“融资信托”的私法构造与公法监管——再访“资产证券化”

Private Law Construction and Public Law Regulation of “Financing Trusts”—Revisiting “Asset-Backed Securities”

摘要: 我国目前处在由非市场型间接金融模式逐步转向市场型间接金融模式的阶段，在监管上则依然保持分业监管模式，导致我国过往的信托实践发展出以融资信托为主导，并有大量金融机构进行监管套利的模式。而在融资信托的商业实践中，出于加强融资吸引力、规避融资监管的多重目的，资产证券化偏离以“真实出售”、“破产隔离”为核心的“资产信用”，而是转向以“主体信用”为基底多层次地构建资产证券化业务中的现金流以满足合规与市场要求，并且以“出表”方式美化资产负债表从而规避监管，使得资产证券化的形态日益繁杂，难以定性。伴随监管与司法共同介入资管业务的金融风险审查，未来需要进一步捋顺职权配置，以妥适的方式平衡交易结构设计的意思自治与宏观金融风险治理。

Abstract: China is now in the stage of gradually shifting from a non-market-based indirect financial model to a market-based indirect financial model, while still maintaining a separate regulatory model in terms of supervision, which has led to the development of a financing trustled trust practice in China with a large number of financial institutions engaging in regulatory arbitrage. In the commercial practice of financing trusts, for the multiple purposes of enhancing the attractiveness of financing and avoiding financing regulation, asset securitization has deviated from “asset credit” with “true sale” and “bankruptcy isolation” as the core. Instead, they have shifted to “subject credit” as the base for multi-level construction of cash flows in asset securitization business to meet compliance and market requirements, and to beautify balance sheets by “going off-balance sheet” to avoid regulation, making the forms of asset securitization have become increasingly complicated and difficult to characterize. With the joint regulatory and judicial involvement in the financial risk review of asset management business, it is necessary to further streamline the alloca-tion of authority in the future, and to balance the autonomy of transaction structure design and macro financial risk management in an appropriate manner.