中国法律框架下的资产担保债务融资工具模式探究  

An Analysis of Covered Bonds under China’s Legal Framework

作　　者：孙宏 王伟 胡之波 

机构地区：[1]江苏银行

出　　处：《金融市场研究》2022年第11期113-121,共9页Financial Market Research

摘　　要：资产担保债券(CB)是一种起源于欧洲,兼具发行人主体信用与资产信用的融资工具。本文聚焦于银行间交易商协会近期推出的资产担保债务融资工具,通过在现有法律框架下,对比研究抵质押型和结构化型两种模式在偿付顺序、破产隔离效果及担保资产管理方面的异同,提出了模式选择、债权代理人职责、担保资产选择及法律制度完善等方面的建议。Covered bonds(CB), which originated in Europe, are a kind of financial instrument combining the issuer’s credit and asset credit. This paper focuses on the Chinese version of CBs launched by NAFMII recently. It makes a comparative study of the similarities and differences between the mortgage-pledge model and structured model in the payment order, the effect of bankruptcy isolation and the management of pooled assets, under China’s legal framework. The paper offers suggestions on the choice of models, the duties of creditor agents, the choice of pooled assets and the improvement of the legal framework.

关 键 词：资产担保债券 资产担保债务融资工具 破产隔离 债权代理人 

分 类 号：F832.51[经济管理—金融学] D922.287[政治法律—经济法学]