破产隔离

SPV的设置和其破产隔离问题；

The establishment of SPV and its bankruptcy remote ;

SPV是连接融资方和投资方的中间体，是实现破产隔离的法律实体。

SPV is the intermediates connecting financiers and investors , which is also the legal entities to achieve bankruptcy remote .

SPV是一个破产隔离实体。

SPV is an entity for bankruptcy segregating .

为实现真正的破产隔离，SPV的投资主体应该由发起人之外的其他主体来担当；

In order to reach real Bankrupt-Remote , the investment subjects of SPV should avoid sponsors .

资产的真实出售和SPV的破产隔离构造是实现资产信用独立的基础手段。

The independence is based on " true sale " of asset and SPV bankrupt insulation .

资产转移和SPV的构建则是资产证券化实现破产隔离的两大基础。

Asset transfer and the establishment of SPV are the two main pillars of the bankruptcy remoteness mechanism of securitization .

其次，结合金融危机这个大背景，探讨SPV制度的三大问题：破产隔离制度、真实销售以及实质合并，并重点论述了以上机制在金融危机中暴露出的固有缺陷。

Secondly , this essay discusses three problems of SPV system in the general context of financial crisis : bankruptcy remoteness , true sale and substantive consolidation . And the drawbacks of the system exposed during the financial crisis are emphasized .

破产隔离机制是资产证券化之所以区别于其他融资手段的关键。

It is the bankruptcy remoteness mechanism that distinguishes securitization from other financing instruments .

风险隔离机制由真实销售、破产隔离两个步骤组成。

Risk remoteness mechanism includes two steps that is real sale , bankruptcy isolation .

而采用公司型特殊目的实体虽然目前的监管风险较高，但能彻底实现破产隔离。

Though SPC contains higher inspection risk , it can practise complete bankruptcy segregation .

特殊目的载体是为了实现破产隔离而创设的一个新型法律实体；

SPV is a new legal entity created purely for the purpose of bankruptcy-remote .

信托财产的独立性特征是信托财产的破产隔离制度的理论基础。

The function of bankruptcy isolation theoretically is based on the independence of trust property .

同时，应详细说明资产证券化业务的破产隔离条款。

Simultaneously , the bankruptcy remote clause of asset securitization business shall be stated in detail .

再者，资产证券化内在的破产隔离和真实销售都需法律的标准来保障。

Thirdly , the intrinsic bankruptcy separation and real sale of ABS should be enforced by law .

在资产证券化中，真实销售与担保融资是一组相对的概念，而资产证券化的一个手段就是要在资产转移中实现真实销售，这样才能实现破产隔离的目标。

The other is to structure the true sale in the transfer of assets to be securitized .

交易结构和种类房地产抵押贷款债权证券化是结构性融资，构造具有破产隔离机制的交易结构是资产证券的核心和生命。

The second chapter is " the structure and kind of exchange " . The securitization of mortgage-backed loans is structure financing .

本部分主要包括，破产隔离制度建立，资金管理制度补强，信息披露制度建立和信用制度完善等内容。

This section includes bankruptcy remote system establishment , financial management system reinforcing information disclosure system and the credit system improvement and so on .

在资产证券化资产转让的效果方面，要达到的目标是破产隔离。本文第四章对破产隔离制度进行了研究。

Transfer of assets in the asset securitization effects , we should achieve a " bankruptcy remote . " This chapter of the bankruptcy isolation system is studied .

本文研究范围主要限于特殊目的载体，全文围绕着特殊目的载体组织结构、特殊目的载体的破产隔离、特殊目的载体的税收等问题展开。

The research scope of this paper is special purpose vehicle , the paper analyses the special purpose vehicle structure , bankruptcy-remote special purpose vehicle , special purpose vehicle tax and other issues .

资产转移是破产隔离制度的又一核心问题，资产转移的方式和价格，以及最终行为性质认定，都关系到破产隔离能否实现。

Transfer of assets , another core issue of the bankrupt isolation system , the way the transfer of assets and price , can determine the nature of the final act , and the bankruptcy-remote can be achieved .

与其他融资方式相比，资产证券化具有筹资成本较低、真实出售和破产隔离、信用级别高、风险分散化、保护国家对资产的所有权益等优势。

Contrasting with the other ways of financing , the asset securitization has the advantages of the lower expenses cost , " True Sale " and " Bankruptcy Segregation ", the higher credit level , risk decentralization , safeguarding the country rights and interests .

此外，对如何实现特殊目的载体破产风险隔离这一问题也进行了深入的探讨，这是本文的又一重点。

And also , I made a systemic discussion on the problem of how to realize SPY bankruptcy-remote .

特殊目的机构的风险隔离机制包括特殊目的机构自身的破产风险隔离以及与外部机构的破产风险隔离。

Such Risk Mechanism includes the risk of bankruptcy remote of an SPV itself and other external organizations .

第二部着重论述知识产权证券化的风险隔离机制问题，对真实销售的认定标准，特殊目的机构采取的形式以及特殊目的机构如何进行破产风险隔离进行了研究。

The second part focuses on the problem about risk isolation , research the standard of measuring true sales , study the form of special purpose vehicle ( spv ) and discuss how the SPV isolate from the bankruptcy .

有鉴于此，本文对美国资产证券化中最重要的机构&特殊目的载体的法律结构进行了分析，并对与特殊目的载体密切相关的破产风险隔离机制进行了详细了讨论。

Therefore , this paper conducts analysis on the legal structure of the most important organ Special Purpose Vehicle ( SPV ) in US asset securitization and details the bankruptcy risk insulation mechanism , which is closely related with special purpose vehicles .

对于特殊目的机构SPV的构建，要从他的行为形式、组织形式、运营模式进行建构，使其成为破产风险的隔离体，具有相对独立性。

SPV for the construction of special purpose , from his behavior in the form , organization , operation mode of construction , making it the risk of bankruptcy isolation body , with relative independence .

信托作为一种财产转移和财产管理制度，具有两项重要的法律功能：可以重构信托资产的财产权利，能够使信托资产与信托当事人的破产风险相互隔离。

Trust , as a kind of transfer of property and management system of the property , has two important Legal functions : constructing the property right of trust assets again ;

与此同时，SPV对投资者发行资产支持证券，将创始人的破产风险与投资者隔离开来。

At the same time , SPV isolate the investors from the bankruptcy risk of the founder too .