欧洲资产担保债券与中国资产证券化:改革、比较与借鉴

EU Covered Bond and Chinese Securitization:Reform,Comparison and Learning

资产担保债券是一种兼顾融资效率、金融安全的优秀融资机制,有效地克服了结构型资产证券化存在的道德风险、逆向选择、损害普通债权人利益等现象,其特别法立法框架适应我国当前及未来一段时期证券化行业发展的实践,其担保池登记与法定的破产隔离可以有效地实现对债券持有人的权益保护,提高融资效率和法律的确定性。我国应当构建统一的证券化立法框架,对基础资产的类型、估值、登记、破产隔离、担保资产池受托人的义务等做出统一规定,实现证券化市场的健康稳定发展。

Covered bond is an efficient financing mechanism which could also contribute to the financial stability, through confronting the moral risk, adverse selection and the infringement of the rights of the creditors; the legislative regime system established by the covered bond is able to adapt to the development of securitization of China in the long run, and the recording of the as- set pool and the legislative bankruptcy segregation of the asset pool could effectively protect the interests of the creditors and investors, and thus improves the financing efficiency and the legal certainty. China shall construct a uniform legislative framework for the securitization industry, specifying the categories of the underlying assets, the methods for the valuation of the underlying assets, the recording of the asset pool, bankruptcy segregation, and the fiduciary duty of the ad- ministrator of the covered assets, so as to keep the financial stability of the securitization market.