我國(guó)資產(chǎn)證券化中SPV涉稅法律問(wèn)題案例研究
發(fā)布時(shí)間：2018-09-19 11:02
【摘要】：資產(chǎn)證券化是20世紀(jì)70年代以來(lái)全球金融領(lǐng)域最重大的創(chuàng)新之一，與傳統(tǒng)融資方式不同，它以資產(chǎn)信用為基礎(chǔ)，是一種以資產(chǎn)未來(lái)現(xiàn)金流為支持的結(jié)構(gòu)性融資方式。資產(chǎn)證券化在美國(guó)、英國(guó)等發(fā)達(dá)國(guó)家已經(jīng)成為主流的金融方式，在日本、韓國(guó)等亞洲國(guó)家也獲得了廣泛的運(yùn)用，并促進(jìn)了這些國(guó)家和地區(qū)的金融發(fā)展和經(jīng)濟(jì)增長(zhǎng)。 我國(guó)的經(jīng)濟(jì)增長(zhǎng)幅度每年都維持在高位，國(guó)內(nèi)生產(chǎn)總值已經(jīng)位于世界第二位，而我國(guó)的資產(chǎn)證券化業(yè)務(wù)正處在起步階段，不論是交易規(guī)模、產(chǎn)品類型還是相應(yīng)的法律法規(guī)都與歐美等發(fā)達(dá)國(guó)家有著明顯的差距，這其中有多種因素的制約，而交易成本無(wú)疑是影響該業(yè)務(wù)開(kāi)展的關(guān)鍵因素之一。作為交易成本中最為重要的部分，稅收成本的大小非常值得我們關(guān)注。本文從交易成本角度出發(fā)，以資產(chǎn)證券化中SPV這一核心載體為切入點(diǎn)，通過(guò)對(duì)典型案例的具體分析，引出其中的涉稅法律問(wèn)題，期望從稅法的角度來(lái)研究如何促進(jìn)資產(chǎn)證券化業(yè)務(wù)在我國(guó)的發(fā)展。 全文除導(dǎo)言和結(jié)語(yǔ)外共五個(gè)部分，，第一部分闡述了資產(chǎn)證券化中對(duì)SPV課稅的理論基礎(chǔ)。首先介紹了資產(chǎn)證券化及其SPV的基本概念，并分析了我國(guó)SPV的兩種法律形式。其次是我國(guó)資產(chǎn)證券化中對(duì)SPV課稅應(yīng)遵循的稅法理論與原則。第二部分和第三部分均采用案例分析的形式探討了我國(guó)兩種資產(chǎn)證券化中不同SPV的涉稅法律問(wèn)題。兩種資產(chǎn)證券化業(yè)務(wù)雖然交易結(jié)構(gòu)類似，但是涉稅法律問(wèn)題不盡相同，各有側(cè)重。其中，第二部分介紹了信貸資產(chǎn)證券化中SPV的涉稅法律問(wèn)題，主要涉及印花稅、營(yíng)業(yè)稅和所得稅。第三部分介紹了證券公司資產(chǎn)證券化中SPV的涉稅法律問(wèn)題，主要涉及稅收政策不明所帶來(lái)的稅務(wù)風(fēng)險(xiǎn)問(wèn)題。第四部分主要介紹了美國(guó)、法國(guó)、日本、中國(guó)臺(tái)灣等其他國(guó)家或地區(qū)對(duì)資產(chǎn)證券化業(yè)務(wù)在稅收方面的規(guī)定，主要包括SPV的法律形式、稅收法律地位等，并從中概括出對(duì)我國(guó)進(jìn)行資產(chǎn)證券化業(yè)務(wù)發(fā)展的有益借鑒。第五部分主要是對(duì)我國(guó)資產(chǎn)證券化中SPV相關(guān)稅制提出了自己的建議，進(jìn)一步完善現(xiàn)行SPV的稅制。 本文的創(chuàng)新之處在于，第一，觀察角度新穎。對(duì)資產(chǎn)證券化中稅收問(wèn)題的研究專門(mén)從SPV角度出發(fā)的非常少。第二，探討的涉稅法律問(wèn)題在具有理論意義的同時(shí)具備較強(qiáng)的現(xiàn)實(shí)意義。本文選取了我國(guó)資產(chǎn)證券化中的兩個(gè)真實(shí)案例，并且在各自領(lǐng)域具有典型性。第三，結(jié)合最新法規(guī)，在前人研究的基礎(chǔ)上提出自己對(duì)于SPV稅收政策建議。
[Abstract]:Asset securitization is one of the most important innovations in the global financial field since the 1970s. It is based on asset credit and is a structured financing method supported by the future cash flow of assets. Asset securitization has become the mainstream financial method in developed countries such as the United States and Britain, and has been widely used in Asian countries such as Japan and South Korea, and has promoted the financial development and economic growth of these countries and regions. China's economic growth rate is maintained at a high level every year, and the gross domestic product (GDP) has already ranked second in the world. However, China's asset securitization business is in its infancy, regardless of the scale of transactions. The product type or the corresponding laws and regulations have obvious disparity with the developed countries such as Europe and America, which has many factors, and the transaction cost is undoubtedly one of the key factors affecting the development of the business. As the most important part of transaction cost, the size of tax cost is worth our attention. From the angle of transaction cost, this paper starts with the core carrier of SPV in asset securitization, through the concrete analysis of typical cases, leads to the legal problems concerning tax. It is expected that how to promote the development of asset securitization in China from the perspective of tax law. The first part expounds the theoretical basis of SPV taxation in asset securitization. This paper first introduces the basic concepts of asset securitization and its SPV, and analyzes the two legal forms of SPV in China. Secondly, the tax law theory and principle of SPV tax should be followed in asset securitization in China. In the second part and the third part, the tax-related legal problems of different SPV in asset securitization are discussed in the form of case study. Although two kinds of asset securitization business have similar transaction structure, but the tax-related legal question is different, each has the emphases. The second part introduces the tax-related legal problems of SPV in credit asset securitization, including stamp duty, business tax and income tax. The third part introduces the tax-related legal problems of SPV in securities company asset securitization, which mainly involve the tax risk caused by the unclear tax policy. The fourth part mainly introduces the tax regulations of the United States, France, Japan, Taiwan and other countries or regions on the business of asset securitization, including the legal form of SPV, the legal status of tax, etc. And from the summary of asset securitization business development in China useful reference. In the fifth part, the author puts forward some suggestions on the SPV tax system in China's asset securitization, and further improves the current SPV tax system. The innovation of this paper lies in: first, the angle of observation is novel. The research on tax in asset securitization is very few from the angle of SPV. Second, the tax-related legal issues have theoretical significance as well as strong practical significance. This paper selects two real cases of asset securitization in China, and is typical in their respective fields. Third, combining the latest laws and regulations, put forward their own tax policy recommendations for SPV on the basis of previous studies.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D922.282;D922.291.91;D922.22
本文編號(hào)：2249938
[Abstract]:Asset securitization is one of the most important innovations in the global financial field since the 1970s. It is based on asset credit and is a structured financing method supported by the future cash flow of assets. Asset securitization has become the mainstream financial method in developed countries such as the United States and Britain, and has been widely used in Asian countries such as Japan and South Korea, and has promoted the financial development and economic growth of these countries and regions. China's economic growth rate is maintained at a high level every year, and the gross domestic product (GDP) has already ranked second in the world. However, China's asset securitization business is in its infancy, regardless of the scale of transactions. The product type or the corresponding laws and regulations have obvious disparity with the developed countries such as Europe and America, which has many factors, and the transaction cost is undoubtedly one of the key factors affecting the development of the business. As the most important part of transaction cost, the size of tax cost is worth our attention. From the angle of transaction cost, this paper starts with the core carrier of SPV in asset securitization, through the concrete analysis of typical cases, leads to the legal problems concerning tax. It is expected that how to promote the development of asset securitization in China from the perspective of tax law. The first part expounds the theoretical basis of SPV taxation in asset securitization. This paper first introduces the basic concepts of asset securitization and its SPV, and analyzes the two legal forms of SPV in China. Secondly, the tax law theory and principle of SPV tax should be followed in asset securitization in China. In the second part and the third part, the tax-related legal problems of different SPV in asset securitization are discussed in the form of case study. Although two kinds of asset securitization business have similar transaction structure, but the tax-related legal question is different, each has the emphases. The second part introduces the tax-related legal problems of SPV in credit asset securitization, including stamp duty, business tax and income tax. The third part introduces the tax-related legal problems of SPV in securities company asset securitization, which mainly involve the tax risk caused by the unclear tax policy. The fourth part mainly introduces the tax regulations of the United States, France, Japan, Taiwan and other countries or regions on the business of asset securitization, including the legal form of SPV, the legal status of tax, etc. And from the summary of asset securitization business development in China useful reference. In the fifth part, the author puts forward some suggestions on the SPV tax system in China's asset securitization, and further improves the current SPV tax system. The innovation of this paper lies in: first, the angle of observation is novel. The research on tax in asset securitization is very few from the angle of SPV. Second, the tax-related legal issues have theoretical significance as well as strong practical significance. This paper selects two real cases of asset securitization in China, and is typical in their respective fields. Third, combining the latest laws and regulations, put forward their own tax policy recommendations for SPV on the basis of previous studies.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D922.282;D922.291.91;D922.22
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