目的信托

特殊目的信托（SPT）是资产证券化的重要载体，而可证券化资产亦即信托财产关系安排是证券化的实质。

Special purpose trust ( SPT ) is the important vehicle of the asset backed-securitization . And the asset capable of backed-securitization , namely the arrangement of the trust property , is the essence of the asset backed-securitization .

论特殊目的信托在我国资产证券化中的法律构建

Discussion on the Legal Construction of Special Purpose Trust in Our Asset Securitization

主要是对我国资产证券化中特殊目的信托、信用评级以及我国资产证券化中会计确认、计量、披露等问题的研究，笔者认为要进一步完善中国的SPE、信用评级和会计的制度。

Mainly do some research on the SPT , credit rating and the recognition , measurement and disclosure of asset securitization of China , the author think that we should develop the system of SPE , credit rating and accountant of China to perfection .

信托制度是英美法系的产物，特殊目的信托又有其独特的法律构造。

Trust arises from the Common Law , and SPT is an unique conception .

正是这种独特功用使得目的信托在二十世纪七、八十年代在各离岸金融中心掀起信托改革热潮。

It is these unique functions make purpose trust popular in offshore financial centers .

特殊目的信托还可以避免双重纳税。

SPT also can avoid double tax .

本文对特定目的信托进行分析，展示特定目的信托在其他领域的运用。

This paper analyzes the special purpose trust , and display the application in other fields of the special purpose trust .

中国的信托法于2001年颁布，但并不承认目的信托。

China set up Trust law in the year of 2001 , but it dose not accept the concept of purpose trust .

但是，目前特定目的信托主要倾斜于资产证券化领域中，在公益信托等方面的运用较少。

However , the special purpose trust assets mainly in the asset securitization , and it used less in the public trust .

目前我国已开展的资产证券化，选择了信托方式作为风险隔离载体，即为特殊目的信托。

At present , Trust is selected to be the bankruptcy-remote vehicle of AS in China , that is called Special Purpose Trust .

受托机构应依主管机关核准或向主管机关申报生效之资产信托证券化计划，经营特殊目的信托业务。

The trustee shall operate the SPT business in accordance with the asset trust securitization plan approved by or effectively registered with the competent authority .

其实应该跳出这个狭隘的框架，资产证券化中的特定目的信托只是特定目的信托这个大概念中的一个分概念。

It should be out of the narrow framework . The asset securitization in the special purpose trust is only a concept of the specific purpose .

考察各国实践，世界范围内的诸多成功案例表明，通过建立特殊目的信托来设计资产证券化的运作是一种切实可行的方式。

After inspecting various countries ' practices , many successful cases in the world indicated that Special Purpose Trust is a practical and feasible way to operate Asset Securitization .

在特殊目的信托机制中，受托机构作为特殊目的机构进行资产证券化主要是依赖于整个信托原理来实现资产的分离和风险的隔离。

In the mechanism of special purpose trust , the trustee as SPV to carry on securitization chiefly depends on trust principles to realize asset partitioning and risk remoteness .

在特殊目的信托中，信托人是资产证券化的发起人，受托人是特殊目的信托机构，受益人是持有资产支撑证券的投资者。

In SPT , the trust is the originator . The trustee is the vehicle which operates it , and beneficial owner is the investor who holds the securities sustained by asset .

在有普通法传统的国家与地区，对于第一个理论障碍，主要有两种解决方案：一是体系内的改造，即通过学说理论将目的信托解释成不违背受益人原则；

In many common law jurisdictions , there are two ways to cope with the first barrier . One is to construe purpose trust with various theories as not violate the Beneficiary Principal .

本文主张对特定目的信托专门立法规制，在立法中既要对现有制度的不足进行修正，又要对现行法中的空白进行填补。

This paper calls for a specific purpose trust legislation specifically , both in legislation on the amendment of the existing system deficiencies , but also gaps in the existing law to be filled .

第二部分对特殊目的信托与传统民事信托进行了比较，论述了特殊目的信托对传统民事信托的冲击及引发的新问题。

The second part of the dissertation mainly contrasts the Special Purpose Trust ( SPT ) and traditional civil trust . After that , the dissertation discusses the influences on the traditional civil trust which were imposed by SPT .

信托监察人对于前项之请求，除该权利之行使有碍特殊目的信托事务之执行，有损害受益人之共同利益，或有其它正当事由者外，不得拒绝。

The trust supervisor shall not refuse the request in the preceding paragraph , unless the exercise of such rights would damage the execution of the SPT or the common interest of the beneficiaries or there are other legitimate reasons .

但是，特定目的信托是即便暂时没有受益人，只要有明确的信托目的，也可成立信托，且已被日本法等所承认。

However , special purpose trust is as the beneficiary is not exist , as long as there is a clear purpose of trust , Can also set up a trust . And it has been acknowledged in Japan law .

特定目的信托并非为资产证券化领域所专有，只是因为其独特的信托性质才在资产证券化中得到大量运用，就造成一种假象&即凡提到特定目的信托便联想到资产证券化。

Special purpose trust is not for the assets of asset securitization in the field of proprietary . Just because of its unique nature of trust , create an illusion & it is no mention of special purpose trust soon to the asset securitization .

慈善或宗教或科教目的的信托。

A trust created for charitable or religious or educational or scientific purposes .

公益信托是指以公益目的为信托目的的信托。

But the public trust refers to the public for the purpose of our trust .

本文将从信托目的、信托期间、指定受托人、监察人四个方面去探讨目的信托之特有属性。

This article will probe into the character of purpose trust focusing on the following four aspects : purpose , duration , designated person , enforcer .

禁止设立目的违法的信托；

PURPOSE Objective 2 , forbidding to set up illegal trust ;

第二步：由受托人按照信托的目的管理处分信托财产，并将管理处分信托财产所得的信托利益分配给受益人。

Third stage , the trustee manages the trust property according to the objective of the trust .

本文的目的是对信托投资公司在制定和实旌全面风险管理战略时，起到帮助和参考作用。

The purpose of this thesis is to help the Trust company formulate and implement comprehensive risk management strategy .

本文目的是研究信托业监管的一般规律并分析和建构我国信托业监管制度。

The aim of this paper is to study the general rule and to analyze the system of the trust business supervision .

其成立和生效要件需受法律全面规制，如表决权信托契约的书面签订和公开披露、信托目的合法、信托标的和期限的确定等，皆在其中。

The principles of establishment and effect such as writing and disclosing voting trust certificate , legal trust purpose , object and duration are must be in accord with law .

商业信托是指当事人以营利为目的，通过信托契约或者信托宣言等形式设立的一种非公司的组织，其和公司或者合伙一样，本质上是一种商事组织。

Business trust is a party for the purpose of profit , through contracts such as the Universal Declaration of Trust to set up a corporation or organization , and in essentially its a commercial organization .