一齐玥主任:资产证券募化中证券发行的法度苦

  摘要

  20世纪60年代,资产证券募化在美国到来源,90年代传入亚洲,2005年我国末了尾终止资产证券募化即兴实,当今它已成为金融市场上最要紧、最具生命力的花样翻新之壹。资产证券募化干为壹种新的融资方法,是壹种经济即兴象,亦壹个法度经过。但我国当前在资产证券募化范畴的法度法规对立滞后,此雕刻使得资产证券募化产品在证券发行经过中遭受了壹定的苦境。本文正是装投身于资产证券募化产品遭受的法度苦境此雕刻壹角度,经度过对证券发行的主体和环境终止剖析,从而探寻求我国资产证券募化即兴实中证券发行的出产路。

  比值先,本文概微伸见了资产证券募化在中国的展开情景和首要法度障碍,在信述资产证券募化含义和首要环节的基础上,剖析了我国资产证券募化的特点和面对的首要法度障碍。

  然后,本文从证券发行的产品角度切入,区别剖析了资产证券募化中发行公司债券、股票和票据所面对的法度苦境,并提出产相应的对策。

  针对公司债券发行,本文对我国即兴拥局部两种发行花样——信贷资产证券募化和企业资产证券募化终止剖析,指触宗身行人SPV主体位置和发行环境与即兴拥有法度顶牾,据此提出产对《公司法》和《证券法》终止调理的建议。针对股票发行,本文对优先股此雕刻壹资产证券募化事情中发行的首要股票种类终止剖析,并提出产了相应的制度花样翻新建议。针对票据发行,本文对我国即兴拥局部资产顶持票据即兴实终止了重心论述,在此基础上提出产对《票据法》等相干法度法规终止调理的建议。

  [关键词] 资产证券募化 公司债券发行 股票发行 票据发行

  Abstract

  Asset securitization originated in the USA in twentieth Century 60's, it was copied in Asia in twentieth Century 90's, Asset securitization practice began in China in 2005, It has now become one of the most important and the most vitality innovation in the financial market. Asset securitization as a new financing method is an economic phenomenon, but also a legal process. But our current laws and regulations about the asset securitization are relatively lagged; it makes the asset securitization products encounter some difficulties in the process of securities issuance. This paper is based on this point of legal difficulties that the asset securitization products encounter, and to explore outlets of asset securitization in the issuance of securities through the analysis of the securities subjects and conditions.

  First this paper introduces the practical situation and the primary legal obstacles of the asset securitization in China, and then it analyzes the characteristics and the primary legal obstacles of our asset securitization based on expounding the meaning and the primary parts of the asset securitization.

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