将来债权资产证券化研究——以将来债权“真实出售”为视角

Research on Securitization of Creditor's Rights in Future—— from the Perspective of "True Sale" of Future Creditor's Rights

在企业发展过程中,将来债权已经成为企业资产证券化的主要模式之一,根据资产证券化的基本原理,破产隔离的实现是进行资产证券化的关键,而"真实出售"被认为是判断能否达到风险隔离的重要标准。然而,基于将来债权的特殊性,其能否实现真实出售尚存在一定争议。本文首先分析基础资产实现真实出售的转让方式,然后通过对将来债权的可转让性,将来债权实现真实出售的时点等方面对将来债权实现资产证券化的可行性进行分析,最后对我国将来债权资产证券化的发展提出建议。

In the process of enterprise development, creditor’s rights have become one of the main models of asset securitization in the future. According to the basic principle of asset securitization, the realization of bankruptcy isolation is the key to asset securitization. The 'real sale' is considered to be an important criterion to judge whether or not to reach risk isolation. However, due to the particularity of future claims, whether they can be sold is still controversial. This paper first analyzes the transfer mode of realizing real sale of basic assets, and then analyzes the feasibility of realizing asset securitization in the future through the transferability of future creditor’s rights, the time point when future creditor’s rights realize real sale, and so on. Finally, some suggestions are put forward for the future development of securitization of creditor’s rights in China.