特殊目的信托

特殊目的信托还可以避免双重纳税。

SPT also can avoid double tax .

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 .

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 .

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 .

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

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 .

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 .

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 .

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 .

第二章分析了受托机构作为特殊目的机构在特殊目的信托机制中的运作。

The second chapter discusses the operation of the trustee as SPV in the mechanism of special purpose trust .

目前在我国资产证券化操作过程中，特殊目的机构采用的是特殊目的信托形式。

At present assets securitization operating process in our country , the most used fonn of special purpose vehicle is the trust form .

最后，介绍了特殊目的机构在各国的发展模式及其运作的两种机制，一种是特殊目的信托机制，一种是特殊目的公司机制。

Additionally , the author illustrates the development models in history and two kinds of operating mechanisms of SPV . One is the mechanism of special purpose trust , the other is the mechanism of special purpose company .