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一、“资产收益权”的前世今生起初,为了能给欠缺融资必要条件的项目创造“合法条件”来融资,信托公司在实务操作中创设了附回购约定的所谓“资产收益权”(诸如股权收益权、合同项下收益权、应收账款收益权等)概念。以房地产公司与信托公司合作项目为例,在“房信合作”的早期,为了绕开房地产信托贷款的“432”规定,信托公司通过设立“资产收益权”信托结构,成功“合法”地绕开了监管禁区,为部分“四证”不全的房企提供资金。但随着监管部门执行“重实质不重形式”的监管要求及加大惩罚力度后,纯粹出于给
First, the past life of “asset-backed right” At first, in order to create “legal conditions ” for projects that lack necessary financing conditions, the trust company created the so-called “asset Income rights ”(such as the right to equity returns, the rights under the contract, the right to receive accounts receivables, etc.) concept. Taking the cooperation projects of real estate companies and trust companies as an example, in the early stage of “FANGXIN cooperation ”, in order to circumvent the “432 ” provisions of real estate trust loans, trust companies through the establishment of “asset earning rights ” trust structure, Successful “legal ” to bypass the restricted area for some “four cards ” incomplete housing prices to provide funds. However, with the regulatory authorities to implement the “emphasis on non-essential form of” regulatory requirements and increase penalties, purely out of