论信托型资产证券化的基本法律逻辑

On the Basic Legal Structure of Trust as SPVin Securitization

资产证券化作为从借款人信用向资产信用转换的金融创新,以特定商事主体形式为载体。我国目前选择了“信托”作为唯一的特殊目的载体形式。但信托作为普通法的遗产,其财产转移方式的特点与证券化的破产隔离要求之间存在一定冲突,我国作为大陆法系国家对信托制度短暂的移植历史使得该问题更加突出。本文力图从理论上建立信托应用于金融交易的基本分析模型。通过对融资实践中信托方式的考察,本文提出自益信托是资产证券化交易中信托的基本形态,存在融资人信托和投资人信托两种基本模型。其中,融资人信托最符合资产证券化交易的实际运作方式,但是在现有的制度约束条件下,投资人信托可能是一种更现实的选择。

The secret of asset-backed securitization （ABS） is to finance on the basis of asset rather than on the basis of borrowers＇ creditworthiness, which replies on the operation of a special-purpose vehicle. ABS in China is now carried out by special-purpose ＂trusts＂. As a system originated in Common Law, the trust, however, does not necessarily work well in civil law countries, especially for a country which only has had the trust law for a very short period of time. This paper reflects the authors＇ efforts in establishing a theoretical framework of analyzing how trust can be applied in financial transaction. The authors suggest that the basic trust structure in ABS be trust for the benefits of grantors. The grantor/beneficiary can be either the originator or investors. Theoretically, the originator shall be the grantor, while in reality, investors being the grantor might be a choice causing least problem under given laws and regulations.