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论文编号：	6000
作者编号：	2120112756
上传时间：	2013/12/10 9:33:51
中文题目：	我国资产证券化的特殊目的载体（SPV）研究——以信托机构视角
英文题目：	Study on the Special Purpose Vehicle (SPV) of Asset Securitization in China: From the Trust Perspective
指导老师：	齐岳
中文关键字：	资产证券化;特殊目的载体（SPV）;信托;破产隔离
英文关键字：	Asset Securitization; Special Purpose Vehicle (SPV); Trust;Bankruptcy Isolation
中文摘要：	资产证券化作为一种广泛应用的金融创新，其概念引入我国始于上世纪90年代，进入21世纪后才以试点的形式正式开展，其间又因美国次贷危机的爆发而一度暂停。随着我国经济在多年的高速增长之后进入转型阶段，金融政策也随之有所调整。资产证券化由于可以实现“盘活存量”的功能，引起了各方的关注和重视，实现资产证券化常规化的呼声也越来越高。实现我国资产证券化的常规化发展，一方面需要借鉴资产证券化最先进市场美国的经验与教训，另一方面要在我国前期试点模式的基础上进一步改进和完善资产证券化的制度体系。作为资产证券化核心载体——特殊目的载体（SPV）的制度设计，是实现资产证券化最重要的破产隔离要素的关键，是资产证券化制度体系的核心环节。为此，本文在总结资产证券化相关理论的基础上，通过比较分析和案例分析展开对我国资产证券化SPV模式的研究。一方面，通过中美两国资产证券化历史发展、产品设计及SPV制度设计等方面进行对比和总结，认为我国的资产证券化从特殊目的载体（SPV）的设立、基础资产转让、证券的发行、信息披露以及税收优惠等方面，应当借鉴美国的相关经验，建立完善的制度体系对资产证券化的各个环节进行规范，并安排鼓励和优惠措施。另一方面，针对我国现有的证券公司（企业）资产证券化、信贷资产证券化模式，本文从这两种模式下的实践案例出发，以资产证券化理论为基础，重点对比分析了不同案例SPV的构建以及资产证券化的其他要素，特别是SPV制度选择对资产证券化效果的影响。在以上中美情况对比分析以及我国实践案例分析的基础上，本文认为信托制是当前制度下的资产证券化SPV模式的最优选择，并建议我国资产证券化全面引入信托制SPV。然后，本文以信托机构视角重点分析了信托机构作为资产证券化SPV受托人发挥更核心作用的必要性、切入点和自身准备。同时，本文提出一种融合现有体系的优势的双层SPV设计，作为对我国现有资产证券化SPV模式的一种改进建议。本文最后是对全文的总结，并对我国资产证券化发展提出了展望与建议。
英文摘要：	Asset securitization is an important financial innovation, which was introduced to China since 1990s. It came to a period of the pilot development in 2000s, which was temporarily suspended because of the subprime crisis in the USA. As China's economy coming to an adjustment phase after the years of rapid growth, the monetary policies also need to be adjusted. Because of the function of “revitalize the stock of credit assets”, asset securitization attracts more and more attention. And the financial market needs asset securitization to be much more regularly. In order to achieve the regular development of assets securitization, we need to learn from the experiences and lessons from the USA, and improve and perfect the system of the assets securitization, basing on the reality of China. As the core part of asset securitization, the design of the Special Purpose Vehicle (SPV) determines the effect of achieving bankruptcy remoteness, which is the most important character of the asset securitization. Therefore, on the basis of theories of asset securitization, this article studies the SPV of asset securitization in China, both through comparative analysis and cases study. On the one hand, by the studies of the histories, products, and SPV designs of asset securitization in both China and USA, we should learn the experiences of asset securitization in the USA. On the other hand, by the comparative analysis of the different cases of asset securitization in China, this article advises that the Special Purpose Trust is the best choice of SPV in China under the current legal system. Then, in the perspective of trust institutions, this article analyses the importance of the role the trust insitutions played and how to prepare for it. And last, this article suggests an innovative form of SPV. At the end is the conclusion of this article, including the suggestions and prospects to the development of asset securitization in China.
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