德国土地抵押权证券化  

Securitization of Land Mortgage in Germany

作　　者：王志勤 WANG Zhiqin(Law School,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学法学院,北京100081

出　　处：《上海大学学报（社会科学版）》2020年第2期104-119,共16页Journal of Shanghai University(Social Sciences Edition)

摘　　要：德国土地抵押权在日耳曼习惯法与罗马法的融合发展中逐渐形成了由担保抵押权、流通抵押权和土地债务并存的土地抵押权体系。为了融通资金,从法律制度设计上逐渐增强了土地抵押权的独立性和流通性。当具有一定独立性和流通性的土地抵押权和证券技术相结合后,德国土地抵押权证券化迅速发展起来,并影响了整个欧洲大陆。从历史上看,德国土地抵押权证券化选择了两条道路并行,即直接证券化和间接证券化,两者几乎是同时产生、相互渗透、相互促进、交错发展的,在法律实践中逐步完善并走向国际,最终使不动产(含土地)抵押债券成长为欧洲乃至世界上最大的债券市场之一,为德国农业经济作出了不可低估的贡献。German land mortgage has gradually formed a system that combines guarantee mortgage,circulation mortgage and land debt since Germanic customary law and Roman law began to merge.The design of its legal system has been improved in terms of independence and liquidity of land mortgage in order to better finance funds.Since the securities technologies were incorporated into the land mortgage with improved independence and liquidity,land mortgage securitization in Germany has developed rapidly and affected the whole European continent.Historically,German land mortgage securitization has adopted both direct and indirect securitization.They occurred almost at the same time,permeated and supplemented each other,and developed alternately,leading gradually to gradual perfection and international influence in legal practice.Accordingly,the real estate(including land)mortgage bonds in Germany has become one of the largest bond markets in Europe and even in the world,making important contributions to the German agricultural economy.

关 键 词：土地抵押权 独立性 债券 直接证券化 间接证券化 

分 类 号：DF438.7[政治法律—经济法学]