本論文始自介紹金融資產證券化,再針對創始機構及受託機構之會計處理問題進行探討,以期對於未來國內進行證券化提供芻建,並以發行共同信託基金之架構進行金融資產證券化之探討,比較我國與美國法上共同信託基金法制,以了解兩者之差異,以利讀者進一步澄明此一新興金融商品--「共同信託基金」,最後針對所產生之利益衝突問題進行探討,藉由引進中國牆之機制來作為防止利益衝突之有效利器,期待相關機構在進行證券化時,能多所考量,小心防範。 本論文共分為六章: 第一章 為前言、研究動機、研究目的、研究架構、研究方法與限制。 第二章 本章主要內容為介紹金融資產證券化之重要觀念,整理國內外相關文獻,使吾人對於證券化之整體架構有一完整之認識。且對「金融資產證券化草案條例」之內容進行說明,以期有一更具體之努力方向。 第三章 在此章中主要關切的是金融資產證券化之過程中所牽涉到之會計處理。首為:創始機構之會計處理;次為:受託機構之會計處理。創始機構將金融資產移轉,對創始機構而言,究以「出售」、「融資」論定,為探討主點。因FASB 140公報有詳細規定,故對此一公報加以介紹,並對我國未來之會計處理進行探討。 第四章 未來金融資產證券化可採共同信託基金之方式,對整體金融市場而言將產生衝擊。本章對於此一新興之金融商品加以介紹,並將美國法上對於共同信託基金之規定詳細進行說明,以利和我國「共同信託基金管理辦法」加以比較。 第五章 金融監理制度如何落實與適當的防止不當的利益衝突為本章主要之重點。將金融資產證券化所衍生利益衝突問題之態樣呈現,以介紹「中國牆」之控管措施,來防止企業「不當人員」與「資訊」之流通,作為此一問題之解決機制。 第六章 係整合前述五章內容,提出六項改革芻議,希望對我國法制建構有所裨益。
In this paper, I will first have a discussion on asset-backed securitization and accounting originator and trustee in hope to serve as a role model for the future legislation in Taiwan. Secondly, I will discuss the common trust funds legislation in the U.S. in comparison to the one in Taiwan. Finally, issues on conflicts of interest from the asset-backed securitization will be discussed and further suggestions on financial regulation will be offered by using Chinese Wall regulatory structure. This paper consists of six parts, they are: (1) Preface, motive, purpose, realm, methods, and limitations of this paper. (2) Introduction on the primary concept of asset-backed securitization and "Financial Assets Securitization Act" in order to understand the whole securitization structure. (3) Focusing on accounting issues in securitization. This chapter will discuss whether securitization transaction is a true sale or a secured loan and further discussions on FAS NO. 140 will be offered. (4) Introduction on the new financial commodity--Common Trust Funds and common trust funds legislation in the U.S. Comparisons on the Taiwan's and US's legislation will be made. (5) Implementation of financial supervision and ways to prevent conflicts of interest. This chapter will also resolve conflicts of interest problems from asset-backed securization by using Chinese Wall regulatory structure as the solution. (6) Conclusion on the issues and propositions of this paper and suggestions to the financial privacy regulation in Taiwan.