中国资产证券化的法律环境分析及立法选择

"资产证券化"是20世纪70年代以来国际金融领域最重要的金融创新。近年来,在中国实施资产证券化的呼声日益高涨。但是,就资产证券化的现实法律环境而言,在证券化基础资产的转移、SPV的设立和定位、资产支持证券的发行和上市以及信用增强等资产证券化的各个环节中,还存在诸多的法律障碍或者法律的空白。为消除资产证券化的市场需求与我国现行法律制度的紧张,必须尽快构建起一个既体现资产证券化的基本规律,又符合我国国情的资产证券化法律机制。

On the Legal Environments and the Legislation of Asset Securitization of China

Asset securitization is the most important financial innovation in the international financial field since 1970s. In recently years, the demands of implementation of asset securitization in China are becoming stronger and stronger. But, as far as the present legal environments of asset securitization are concerned, there exists many legal obstacles and legal gap in the implementation of asset securitization in China, such as the transfer of basic asset of securitization, the establishment of SPV, the issue of asset-backed securities, and the enhancement of credit, etc. So, in order to eliminate the tension between the market demand of asset securitization and the present legal system of China, we must establish the legal system of asset securitization as early as possible, which embodys the basic law of asset securitization as well as reflecting the China's condition.