资产证券化基本法律问题研究

华侨大学硕士学位论文资产证券化基本法律问题研究姓名：李鹏申请学位级别：硕士专业：民商法学指导教师：张德瑞20070601ISPVSPVSPVIISPVIIIAbstractItiswidelyassumedthatSecuritizationisoneofthelatestinstitutionsforfinancialguaranteeincivilpropertylaw.ItisbasedonthebasicprinciplesonTrustLaw,consistingofthespecialmarketentitynamedSPVaswellasfunctioningasadistinctandmixedmechanismoftraditionalcivilrules,asmakesitworksdifferentlyfrommanytrationalcivilrulesinthefinancialmarket.Withitspopularityatpresent,itisobvioustoseethattherearetwoadvantageswhicharecausedbythisinstition.First,thisinstitutiondoesagreatfavortothedevelopmentofthetrationalcivilpropertyforitmakesusexplorethegoodswhicharevaluableandscarcemoreeasilyandmoreefficiently.SoSecuritizationisveryhelpfultothefreeandsophisticatedmarkedeconomy.Secondly,Securizationisofagreatfavortoacertainmarketentityforitsforwardsdevelopment,especiallyhelpfultoitsdomesticcapitalmarket,whichcanpaveforthewideranddeeperdevelopmentforthemarketaswellastheeconomy.Therearemainlytwomethodsappliedinthisarticle:analysisonthebasicconceptionsandonthecomparisonofdifferentelements.Thearticlestartswithsystematicandbasicnarrativesandresearchesonthelegalelementsofthislegalrulewhichismixedwithfinancialelements,thenmakescomparativeresearchesbetweenSecuritizationandotherinstitutionsinthefieldofcivilpropertylaw,atlastendingintheresearchesonpractialcore-stepswhenSecuritizationputintopractice.Generallyspeaking,threepartsofallaredividedlogicallyasfollows:InChapterI,itdealswiththebasicresearchesandoutlinesonbasictheoriesconcerned,includingre-statethelegalconceptandlegalelementsofSecuritizationfromdueperspectivesofthecivilpropertylaw,puttingforwardssomeopinionsaboutthelegaltraitsoftheinstitutionfromcivilpropertyaswellaslistingandoutliningsomemainlybasicstepsandpointsofthelegalcoursesindailylifeinordertoprepareforfurtheranalyzinginthelatterpartofthearticles.InChapterII,herecomesthemainpartofthearticle,sayingthelegalresearchesandanalysisofthelegalrelationshipoftheSecuritizationinstitution.Thischaptermakesgreateffortsonthesystematicresearchesonsameimportantissues,suchasAnspruchIusdisponendioffsettingclaimsandbeneficialrightsrelatedintheinstitutions.AndthereisanissueofgreatimportanceandsignificancenamelythelegalelementsandIVcharacteristicsoffiction-securitizationassets.InChapterIIIthearticleputsitsweightontheresearchesaboutthelegalregulationtowardsthepracticalstepsandpointsofsecuritizationinfinancialmarket.Fromanewperspectivewhichisdifferentfromtheoneappliedintheformerchapter,itdoestheresearchesonmainstepsaccordingtotheorderandsequenceswiththelegallogic.Therearemanystepsincluded:thetruesaleanditscriterioncreditrankingandcreditenhancementaswellasthesystemforsecuritizationtrading.Intheend,therearetwooutstandingtraitssummarizedthroughoutthearticle.First,fromtheperspectiveofresearchesaboutlegalrules,itdoestheresearchingcenterringthetrendappearinginthefieldofcivillaw,puttingitsemphasisonsamelatestconceptsuchasguaranteefromassets-creditandstructuralfinancingandsoon.Second,logicallyspeakingthearticlemakesitslegalfoundationonthesystematicanalysisaboutbasicconceptconcerned,thengivesitsfurtherresearchesfromtwodifferentperspectivesrespectively:theformeranalyzesthelegalrelationshipofSecuritizationfromastaticstate,asthelatterdoesfurterlyonthestepsandmailpointsofrealsecuritizationfromaorderlyandpracticalview.KeywordsAssetsSecuritizationCreditor’srightSPVTrue-saleAssets-backedsecurities12070119702mortgage-backedsecuritiesABS197720802090800020015400020902003217237%1[M]20065-72[M]2004423456SPV3[M]20063684[J]2005145[J]2003108JohunHenderson&JonathanP.ScottSecuritizationWoodhead-FaulkuerLtd198829[M]20057410SPV11SPV12Shenker&Colletta:(),,,1314:()SPV()SPV10JssonH.P.KravittIntroductioninTheodorBaums&EddyWymeersched.,Asset-backedSecuritizationinEuropeKluwerLawInternationalLtd.1996111[M]2004612[M]2006313[M]20011414[J]2003105151617()15=10230200732016://=1023020073206(FinancingSecuritization)Mortgage-BackedSecuritiesMBSAssetsBackedSecurities,ABSAsset-BackedCommercialPaper,ABCP(SecuritiesandExchangeCommission,SEC)18ABS18()()192019[M]20031220[M]2003118().SPV(SPV)21SPV().21[M]2004159():2223ABS22://[J]20031025[M]2003526[J]20031027[R][M]20061251128:28[M]2006312()()SPVSPVSPV()SPVSPVSPVSPVSPV()SPVSPVSPVSPVSPVSPVSPVSPV13SPV()()29SPVSPVSPV:SPVSPVSPV29SeeJosephWilliamSingerIntroductiontoPropertyCITICPublishingHouse200430214SPVSPVSPV.SPV:SPVSPV15SPVSPV.SPVSPVSPV16:30(originatororsponsor)31(issuer)ABSSPVSPVSPVSPVSPVSPVABS:30[M]2006431=22455200721817(Moody's),(Standard