我国不动产证券化法律制度研究.pdfVIP

内 容 摘 要 不动产证券化的交易流程既是一个经济过程，也是一个法律过程。从规范意义上讲， 不动产证券化的法律语境分两个层面：从静态层面上讲，不动产证券化所涉及的基本概念 证券化参与主体、当事人间的法律关系、证券化客体和法律文件等都有特定的内涵；动态 层面上主要涉及不动产资产证券化的法律运行机制、SPV （特殊目的载体）的法律结构、 资产转移和破产隔离等法律问题。其中SPV破产隔离的实现及资产转移的法律定性是不动 产证券化法律结构中的两个核心问题。我国的不动产资产证券化立法工作也已经被提上了 议事日程。但是在现有法律框架内，我国开展不动产证券化面临诸多困境，主要涉及 SPV 法律结构的构建、“真实出售”法律标准的界定、信用增级法律方式的采用、税收优惠政 策的实施和投资者范围限制的消除等。 为推动我国的不动产证券化业务的有序开展以及构建严谨周延的不动产证券化法律 制度，我国应该借鉴外国的成功经验，以尽快实现不动产证券化立法的本土化：第一，借 鉴美日的立法体例并结合我国法律文化，我国应选择适用日本的立法体例——专门立法并 配合整备相关立法；第二，以中国 《信托法》的出台为契机，构建单轨制的不动产证券化 专门法规；第三，在不损害法律稳定性的前提下，适时修改相关法规如 《公司法》、《商 业银行法》、《破产法》、《担保法》等。 关键词：不动产证券化；破产隔离；SPV；税收优惠 I Abstract The trade procedure of the Real Estate securitization is both an economic course and a legal course. The legal linguistic context of the Real Estate securitization can be divided into two aspects at standardizing meaning: Speaking from the static aspect, it will include basic conception that financial assets securitization involve participants in subject, legal relationships, securitization object and legal file etc, which all have specific meanings; Dynamic aspects are mainly related to legal operating mechanism, legal structure of SPV （Special Purpose Vehicle）, legal problems of assets shift and bankruptcy remote etc. realization of SPV’s bankruptcy remote and the legal nature of assets shift are two key questions of legal structure of assets securitization among them. Real Estate securitization has already been the agenda of legislation work of our country. In existing legal framework, if launching securitization of the Real Estate ,our country will face a great deal of predicaments, mainly involving the construction of legal structure of SPV, legal standards to define true sale , adoption of lega