金融資產證券化與投資人保障之研究

The Study on Financial Asset Securization and The Protection of the Investors

系所名稱：國家發展研究所
學位別：碩士
畢業學年：99年
指導教授：林仁光
我國之「金融資產證券化條例」及「不動產證券化條例」對於資產證券化商品已有諸多規範，足供業者遵循。然而，隨著資產證券化商品結構之多變，現行投資人保障措施，如資訊揭露、防免利益衝突：有無落實保護投資人？或其效果是否彰顯？信評機構之功能是否彰顯？以及要如何為投資人找尋有效並足夠之保障途徑？本文以美國次級房貸風暴及我國雷曼連動債券爭端為殷鑑，思考在法律上之規範是否足夠？其中可以檢討及改進之空間為何？茲就資產證券化及投資人保障議題，降低信用評等機構利益衝突之情況，並建立相關之究責機制是很重要的。此外，針對後續責任追究方面，本文認為投資人雖得透過證券交易法第20條及第32條規定，請求出具虛偽或不實信用評等報告之信用評等機構賠償損害，惟仍宜於相關法律中增訂民事請求權依據，並佐以相關配套之規範，如主觀故意或過失要件或因果關係之推定，以確保投資人權益、維持市場之公平秩序。另外，針對債權轉讓，制定具有公示功能之登記制度，利用電子登記系統，對外揭露、公示債權之態樣，以便判定債權讓與之有效性，以促進資產證券化活動之蓬勃發展。本文嘗試以上開問題為主軸且以「如何保護投資人之動機」為出發點，輔以「金融創新與資產證券化」為架構，並援引最新文獻，希冀得以對學術及實務上提供一些貢獻。

“The Financial Asset Securitization Act”and“the Real EstateSecuritization Act”codify the law regarding launching procedures, structuresand participants of asset securitization, establishing the rules for the relevantparties to comply with. However, as elaborated by this research, constantinnovation in the field of financial engineering has meant asset securitizationproducts evolved into very complicated schemes. For instance, will rules aboutinformation disclosure and conflict of interests be able to protect investors?What will the actual influence of these rules be? Is the rating agency reallyfunctional?Moreover, how do we design the method to protect investors? By takingthe subprime mortgage crisis in U.S.A. and the structured notes of LehmanBrothers as examples, we examine Taiwan’s regulations and test whether wecan improve our system. As for the asset securitization and the protection ofinvestors; it is crucial that we reduce the benefits and conflicts of ratingagencies and strengthen penalty mechanisms. Further in regard to penalties, theinvestors might be able to apply Article 20 and 32 of the Securitization Act inR.O.C. , to request compensation from those rating agencies that produce falseor unreal rating reports, such as the intent, negligent requirements or theassumptions of causality, for balancing the market rules and the fairness.Last but not least, regarding the consignment of obligations and rights,there are some systems to make public notifications by using the electricapplication system, to disclose to the public the forms of the obligations andrights, to improve the activities of securitization.This research focuses on how to protect investors through the frameworkof securitization. It is hoped that there can be some contribution to academia aswell as to the market.