CAJ | 학술논문

在西方资产证券化进程中，尤其是在“后金融危机时代”，超额担保制度有助于降低投资风险，提高投资者信心，消弭金融危机的不利影响。为吸取美国金融危机的前车之鉴，我国在资产证券化起步阶段应引入该制度。超额担保的本质是债权质押，其质押标的是将来债权。在我国现行法律体系下，超额担保受制于现行的质押制度和破产法律制度设计。我国应制定专门的《资产证券化法》，明确资产证券化的性质，并对证券化资产的可让与性和出质问题予以专门规定，从而使超额担保制度既符合物权法定原则，又满足现实需要。通过控制超额比率和设置利差账户，以解决超额担保与现行破产法律之间的冲突问题。
재서방자산증권화진정중，우기시재“후금융위궤시대”，초액담보제도유조우강저투자풍험，제고투자자신심，소미금융위궤적불리영향。위흡취미국금융위궤적전차지감，아국재자산증권화기보계단응인입해제도。초액담보적본질시채권질압，기질압표적시장래채권。재아국현행법률체계하，초액담보수제우현행적질압제도화파산법률제도설계。아국응제정전문적《자산증권화법》，명학자산증권화적성질，병대증권화자산적가양여성화출질문제여이전문규정，종이사초액담보제도기부합물권법정원칙，우만족현실수요。통과공제초액비솔화설치리차장호，이해결초액담보여현행파산법률지간적충돌문제。
During the process of Securitization in the West, especially in the ＂post - crisis era＂, Over - collateralization （OC） is a powerful method of credit enhancement by lowering the creditor＇s exposure to default risk, improving the confidence of investors, promoting recovery of liquidity and to some extent, eliminating the negative impact of financial crisis. To draw a lesson from the U.S. financial crisis, OC should be introduced at the initial stage of securitization in China. OC is essentially a debt pledge whose subject is future claims. Under the current legal system, the main legal obstacles in conflict with OC are from Guaranty Law and Bankruptcy Law. On the one hand, ＂Asset Securitization Law＂ should be developed as soon as possible in order to clear the essence of asset securitization and elaborate transferability and pledge - ability of the original assets ; on the other hand, by controlling the OC rate and establishing the spread account, OC can be consistent with the current Bankruptcy Law.