金融安全视角下企业资产证券化预测信息披露研究——以现金流预测为例

Research on the Disclosure of the Forecast Information of the Enterprise Asset Securitization from the Perspective of Financial Security—— Taking Cash Flow Forecast as an Example

现金流预测信息是企业资产证券化的核心要素,它既是企业资产证券化运行的起点,又能满足投资者的需求,同时也符合金融监管的思路和习惯。因此,企业资产证券化现金流预测信息披露是保障投资人利益、维护金融秩序的重要方式。实践中,我国企业资产证券化现金流预测信息披露存在诸多问题,如现金流预测信息披露规则内生逻辑悖论、信用增级手段的使用与现金流预测信息的披露不对称、现金流预测信息披露内容缺乏科学的理论指导、现金流预测信息披露主体“纵向”披露的能动性低等问题。宏观的解决路径是通过完善的法律制度设计实现信用增级手段的使用与现金流预测信息的披露之间的“生态”平衡,构建常规性与非常规性相结合的现金流预测信息披露原则。微观的解决路径则是现金流预测信息披露应以自愿披露为主,同时谨慎适用“安全港”规则。

Cash flow forecast is in a core status in enterprise asset securitization,for it is not only the start point of enterprise asset securitization and satisfies the investors’ demands,but also accords with the thoughts and practices of financial supervision.Therefore,it is undoubtedly that the disclosure of cash flow forecast information in enterprise asset securitization shall be taken as an important method to guarantee the investors’ interests and maintain the financial order.However,there are some currently existing problems in the disclosure of cash flow forecast information in enterprise asset securitization in China,among which there are the inherent logical paradox in disclosure of cash flow forecast information rules,asymmetry between the credit enhancement measures and disclosure of cash flow forecast information,the lack of scientifically theoretical direction in disclosure of cash flow forecast information,and disclosers’ low initiative in vertical disclosure of cash flow forecast information.the solutions for the dilemma in disclosure of cash flow forecast information in enterprise asset securitization,which are,Through the perfect legal system design realizing the “ecological” balance between the credit enhancement measures and disclosure of cash flow forecast information,establishment of rules for regular and irregular predictive information disclosure,In terms of design,focus on voluntary disclosure in disclosure of cash flow forecast information and reasonable application of “safe harbor” rule.