【作者】 戴晨；

【导师】 杜力夫；

【作者基本信息】 大连海事大学 ， 国际法学， 2005， 硕士

【摘要】 资产证券化以其先进的技术和特有的构造,倍受投资者的青睐。其准入门槛低、实用性强,适用资产范围广泛,能有效提升基础资产的信用级别而吸引投资。 资产证券化的转让实现了资产的真实销售,是资产证券化运作的关键之一。其来源于民法的让与制度,在某些方面又超越了民法债权让与的限制条件。 资产证券化中的主体有:发起人、SPV、服务结构、信用评级机构等。其中SPV是一个典型的“空壳公司”,仅是为了资产证券化融资设立的法律意义上的经济实体,在各国和《国际贸易应收款转让公约》对SPV的立法别具一格。 从国外的实践可以看出,越来越多的原来认为不适合证券化的资产也进入了证券化行列。同时对于转让人和受让人、债务人的权利、义务和抗辩意见对转让的效力问题各国也进行了详细的规定。 资产证券化作为一项新事物需要法律的规范与制约,来保障其运行。因此,借鉴发达国家和《联合国国际贸易应收款公约》在资产证券化立法方面的经验,研究我国推行资产证券化可能面临的法律问题,进而寻求解决问题的途径,是推行资产证券化迫在眉睫的首要任务。同时资产证券化法制环境的完善意味着对一些法律条款的突破,修订相关的法律无疑是一项复杂而巨大的工程,如果采用单行立法可以减少一些麻烦,按照“特别法优于普通法”的原则,更利于法律适用。特别法制定不应耗费太长时间,以韩国为例,其《资产证券化法案》仅历时两个多月。尽早制定与特殊目的机构相关的法律,从而促进我国国内资产证券化的发展。更多还原

【Abstract】 Due to the advanced technique and special structure, asset-backed securitization, which have become a financial instrument, are favored by investors. Asset-backed securitization have turned into the most important financial creation and one of useful instruments because of the lowly practicing standards, the abroad extension of the assets, the class of credit improved efficiently to attract investors, and low financing-cost.Assignment in the securitization aims to true sale, which is the key in the operation of securitization. It comes from the assignment of civil law, but there are many differences between the two systems.The subject of securitization includes originator of sponsor, SPV, services, etc. SPV is a typical shell company and its goal is legally financing body. Lawmaking of SPV are various in countries and "Convention on Assignment of Receivable (Convention)".More and more assets turn into the legal objects from the foreign countries’ practices. At same time, many countries have established all kinds of rights and obligations to assignees, assignors and debtors.As a new measure, securitization has to be confined and supervised to protect its operation. So learning form the developed countries and Convention, we must study the legal problems and solve them, which is the priority in the securitization study. We should build a securitization system to break through some limits of law. After all, revising every law to carry out securitization is expensive and complex. So a single file is good choice which can decrease the troubles according to the special law rather than the basic law. The author believes to legislate in a short time like Korea, which finished the legislation in two months. The sooner to have the legal system of securitization, the more benefit to development our country.更多还原