信托公司参与企业资产证券化中的双SPV模式探究

资管计划参与下企业ABS虽可拓展企业融资渠道,但立法效力等级低及监管的严格化倾向使其无法实现完全破产隔离并极大限制基础资产范围。海印模式下信托公司参与企业ABS,利用双SPV结构解决了破产隔离以及基础资产问题。而该双SPV模式为迫于满足监管要求不得已的产物并非金融创新,建议逐步确定企业ABS市场受托管理人主体以解决现阶段资管计划多头监管现象;在双SPV模式监管中赋予信托公司更多基础资产以及第二层SPV管理人的审查、甄选责任。

The Study of Double SPV Model of Trust Companies Participating in Enterprise Asset Securitization

The low level of legislative efiect and strict tendency of supervision make ABS unable to achieve complete bankruptcy isolation and greatly restrict the scope of basic assets.The mode of HaiYin,ABS,a trust company participating enterprise,solves the problems of bankruptcy isolation and basic assets by using the dual SPV structure.It is suggested to gradually determine the principal trustee of ABS market to solve the phenomenon of multiple supervision of asset management plan.In the regulation of dual SPV model,trust companies are given more examination and selection responsibility of the basic assets and the second SPV manager.