Legal Analysis on Securitization of Creditors RightA Thesis Submitted to Chongqing Universityin Partial Fulfillment of the Requirement for theProfessional DegreeByWang ZhaoFengSupervised by Prof.Song Zong-YuSpecialty: Juris MasterLaw School of Chongqing University, Chongqing, ChinaApril, 2013重庆大学硕士学位论文摘要中文摘要债权证券化是权利证券化的重要形式之一。债权证券化和权利证券化产生的直接原因是债权财产价值和利用方式的改变，其根本原因是商品经济的高度发展对资本优化配置提出了更高的要求。相对于传统债权，债权证券化是债权去人格化、让与性扩张的结果。债权证券化的出现是对传统债权理论的突破和创新，是债权现代化过程中的产物。本文通过对债权证券化的内在机制和外在表现的法律分析，对债权证券化及其影响进行初步探索。本文主要内容分为五个部分：第一部分是对债权证券化的缘起与发展的介绍。本文首先从债权证券化的概念及其法律性质的分析入手，分别从语义和法律的角度阐述了债权证券化的概念和范围。其次，本文又以债权的财产价值及债权的利用方式为考察维度，通过对债权的演进历史的梳理，总结债权证券化发展的历史轨迹。再次，本文就债权证券化产生的原因进行了法律分析，指出债权价值的发展、市场主体之间关系的改变、人与财产关系的变化是债权证券化产生的三大原因。随后，本文还就债权证券化区别于传统债权的法律特征进行了阐述。最后，从民法学的视角在债权证券化和传统债权理论对比分析的基础上，对债权证券化的意义和价值做出评价。第二部分研究了债权证券化的构成要件和表现形式。首先对债权证券化的制度进行阐述，本文认为债权让与制度和证券制度的是构成债权证券化两大制度基础。其次，从债权证券化的标的、债权关系的演变、无因原则的应用三个方面论述债权证券化的构成要件。最后，是对债权证券化的表现形式的介绍。第三部分是债权证券化和债权让与的概述，债权证券化是普通债权的去人格化，是债权流动性的扩张。债权让与既是债权流动性扩张的基础，也是债权证券化的制度基础。梳理债权让与和债权证券化的法律关系有利于分析债权证券化的内在机理。本部分从债权让与的概念入手，分别研究了债权证券化背景下债权让与的法律性质以及债权让与的构成要件。第四部分是第三部分的延续和深入。债权让与的无因性和债权让与通知的效力是债权证券化背景下债权让与的核心问题。二者是债权证券化背景下债权让与和传统债权让与分歧最大的问题，也是限制债权证券化的关键问题。本部分在对二者法律性质和实务中作用分析的基础上，做出了确认债权让无因性和否定债权让与通知作为债权让与对债务人生效形式要件的结论。第五部分是债权证券化的法律监管问题。债权证券化的法律监管既是维护债权证券化参与主体权益的需要，也是促进债权证券化有序发展的需要。本文分别就I重庆大学硕士学位论文中文摘要债权证券化法律监管原则、监管模式、监管方式和法律框架对债权证券化的法律监管问题进行了研究。关键词：债权，证券化，债权让与，法律监管II重庆大学硕士学位论文英文摘要ABSTRACTSecuritization of creditors rights is one important form of right -securitization. Thedirect cause of securitization of creditors rights and right-securitization is changes inthe property value and utilization pattern of creditors rights, and the root cause is thatthe fast development of commodity economy draws higher demand in optimalallocation of capital. Securitization of creditors rights is the result of thedepersonalization and alienable expansion of the traditional creditors rights. Theemergence of the securitization of creditors rights is a breakthrough and innovation oftraditional theory of creditors rights, and also a product of the modernization ofcreditors rights. This thesis conducted a preliminary exploration about securitizat ion ofcreditors rights and its influence by analyzing the inherent mechanism and the outsideforms of securitization of creditors rights from a juristic perspective.The first part of this thesis introduces the origin and development of securitizationof creditors rights. Firstly, it analyzes the definition and juristic nature of securitizationof creditors rights and then elaborates on the concept and scope of securitization ofcreditors rights semantically and legally. Secondly, from the perspective of propertyvalue and utilization pattern of creditors rights, this part summarized the developmentprocess of securitization of creditors rights based on the evolving history of creditorsrights. Thirdly, this thesis analyzes three causes of securitization of creditors rights,including development of creditors rights value, change of relationship between marketentities and between human and property. Fourthly, elaboration is made on the differentjuristic features between securitization of creditor s rights and traditional creditorsrights. In the end, this thesis assesses and evaluates securitization of creditors rights onthe basis of comparative analysis of securitization of creditors rights and traditionaltheory of creditors rights from the perspective of science of civil law.The second part of this thesis studies the constituent elements and outside forms ofsecuritization of creditors rights. In expounding the institutions of securitization ofcreditors rights, this thesis argues that the system of assignment of creditors rights andthe system of securities serve as two important institutional foundations forsecuritization of creditors rights. It then discusses the constituent elements ofsecuritization of creditors rights from three aspects: object of securitization ofcreditors rights, evolution of relationship of creditors rights and application ofuncausation principles. Finally this part introduces the forms of securitization of creditorsIII重庆大学硕士学位论文英文摘要rights.The third part is an overview about securitization of creditors rights andassignment of creditors rights. Securitization of creditors rights originates from thedepersonalization of common creditors rights and the expansion of its liquidity. Andassignment of creditors rights is both the foundation of the expansion of liquidity ofcreditors rights and the institutional foundation of securitization of creditors rights. Aclear understanding of the juristic relationship between assignment of creditors rightsand securitization of creditors rights is thus conducive for the analysis of the inherentmechanism of securitization of creditors rights. Starting with the concepts ofassignment of creditors rights, this part respectively studies the juristic nature ofassignment of creditors rights in the cont