附抵押債權(quán)證券化制度構(gòu)成的若干探討.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文附抵押債權(quán)證券化制度構(gòu)成的若干探討姓名：朱旋申請學(xué)位級別：碩士專業(yè)：民商法學(xué)指導(dǎo)教師：段匡20030430AbstractTheAsset一backedSecuritizationistheproductionofthederivatesecuritytechniqueandfinancialengineeringtechnique.Ithasdevelopedveryfastsince1970whenitcameo

2、ut.AsoneofthemostimportantfinancialinnovationinthefieldofinternationalfinancetheAssetbackedSecuritizationhasbecomeabrilliantpearlduringthewaveofthefinancialinnovationbecauseofitsaccurateconstructionanduniquefunction.TheS

3、ecuritizationofMortgageorthesocalledSecuritizationofMortgageLoanistheprocessthroughwhichthecreditorrestructurestheloansthathavefuturecashflowandissuesnegotiableinstrumentsbackedbytheloans.MBSistheprimeformofABS.NowtheMBS

4、marketisthesecondmarketinU.S.A.ThecoreprincipleofMBSistheAnalysisofCashFlowandthebasicprinciplesareAssetPoolBankruptcyRemotenessandCreditEnhancement.ThusthekeypointsofMBSaretheBankruptcyRemotenessofSpecialPurposeVehiclea

5、ndtheCreditEnhancementoftheMortgagebackedSecurities.SPVmaytaketheformofLPcompanyandtrust.InordertokeepawayfromthebankruptcyoftheoriginatorthemothercompanyandevenitselfSPVmustoperateaccordingtoasetofstrictrules.Theprocess

6、oftransferringloanmaynotberegardedas“truesale“bythecourtandtheAmericancourtshavesetsomerulesinjudgingitsnature.BesidestheapplicationofbankruptcymayalsoafecttheeffectivenessofthesaleThecashflowofMBScomesfromthepaymentofth

7、edebtorsbutthatisnotenoughtoattracttheinvestors.CreditenhancementisthenecessarymethodtostrengthenthecreditofMortgagebackedSecurities.Itincludesoriginatorcreditenhancementandthethirdpartycreditenhancement.Thecreditriskofu

8、nderlyingloansisavitalfactor.ThereforethereisdoublesuretyinMBS.ThecreditguaranteesystemsinU.S.AandJapanareworthleamingandusingforreference.ThesuccessfulimplementationofMBSdependsonthedeviceofstructure.MBSisstillacomparat

9、ivelystrangeandnewphenomenonfornewborncapitalmarketinChinabutitisanaturalconsequencetointroduceandimprovethissystem.BecauseoftheimmaturityofthemarketandtheunfitnessofthelegalenvironmentChinaneedmakealotofinnovationtothef

10、rameworkoftheoriginalsystem.Andapracticalwayistoenact“theMBSOrdinance“establishingthebasicandmaininstitutionsofMBS.Atthesametimethegovernmentshouldpayatentiontothebuildingofothersystemsinvolvedsuchastheaccountingthetaxth