论双SPV结构的信息披露制度

On Information Disclosure System of Double SPV Structure

双SPV结构最早起源于美国,目的在于避税,在我国,其主要功能在于增加基础资产现金流的稳定性,拓宽企业融资渠道。从实践看,自其产生以来,双SPV结构很好地实现了这一功能。与此同时,包括信息披露制度在内,与双SPV结构相关的法律制度却是一片空白,导致监管部门对双SPV结构进行监管时,只能援引针对传统单SPV结构的法律规定,出现法律的不适配性。就信息披露制度而言,目前存在信息披露范围过窄,违反信息披露义务民事责任缺位的不足,对此,笔者认为应当将双SPV结构信息披露的范围扩大到底层资产和基础资产相关信息,赋予融资人和SPV1以信息披露义务,由融资人、SPV1与SPV2一起承担连带的无过错责任。

The dual SPV structure originated from the United States with the purpose of tax avoidance.In China,its main function is to increase the stability of cash flow of basic assets and broaden the financing channels of enterprises.In practice,since its emergence,the dual SPV structure has achieved this function well.At the same time,including the information disclosure system,the legal system related to the dual SPV structure is blank,which leads to the inadaptability of the law when the regulatory authorities supervise the dual SPV structure by invoking the legal provisions for the traditional single SPV structure.As far as the information disclosure system is concerned,the scope of information disclosure is too narrow and there is a lack of civil liability for violating the obligation of information disclosure.In this regard,the author believes that the scope of information disclosure of double SPV structure should be expanded to the underlying assets and basic assets related information,and the financiers and SPV1 should be given the obligation of information disclosure,and the financiers,SPV1 and SPV2 should bear joint and joint liability without fault.