论文部分内容阅读
资产证券化起源于上世纪70年代的美国,是一种结构性直接融资方式,既丰富了金融机构和其他企业的融资渠道,也给广大投资者提供了新的投资模式。该种融资方式在住房抵押贷款二级市场上出现并得到认同后,被广泛应用于其他信贷方式、不动产收益等领域。自产生以来,在世界各地的资本市场上,资产证券化都得到了蓬勃的发展。我国中国人民银行、各商业银行以及其他一些拥有适合证券化财产的企业也对资产证券化给予了高度的关注,并已经开始了实际操作方面的试点。这些已经开展的资产证券化活动积累了经验,但也不可避免地遇到了各种法律问题,有的已经反映到人民法院的民商事审判工作中。一、资产证券化含义及证券化财产的独立性资产证券化的主要过程是:发起人选定拟证券化的资产并将其转移给特殊目的实体(SpecialPurpose Vehicle,以下简称SPV);SPV受让该部分财产后,将资产收益权出售给投资人,并以所得款项作为资产的对价支付给发起人;投资人从证券化资产未来可产生的现金流中获得利益。资产证券化理论和实务界对资产证券化的过程没有争议,但对
Asset securitization originated in the United States in the 1970s. It is a structural direct financing method. It not only enriches the financing channels for financial institutions and other enterprises, but also provides investors with new investment modes. This kind of financing method appeared in the secondary market of housing mortgage loan and got approval, and was widely used in other fields such as other credit modes and real estate revenue. Since its inception, asset securitization has been booming in capital markets around the world. China’s People’s Bank of China, commercial banks and other businesses that have suitable securitization assets have also given a high degree of attention to asset securitization and have already begun pilot projects on practical aspects. These asset securitization activities have accumulated experience, but also inevitably encountered various legal issues, and some have been reflected in the people’s court civil and commercial trials. First, the meaning of asset securitization and the independence of securitized assets The main process of asset securitization is: the initiator selects the assets to be securitized and transferred to a special purpose entity (SpecialPurpose Vehicle, hereinafter referred to as SPV); SPV transferee After the part of the property is sold, the proceeds of the asset sale are sold to the investor, and the proceeds are paid as the consideration of the asset to the sponsor. The investor benefits from the future cash flow generated by the securitized asset. Asset securitization theory and practice of the process of asset securitization is not controversial, but right