票据资产证券化的法律风险与处理建议——以基础资产选择为分析对象

Legal Risks and Suggestions on Paper assets securitization:the choice of basic assets for the analysis of the object

在证券化浪潮席卷金融产品销售市场的过程中,票据因具有文义性、要式性、无因性等特殊法律属性,从而成为重要的证券化选择对象。同传统的银行授信贴现相比而言,证券化也更有益于票据价值的最大化利用。除了资产属性方面具有的优势之外,该项证券化业务也有益于服务实体经济发展、帮助小微企业成功融资、促进商业银行本身资产结构调整。然而,证券化基础资产的结构设计事涉法律风险,对于目前存在以票据本身、票据基础交易关系债权、票据收益权为基础资产的三种法律构造,分析证明,以票据收益权为基础资产的制度构建有利于压缩合规成本、防范潜在风险。

In the course of the securitization of financial securitization, the paper has become an im- portant object of securitization because of its special legal attributes such as meaning, style and no rea- son. In contrast to traditional bank credit discounts, securitization is also more conducive to maximi- zing the value of bills. In addition to its good asset attributes, the asset securitization business has a significant impact on supporting the real economy, especially the development of small and medium- sized enterprises and the management of commercial banks. However, the structural design of the bas- ic assets of securitization is related to the legal risk, and there are three kinds of legal structures based on the bill itself, the basic transaction relationship creditor＇s right and the bill income right. The analy- sis shows that the capital gains System construction is conducive to compression compliance costs, to prevent potential risks.