特殊目的机构法律问题研究

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1、北京交通大学硕士学位论文特殊目的机构法律问题研究姓名：徐佳申请学位级别：硕士专业：经济法学指导教师：郑翔20071201ABSTRACTABSTRACT：Asset-backedsecuritizationnansaI嘶∞shavebecomeawidelyfavoredmethodoffinance．Itreferstoaspecificformof商∞ndal臼糊嘶oninwhichanoriginatorpoolsca胁typesofilliquidassets(typicallyloansorreceivables)andtransferst

2、hemtoaspecialpmposevehicle(-sPVl．TheSPV,inturn,iss嘲securitiesbackedbythetransferredassetstoinvestors,andpaysthemoftheseassetbackedsecurities("ASS’’)interestandprincipaloutofthecashflowarisingfromtheunderlyingassets．SPVisthecorefactorintheseeuritizatio札Asthevehicleofriskremote,S

3、PVisdesignedtoseparatetheassetsupporting∞cllrid盈60nfromtheb锄hl耳y嗡，oftheoriginatorandSPVitself．Therearethrecformstorealizethefunction,whichaleSpedalPIUpO辩Trust(‘‘SPll，specialPul'poscCompany(-sPCIandpm'meI'ship．sFrandSPC黜morepopularthanpartnershiparoundtheworld．InChina,a／ltypesof

4、SPVarecontradictedwithcurrentlawtoacertainextend．Comparatively,SPTisthemostfeasiblewaytorealizetheassetbackedseeuritization．InApril2005,"TheManagementMeasureofCreditedAssetSecuritization'’hasbeenissuedbythePeople’SBankofChinaCenlreBankandChinaBankingRegulatoryCommission,asthefi

5、rstspeciallegislation,whichfilledthespaceoftheassd-backedsecuritizationinChina．Therefore,thispaperfocuses011theresearchofSP、‘analyzesbothadvantageanddisadvantageofSPTandSPCandpro“dmalittlesuggestionforthelegislationofAsset-backedSeeuritizationinChin&ItishopedtobeareferenceforCh

6、ina'sAsset-backedSeeuritizationdevelopment．Thispaperdevelopsinfourpartsasfollows：ThefirstpartsummarizesthetheoryofSPV．Itbcgi璐withintroductionoftheconceptionofAsset-backedSeeuritization．Then,itdiscussesthe髓SeaceandtypesofSPVindetail．ThesecondpartprobesintothevalueofSPV,whichisto

7、realizethebankruptcyremote．Onthebasisofpracticalcxp耐锄ce，thethirdpartillustratesthelegislativeobstaclet0pro掣e鲻ofAsset-backedseeuritizationinOarcountry．ThefourthpartreferstoadvancedexperienceinforeigncountriesandproposesalittleopiniontotheconstructionofSPVinourcountryatlast．KEYWO

8、RDS：SpecialPurposeVehicle；specialPurposeTrust．spedalPu