由安然案看资产证劵化中风险隔离的相关法律问题研究

上海交通大学硕士学位论文由安然案看资产证劵化中风险隔离的相关法律问题研究姓名：马汉义申请学位级别：硕士专业：法律指导教师：萧凯200712252070202001:THERESEARCHOFLEGALMATTERSOFRISK–REMOTEUNDERASSETSECURITIZATIONBYTHECASEOFENRONABSTRACTAsanimportantfinancialinnovationemerginginthe1970s,assetsecuritization,whichrepresentsthenewglobalfinancingmethodandbringsthenewlegalrenovationwascalled‘oneofthemostcolorfullandscapes’initsfieldinthe20centurybecauseofitscharacteristicsofassetcreditfinancing,structuredfinancingandoff-balancesheetfinancing.Asitscoresystemandwheretheadvantageadheres,therisk-remotemechanismcanpreventthesecuritizedassetsfrombeinginfluencedbytheoriginator’sbankruptcyandguaranteetheinterestsoftheasset-backsecuritiesbeingpaidtoinvestorsaccordingtothearrangementofthesecuritization.However,thebankruptcyofEnronCorporationinUSAin2001andthefollowingsamecasesmakepeoplebegintoreconsiderassetsecuritizationandrisk-remotemechanism.Althoughtherisk-remotemechanismmakessurethataprojectofasset-backsecuritiesoperateswellanditsinvestors’interestsisguaranteedbyscheduledrepaymentsofsecuritizedassets,itignoresoriginators’statethemselvesanddamagesunsecuredcreditors’interestsinagreatway.Thesegiveusanewtask:protectingunsecuredcreditors’interestsbycontrivinglegalsystems.Bythemeansofpositiveanalysisandcomparativeanalysis,theauthorputsforwardtheproblemofnegativeeffectoftherisk-remotemechanismtakingthecaseofEnronasaleadingline,andthenanalyzesthelegislativeprincipleofSarbanesActintheaspectsofeconomicsandlaw,andfinallymakessomelegalsuggestionsforconstructingtherisk-remotemechanismbyrelatingtherealityofChina.Thepaperconsistsof3partsbesidesprefaceandcloseThefirstpartofthepapergivesbriefintroductionsofassetsecuritizationanditsoperatingprocess,andthenelementsoftherisk-remotemechanismanditsrelativeconceptionsisfollowed.Intheend,wewillhavealookofEnronanditsfraudbythewayofassetsecuritization.Thesecondpartofthepaperhasananalysisofexternalityofrisk-remotemechanismanditsinfluencetooriginatorsandunsecuredcreditors.Meanwhile,theauthordiscussesthecontentofSarbanesActanditsdesignprinciple.ThethirdpartofthepaperisaviewofregulationsaboutassetsecuritizationinChinatodayandtheirshortages.Finally,theauthorgivessomeadvicesintheregardofbalancingtherisk-remotemechanism.KEYWORDS:assetsecuritization,risk-remotemechanism,Enron,Sarbanes-OxleyActof200220081720081720081711968GovernmentNationalMortgageAssociationGinnieMaepass-throughsecurities19975treasurysecurities12001498(Enron)911specialpurposeentitySPE2SPE(off-balancefinancing)3SPESPE200261820022002730-(Sarbanes-OxleyActof2002)1933193420047.33.92.74205200140SPESPESPE,12001112-32SPE34200635:2000l2SPE20SPESPESPESPE31977LewisS.Ranieri67asset-backsecuritiesABS8Shenker&Colletta9predictability10specialpurposevehicleSPVSPE6LeonT.KendallandMiehaelJ.Fishman:APrimeronSecuritization,theMITPress,Cambridge,Massachusetts,London,England,P31.::200217LeonT.Kendal1andMiehaelJ.Fishman:APrimeronSecuritization,theMITPress,Cambridge,Massachusetts,London,England,P31.:200218SECSPVSPV()SPVSPVSPVSPVtruesalecreditenhancement12SPVassetpool13bankruptcy-remoteSPE11200093612TheCommitteeonBankruptcyandCorporateSecurities:theABC’sofAssetSecuritization,6-DECBus.L.Today20,22(1996).20011131135SPVSPVSPVSPVSPVSPV1SPVSPVSPVSPVSPVSPVSPV1SPVSPVSPVSPV2SPVSPV3SPVSPV4SPV6200010105002070402.162020018101620016.181.11·121022103111819976113002680021224988004001()SPESPE()1414()137SPE2199932400()()SPELJM21520015620002001SPE103SPELJM1LJM2SPE2000LJM11.110.5320000.5820013SPE1SPE2SPE3SPESPESPE15SPE8SPE16SPVSPVSPV1718SPVSPV19116(structuredfinance)():20035171820011113919200111139StephenB.Presser,ThwartingtheKillingoftheCorporation:LimitedLiability,Democracy,andEconomics,87Nw.U.L.Rev.148(1992),LynnM.LoPucki,TheDeathofLiability,106YaleL.J.,25(1996),note101.91232121204421220L:2003411712120011114010618,2002,,2002730,-()193319341122SEC22200111152111238031934122123424401409232000913232420031185871220054112526272825262720011113828,200412481320053303014,,1516[1]20041[2]200111[3]2000[4]2005[5]:20021[6]20009[7]200091[8]200311[9]200111[10]L:200341[1]20072[2]20004[3]20074[4]20033[5]SPV200311[6]20062[1]20074[2]20063[3]200512[1]TheCommitteeonBankruptcyandCorporateSecurities:theABC’sofAssetSecuritization,6-DECBus.L.Today20,22(1996)[2]GregoryP.Cirillo:SyntheticLeasesinAircraftTransactions,Finance,Lease&Insurance,November2003[3]LynnM.LoPucki,TheDeathofLiability,106YaleL.J.,25(1996)[4]RichardC.Sauer:FinancialStatementFraud:TheBoundariesofLiabilityUndertheFederalSecuritiesLaws,TheBusinessLawyer,May200217[5]StephenB.Presser,ThwartingtheKillingoftheCorporation:LimitedLiability,Democracy,andEconomics,87Nw.U.L.Rev.148(1992)[1][2][3][4]AmericanSecuritizationForum由安然案看资产证劵化中风险隔离的相关法律问题研究作者：马汉义学位授予单位：上海交通大学本文链接：授权使用：上海海事大学(wflshyxy)，授权号：fbcd2afc-0d1a-4082-b156-9dca0131dd39下载时间：2010年8月6日