资产证券化中的投资者保护.pdfVIP

摘要 资产证券化，最早产生于 20 世纪 60 年代末的美国，作为一种直接融资工具， 有着间接融资无法比拟的优势。正由于这个巨大的优势，美国开始大肆搞资产证 券化，结构越来越复杂，风险开始积聚，最后导致了次贷危机，极大地损害了投 资者的利益。中国的资产证券化肇始于 2005 年，停滞于次贷危机。第二次资产 证券化重启于 2012 年，至今仍然如火如荼。有经验，也有教训。本文分为六个 部分： 第一部分是全文的引言，从美国资产证券化的起起落落，到中国的两次资产 证券化浪潮，引出了在资产证券化中保护投资者利益的重要性。 第二部分是资产证券化概述，简要概述了资产证券化的含义、交易主体、运 作机理和利弊。 第三部分主要阐述了资产证券化中的投资者保护的主要机制：资产证券化的 核心机构；真实出售的现实考量；信息披露制度；信用评级与信用增级制度。 第四部分主要分析了美国资产证券化进程中投资者保护问题以及对中国的 启示。 第五部分重点关注我国资产证券化中的投资者保护存在的问题及对策。 第六部分为结论，再次阐述了本文的主要观点和措施以及保护投资者利益的 重要意义。 关键词：资产证券化，投资者保护，信息披露，信用评级，监管 Abstract Asset Securitization is created by United States of America in the late 1960 ’s. As a direct financing tool, it has many advantages that an indirect financing tool does not have. Because of the above advantages, America starts to perform Asset Securitization without restraint. Its structure becomes more complex, risk is accumulated, and finally subprime crisis occurs. The first Asset Securitization of China starts in 2005 and stops in the subprime loan crisis. The second Asset Securitization resumed in 2012 and it goes very well till today. There are experiences and lessons in the process. This thesis is divided into six parts. The first part is the full text of the introduction. In this part, I introduce the historic process of United States and two Asset Securitization of China to lead to a conclusion that the importance of the protection of investors of Asset Securitization 。 The second part is outline of Asset Securitization; I briefly outlined the definition, participating parties, operating theory, advantages and disadvantages of Asset Securitization. The third part is mainly about the main mechanism of Asset Securitization: Special Purpose Vehicle; Asset Assignment; the Information Disclosu