债权收益权融资法律问题研究

发布时间：2018-05-18 12:35

本文选题：资产收益权 + 债权收益权　；参考：《北京邮电大学》2017年硕士论文

【摘要】：随着金融创新的大力开展,与“收益权”有关的融资业务获得极大的发展,从最初的利用基础设施收益权进行融资,到目前的利用债权收益权进行融资,收益权融资业务已经发展出丰富的交易产品和复杂的交易模式。但关于收益权的性质问题在法律中一直没有明确的认定,收益权融资中的债权收益权发展迅速,但债权收益权的内涵、法律效力、法律关系、交易结构等问题在法律中都没有明确规定,该领域的理论研究也较为匮乏。债权收益权融资涉及的资金规模越来越大,该领域一旦出现纠纷如何化解是法学界亟需研究的问题。本文通过对实务中的收益权融资案例进行整理,从融资实务倒推相关的法律制度。笔者认为收益权的法律性质应定性为广义的债权,其内容包括现实债权和将来债权。由于“收益权”这一概念最初并非法学研究的产物,不能以其字面含义去理解其法律内涵,在债权收益权融资中“收益权”的内涵并不限于基础资产项下的收益或孳息,而是可能包括基础资产项下所有的未来流入资金。债权收益权转让也并非是转让人将拥有的收益权进行让与,而是通过签订合同的形式在转让人与受让人之间建立起一项新的债权债务关系。通过对几类典型的债权收益权融资业务分析可以发现融资中多采用“转让加回购”的交易模式,这种交易通常打着收益权转让之名行借贷之实,很大程度上存在规避监管的嫌疑。目前开展的债权收益权融资实践存在一系列法律问题,笔者结合近期银监会对信贷资产收益权转让的规定,认为我国应从完善收益权领域的立法、设立投资人分类管理制度,建立收益权转让备案制度等方面完善债权收益权融资业务。
[Abstract]:With the vigorous development of financial innovation, the financing business related to "income right" has been greatly developed, from the initial use of infrastructure income right to financing, to the current use of creditor's right to finance. Profit right financing business has developed a wealth of trading products and complex trading models. However, the nature of income right has not been clearly recognized in the law. The income right of creditor's rights in income right financing develops rapidly, but the connotation, legal effect and legal relationship of income right of creditor's rights. Trade structure and other issues are not clearly stipulated in the law, and the theoretical research in this field is relatively scarce. The funds involved in the financing of creditor's rights are becoming larger and larger. Once disputes arise in this field, how to resolve them is a problem that needs to be studied in the field of law. This paper puts forward the relevant legal system from financing practice through sorting out the case of profit right financing in practice. The author thinks that the legal nature of income right should be characterized as generalized creditor's right, which includes realistic creditor's right and future creditor's right. Because the concept of "income right" is not the product of legal research at first, it can not be understood by its literal meaning. The connotation of "income right" is not limited to the proceeds or fruits under the basic assets in the financing of creditor's rights. It could include all future inflows under underlying assets. The transfer of the proceeds of creditor's rights is not the assignment of the right of proceeds owned by the assignor, but the establishment of a new creditor's debt relationship between the assignor and the assignee through the signing of a contract. Through the analysis of several typical creditor's right financing business, we can find that the transaction mode of "transfer plus repurchase" is often used in financing, and this kind of transaction usually borrows in the name of income right transfer. To a large extent, there is a suspicion of circumvention. At present, there are a series of legal problems in the practice of creditor's right to profit financing. In combination with the recent regulations of CBRC on the transfer of income right of credit assets, the author thinks that China should set up a classified management system of investors from the perspective of perfecting the legislation in the field of income right. Establish the income right transfer record system and improve the income right financing business.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D923.2;D922.28

【参考文献】