银行不良资产证券化存在的法律问题研究

银行不良资产证券化是目前金融界的热门话题之一。首次剥离的银行不良资产由于质量较差;四大资产管理公司的处置格局较为分散;证券化的法律环境不具备,特殊目的实体(SPV)建立的法律障碍较大,发行证券的条件较严格等原因,其证券化难度较大。第二次剥离的不良资产质量部分适合证券化要求,同质性较高;《信托法》等法律的出台为其资产证券化提供了法律环境支持。尽管如此,当前的法律环境还存在诸多方面的不足,因此应从整体上对不良资产的制度设计和外在法律环境进行变革。

The Study on the Legal Issues of Non- performing Assets Backed Securitization

Currently Non-performing Assets Backed Securitization is one of the hottest topics in the financial field. This essay does some research on it. First, this essay explores the legal reasons why it is difficult to securitize the Non-performing Assets separated for the first time in some parts including its legal features, the Chinese system dealing with the Non-performing Assets, the special legal environment for Asset-Backed Securitization and so on. Second, this essay elaborates the possibility to securitize the Non-performing Assets separated for the second time in some parts including its legal features, the structures of dealing with it and the change of the legal environment. Finally, this essay puts forward some legal tactics and suggestion in the light of the latest Non-performing Assets Backed Securitization of China.