农地资产证券化法律制度建构研究  

Research on the Construction of the Legal System of Rural Land Asset Securitization

作　　者：刘辉 吴俊雄 LIU Hui;WU Junxiong(Law School,Hunan University,Changsha 410082,China)

机构地区：[1]湖南大学法学院,湖南长沙410082

出　　处：《安徽农业大学学报(社会科学版)》2025年第1期110-121,共12页Journal of Anhui Agricultural University:(SOCIAL SCIENCES EDITION)

基　　金：湖南省社会科学基金青年项目“湖南省地方金融立法研究”(19YBQ027)。

摘　　要：农地资产证券化对提高农地资产利用效率、解决农民融资问题和促进农村经济发展具有重要作用。相较于其他农地资产资本化方式,农地资产证券化具有显著的优越性,但我国缺少具体实践,以致其工具性价值只停留于理论层面。实践中的缺位主要源于制度上的障碍,具体表现为可证券化的农地范围和基础权利模糊、信用增级方式单一、管理主体缺位和特殊目的载体的设立与运行的法律保障不足等。在农民信赖本位原理与农地效益实现原理的指导下,农地资产证券化法律制度的建构应当将农用地、集体经营性建设用地和未利用地纳入证券化的范围,将相应的土地经营权和集体建设用地使用权作为证券化的基础权利;通过成立政策性的保险公司和鼓励农商银行开立备用信用证等外部增级方式丰富信用增级制度;设立专门的农地股份合作社作为原始权益管理人,代表农民管理、转移农地资产;选择特殊目的信托作为特殊目的载体参与农地资产证券化,并出台特殊目的信托的设立和运行规则。Rural land asset securitization plays an important role in improving the utilization efficiency of rural land assets,solving farmers’financing problems and promoting rural economic development.Compared with other ways of capitalization of rural land assets,the rural land asset securitization has obvious advantages,but the lack of specific practices in China confines its instrumental value to the theoretical level.Such a lack of practice is mainly due to institutional obstacles,including the ambiguity of securitizable agricultural land scope and underlying rights,limited credit enhancement mechanisms,absence of management entities and insufficient legal guarantee for the establishment and operation of special purpose vehicles.Guided by the principles of farmer trust and agricultural land efficiency realization,the legal system of rural land asset securitization should include agricultural land,collectively-owned commercial construction land and unused land into the scope of securitization,and take the corresponding land management right and the right to use collectively-owned construction land as the basic rights of securitization.The credit enhancement system should be enriched through external methods such as establishing policy-based insurance companies and encouraging rural commercial banks to issue standby letters of credit.Special rural land stock cooperative should be set up as the original equity manager to manage and transfer rural land assets on behalf of farmers.Special purpose trust should be selected as a special purpose vehicle for rural land asset securitization,and specific rules for its establishment and operation should be introduced.

关 键 词：资产证券化 农地资产 土地利用 特殊目的载体 

分 类 号：D922.287[政治法律—经济法学]