融资租赁的资产证券化模式与法律风险控制

航运业作为资本密集型产业,资金来源是其发展的关键所在.船舶融资租赁将融资压力由承租人转向出租人,资产证券化则是将该压力由出租人分散到广大投资者并实现稳定现金流,有效解决此难题.虽然当前国内资产证券化大多采用离岸模式,但主要碍于国内立法和税收制度,其发展是未来趋势所在.文章从国内法角度,分析船舶融资租赁下出租人进行资产证券化的优势和存在的问题,探究一种适合我国未来发展的交易结构.同时,深入分析该交易结构中的法律关系和存在的风险,并结合实际提出相关建议.

Asset-Backed Securitization for Shipping Financing Lease and Control of the Legal Risk

As a capital-intensive industry, the stable cash flow is the key to the development of shiping industry. In prac- tice, the pressure of capital raising is transformed to the lessors by ship financial lease. However, the pressure was eventu- ally decentralized to investors by asset-backed securitization. At present, off-shore mode is the dominant mode of asset- backed securitization. But considering the domestic legislation and tax institution, the development of the financing in ship- ping industry is future trend. From the perspective of domestic legislation, this paper analyzes the advantages and problems in asset-backed securitization with the background of ship financial lease and finally explores a suitable deal structure for the industry＇s future development. This paper also offers solutions to the proper risks in the advised structure with detailed anal- ysis of the advised structure＇s legal relationship and proper risks.