摘要
绿色资产支持证券是绿色资产证券化的一种表现形式。本文采用法教义学方法,分析了绿色资产支持证券在监管中存在争议的问题。我国绿色资产支持证券原始权益人供资真实性判断标准及发行主体的信息披露规则尚不健全,内部信用增级和第三方认证缺乏规范体系。鉴此,本文创新性地提出了完善我国绿色资产支持证券监管机制的政策建议:首先,厘清绿色资产预期收益权利的性质,以保证原始权益人在专项计划中供资的真实性;其次,明确基础资产认定的法律适用,促进自然资源资产的高效配置;最后,建立多元信用增级方式,规范第三方认证评估机制,制定绿色资产支持证券发行的配套扶持政策。本研究为健全绿色资产支持证券监管体系,提供了政策参考。
Green asset-backed securities are a manifestation of green asset securitization.This paper adopts a methodological approach to analyze the controversial issues in the regulation of green asset-backed securities.The criteria for determining the authenticity of the funding provided by the original equity holders of green assetbacked securities in China and the information disclosure rules of the issuing entities are imperfect,and there is a lack of standardized systems for internal credit enhancement and third-party certification.In light of this,this paper innovatively proposes policy suggestions for improving the regulatory mechanism of green asset backed-securities in China:Firstly,clarifying the nature of the expected return rights of green assets to ensure the authenticity of the original equity holders'funding in the special plan;Secondly,clarifying the legal application of the recognition of fundamental assets and promoting the efficient allocation of natural resource assets;Finally,establishing diversified credit enhancement methods,standardizing third-party certification and evaluation mechanisms,and formulating supporting policies for the issuance of green asset-backed securities.This paper provides policy recommendations for improving the regulatory system of green asset-backed securities.
出处
《金融监管研究》
北大核心
2023年第8期85-97,共13页
Financial Regulation Research
基金
国家社会科学基金青年项目“《格拉斯哥气候协议》下全球碳市场规则对接及中国方案研究”(项目编号:22CFX088)
中国证券业协会2023年重点课题“我国绿色资产支持证券交易监管研究:制度因应与规范理路”(项目编号:2023SACKT027)的资助
关键词
绿色资产支持证券
资产证券化
绿色金融
自然资产权能
Green Asset-backed Securities
Asset Securitization
Green Finance
Natural Asset Rights and Powers
