探索《民法典》对资产证券化的影响

Research of the Effects of the Civil Code of China on Asset-Backed Securities

资产证券化相对传统的股票、债券、贷款融资品种,由于其交易涉及基础资产类型广泛、交易结构灵活、法律关系复杂,对法律环境的变化较为敏感。自2021年1月1日起《民法典》正式生效及同日最高院发布的《关于适用〈中华人民共和国民法典〉有关担保制度的解释》开始施行后,对过往诸多法律条款进行了修订与调整,可能会从根本上改变资产证券化的法律关系与风险水平。本文主要就《民法典》对资产证券化基础资产生成与转让,以及增信措施效力两大方面的影响进行探讨。

Due to the lack of superordinate law, asset-backed securities were previously regulated mainly by the Contract Law, as well as the Guarantee Law, the Property Law and a handful of other laws. Since the Civil Code of China came into force on January 1, 2021, and the Supreme Court’s simultaneous issuance of the Interpretation of the Application of the Guarantee Regulations of the Civil Code of China, many earlier legal provisions have been revised to a significant degree. These changes may fundamentally alter the legal relationship and risk level of asset-backed securities. This paper discusses the impact of the Civil Code of China on the creation and transfer of basic assets and the effectiveness of credit enhancement measures for asset-backed securities.