發(fā)布時間：2018-03-21 11:33

  本文選題：資產(chǎn)證券化　切入點：風(fēng)險　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：資產(chǎn)證券化作為近幾十年最重要的金融創(chuàng)新之一，提高了資產(chǎn)流動性，豐富了投資者投資選擇，優(yōu)化了社會金融資源配置。2008年的金融危機讓廣大資本市場投資者遭受了莫大的打擊，在其中扮演著重要角色的資產(chǎn)證券化因此也令人們“談之色變”。正是由于在信貸資產(chǎn)證券化中欺詐行為橫行，導(dǎo)致了違約行為頻出。信息披露的不徹底、信用評級的過高夸大乃至資產(chǎn)轉(zhuǎn)讓的詐欺，都使得投資者看不清基礎(chǔ)資產(chǎn)的真實面目。信用違約互換和擔(dān)保債務(wù)證券等信用違約掉期產(chǎn)品更是在資產(chǎn)證券化中臭名昭著。 我國的資產(chǎn)證券化相較于美國、德國等起步較晚，于2005年3月正式開始資產(chǎn)證券化試點。經(jīng)過多年的發(fā)展，，中國的資產(chǎn)證券化發(fā)展較為平穩(wěn)。資產(chǎn)證券化要想得到發(fā)展，離不開投資者對其理解和信任，否則這個市場就是欺詐橫行、弱肉強食，最終也不利于證券化發(fā)起人的利益。 本文將以資產(chǎn)證券化產(chǎn)品的投資者權(quán)益保護的必要性為切入點，以資產(chǎn)證券化產(chǎn)品的投資者權(quán)益保護機制構(gòu)建為目的，分為以下幾個部分進行闡述： 第一部分，拋出問題。通過分析資產(chǎn)證券化產(chǎn)品中投資者權(quán)益保護的必要性，揭示投資者保護缺失的危害，彰顯投資者權(quán)益保護對金融市場發(fā)展的重大意義。 第二部分，介紹資產(chǎn)證券化的主體和過程。通過介紹其結(jié)構(gòu)的復(fù)雜性和系統(tǒng)性，使讀者對后文中法律關(guān)系有更為清晰的了解。 第三、第四部分，詳述投資者在資產(chǎn)證券化過程中可能面對的風(fēng)險因素以及我國當(dāng)前針對投資者權(quán)益保護體制的不足。文章結(jié)合資產(chǎn)證券化產(chǎn)品的特性，分析了投資者在我國證券化過程中可能遇到的市場風(fēng)險、法律風(fēng)險等 第五部分，結(jié)合比較法研究和案例法研究，通過分析美國、加拿大等國在資產(chǎn)證券化投資者權(quán)益保護方面的經(jīng)驗和教訓(xùn)，結(jié)合我國現(xiàn)有發(fā)展?fàn)顩r和未來發(fā)展目標(biāo)，提出統(tǒng)一資產(chǎn)證券化立法、創(chuàng)新SPV模式、完善信息披露制度和權(quán)利救濟途徑等建議。
[Abstract]:As one of the most important financial innovations in recent decades, asset securitization improves asset liquidity and enriches investors' investment options. Optimized the allocation of social financial resources. The financial crisis in 2008 hit the vast number of capital market investors hard. Asset securitization, which plays an important role in it, therefore makes people talk about it. It is precisely because of fraud in credit asset securitization that defaults occur frequently. The excessive exaggeration of credit rating and even the fraud of asset transfer make investors lose sight of the real features of basic assets. Credit default swaps and collateralized debt securities and other credit default swap products are notorious in asset securitization. Compared with the United States and Germany, China's asset securitization started later, and in March 2005, it officially started the asset securitization pilot. After years of development, the development of asset securitization in China is relatively stable. Investors can not do without their understanding and trust, otherwise this market is rife with fraud, the law of the jungle, and ultimately not conducive to the interests of securitization sponsors. This article will take the asset securitization product investor rights protection necessity as the breakthrough point, regarding the asset securitization product investor rights protection mechanism construction as the goal, divides into the following several parts to carry on the elaboration:. By analyzing the necessity of investor's rights and interests protection in asset securitization products, the author reveals the harm of investors' lack of protection, and highlights the great significance of investor's rights and interests protection to the development of financial market. The second part introduces the subject and process of asset securitization. By introducing the complexity and systematization of asset securitization, readers have a clearer understanding of the legal relationship in the following articles. The third part, 4th, details the risk factors that investors may face in the process of asset securitization and the deficiency of China's current protection system for investors' rights and interests. This paper analyzes the market risk and legal risk that investors may encounter in the process of securitization in China. In the 5th part, combining the comparative law research and the case law study, by analyzing the experiences and lessons of the United States, Canada and other countries in the protection of the investors' rights and interests in asset securitization, combining the present development situation and the future development goal of our country, Some suggestions such as unifying the legislation of asset securitization, innovating the SPV model, perfecting the information disclosure system and right relief are put forward.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.287

【參考文獻】

相關(guān)期刊論文 前10條

1 韓龍;;當(dāng)下國際金融監(jiān)管法律制度改革的焦點與問題[J];法學(xué)家;2010年05期

2 許多奇;;銀行保密義務(wù)與信息披露的現(xiàn)實沖突和法律整合——以信貸資產(chǎn)證券化為中心[J];法學(xué);2007年06期

3 倪心田;;美國次貸危機的風(fēng)險分析——從資產(chǎn)證券化談起[J];鄂州大學(xué)學(xué)報;2013年04期

4 潘建樹;余慶東;;亞里士多德正義觀探新[J];黑龍江教育學(xué)院學(xué)報;2007年08期

5 陳斌;;美國次貸危機中的信用評級[J];投資研究;2010年01期

6 許賽君;;我國資產(chǎn)證券化中的投資者權(quán)益保護研究——以投資者權(quán)利救濟為視角[J];特區(qū)經(jīng)濟;2014年02期

7 陳虹;;優(yōu)良資產(chǎn)擔(dān)保債券與信用評級[J];社會科學(xué)論壇;2014年03期

8 陳冰;;資產(chǎn)證券化法律問題研究[J];武漢大學(xué)學(xué)報(哲學(xué)社會科學(xué)版);2011年06期

9 洪艷蓉;;重啟資產(chǎn)證券化與我國的發(fā)展路徑[J];證券市場導(dǎo)報;2011年09期

10 胡代忍;;我國商業(yè)銀行信貸資產(chǎn)證券化發(fā)展?fàn)顩r及問題研究[J];中國證券期貨;2013年01期

本文編號：1643669