(fā),為我國資產證券化產品創(chuàng)新提供了一次全面審視與深入反思的契機。不同于結構復雜、不斷衍生的CDO等次貸證券化產品,證券公司專項資產管理計劃產品仍然屬于與標的資產直接相連的證券化產品,在基礎資產類型、產品結構、風險特性、流動性安排以及信息披露等方面都有與我國市場發(fā)展現狀相結合的具體要求。隨著證監(jiān)會《證券公司資產證券化業(yè)務管理規(guī)定》的出臺,我國券商資產證券化業(yè)務有了新的載體,在此基礎上也有望步入快速發(fā)展的階段。但是受制于我國現有金融分業(yè)監(jiān)管體制以及整體金融市場化改革的緩慢,證券公司專項資產管理計劃業(yè)務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資產管理計劃仍然沒有明確其法律關系屬性,沒有明確未來債權等新型財產權利能否作為其基礎資產進行證券化,而證監(jiān)會對于券商專項資產管理計劃審批的緩慢進程也嚴重阻礙了該項業(yè)務的發(fā)展。因此從實務角度去分析證券公司專項資產管理計劃在缺陷的基礎上所面臨的風險及其解決方案就變得更具有現實意義。 本文的新穎之處在于選取了證券公司專項資產管理計劃這一特殊的資產證券化業(yè)務,并對較為典型的實務案例進行分析以探討目前在實操中所面臨的現實問題。 本文除導論和結論外,共分為四個部分 第一部分,首先對我國現有的幾種資產證券化模式進行定義,重點比較了證券公司專項資產管理計劃與信托公司信貸資產證券化之間的差別,然后對我國目前的券商資產證券化新規(guī)進行了介紹,同時對目前專項資產管理計劃的交易結構及流程進行了簡單的說明。 第二部分,對我國專項資產管理計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,證券公司專項資產管理計劃仍只能定義為委托代理關系。而筆者認為在目前資產管理的幾種法律形式下信托則為最合適的法律形式選擇。同時目前我國法律框架下并未對未來債權等新型財產權利進行明確都可能給專項資產管理計劃帶來問題。 第三部分,筆者選擇了較為典型的遠東租賃兩期專項資產管理計劃,對其在破產隔離、真實銷售等方面進行了分析,探討現有項目所面臨的法律問題。 第四部分,在對前文相關法規(guī)及案例分析的基礎上,提出了對我國專項資產管理計劃的建議,提出了雙SPV的交易架構模型,同時也提出了在功能監(jiān)管、信托立法等方面對該業(yè)務的建議。
[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.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.287

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本文編號：1678284