抵押权的独立化和证券化

物权法草案已经通过了,其中有不少完善的地方,但作为物权中比较重要的抵押权部分,却始终没有突破抵押权附随性的传统框架。从抵押权现代化发展历史谈起,介绍了以德国为代表的抵押权独立化、证券化的过程、价值及所需的特殊制度设计,并对我国物权法第五稿中有关抵押权的立法作了评述,分析了我国是否适合引入这一制度。

The Independence and Securitization of Hypothec Right

The draft of the real law has passed,many aspects are amended.But hypothec right as a comparatively important part of the real law has not broken through the traditional frame of its subordinate character.This paper begins with the history of the modernization of hypothec right,introduces the process,its value and the special needed system of its independence and securitization using Germany as pioneer,at last the paper evaluates the regulation of hypothec right in the real law,analyzes whether we should absorb it or not.