我国信托型资产证券化理论和实践之两大误区——兼评我国信贷资产证券化试点

我国信托型资产证券化理论和实践存在两大误区:实践中要求受托人须支付拟证券化资产信托移转对价;理论上主张特定目的信托架构是拟证券化资产信托移转的受让人和受益证券的发行人。正确的认识和做法应为:根据信托移转的目的和特定目的信托的功能,受托人无须支付拟证券化资产信托移转的对价;特定目的信托是否具有受让人兼发行人之主体地位,应区分事实论与价值论加以考量。

Two Errors in the Theory and Practice of Securitizating Trust Assets: Concurrently on China's Experience in Converting Credit Assets into Securities

In China,two errors exist pertaining to converting trust assets into securities:in practice,the trustee is required to pay for the converted trust assets;in logic,if a special purpose trust(SPT)is valid,the trustee holding the trust assets that are planned to be securitized should also ascertain the capacity of the issuer of the beneficial security.This author determines that in accordance with the aim of assignment of trust and the function of SPT,the trustee need not pay for the assignment of the trust assets that are planned to convert into securities.Whether the trustee of the SPT should ascertain the capacity of the issuer of the security ought to be considered in accordance with facts and values.