我国企业资产证券化中破产隔离与真实销售研究

A Study on Bankruptcy Remoteness and True Sale of Corporate Asset-backed Securitization in China

在证监会主导下,券商以专项资产管理计划为载体进行企业资产证券化试点。专项资产管理计划应用于资产证券化有其合理性和易操作性,但是由于其不具备法律主体资格,难以完全实现基础资产的真实销售;券商破产会直接影响专项计划的持续运作,导致破产隔离不彻底。为了长期发展企业资产证券化,需要在交易中引入信托概念,赋予受益凭证明确的法律性质,突破目前法律和体制的羁绊;通过建立基础资产选择标准、限制券商角色范围等措施,规范企业资产证券化各个交易环节。

The Specific Asset Management Plan （＂SAMP＂） has been introduced to corporate asset-backed securitization in China under the supervision of China Securities Regulatory Commission. It is rational and available to some extent to apply SAMP mode to corporate asset-backed securitization. But this mode can not fulfill true sale completely because a SAMP is not actually a legal entity. And it also can not fulfill bankruptcy remoteness completely because A SAMP will not continue running when the stockjobber goes into bankruptcy. In order to develop corporate asset-backed securitization for long, we should introduce trust concept to this trade and define beneficiary certificates＇ legal attribute to break through the obstacles of the laws and systems. We should also establish the criterions of selecting underlying assets and reduce the stockjobber＇s roles to standardize corporate asset-backed securitization trade.