企业资产证券化中特殊目的载体的法律定位及规范路径研究

Research on the Legal Position and Regulation Approaches of Special Purpose Vehicle of Enterprise Asset-Backed Securitization

在我国金融监管体系下,企业资产证券化业务采用资产支持专项计划作为其特殊目的载体。在功能实现层面,SPV模式的不合理性会导致无法实现基础资产的真实出售,难以达成破产隔离目标。与信贷资产证券化相比,间接委托代理关系下的专项计划难以解决证券发行的性质问题以及基础资产归属问题。进一步的研究表明,将信托关系引入特殊目的载体对于监管优化仍具有局限性。基于对上述问题的研判,本文提出,应当重拾信托本身所涵盖的组织特性,合理借鉴美国“制定法”信托经验,引入企业性质的商事信托作为特殊目的载体。在规范路径上,建议在《信托法》中专设“商事信托”一章,作为组织法层面的突破,形成“信托法-证券法-企业破产法”的监管合力,以解决现有的法律结构冲突并防范监管套利。

Under the current financial supervision system,enterprise asset-backed securitizations adopt trust asset-backed special plans as their special purpose vehicle.At the function realization level,the irrationality of SPV mode will make it difficult to realize the true sale of basic assets and can’t achieve the goal of bankruptcy isolation.Compared with credit asset-backed securitization,the special plan under indirect entrustment agent is difficult to solve the nature issues of securities and the issue of fundamental assets.Further research believes that the introduction of trust relationships is still limited to regulatory optimization.Based on this,this paper proposes that the organizational characteristics covered by the trust itself should be rejected by the US"Statutory Trust"experience,introducing"Business Trust"of the corporate’s nature as a special purpose vehicle.On the regulatory path,it is suggested to set up a chapter of"commercial trust"in the trust law as a breakthrough at the organizational level to form a regulatory joint force of"Trust Law-Securities Law-Enterprise Bankruptcy Law",so as to solve the conflict of existing legal structure and to prevent regulatory arbitrage.