Research On The Legal Problems Of Securitisation Of The Non-performing Assets Of State-owned Commercial Banks

The securitisation of assets is a new light spot of financial innovation in the world since the seventies of the 20th century. The securitisation of assets is transferring the assets which is scarce of liquidity, held by financial institution or other enterprises to the financial product that can be sold and circulated on the financial market through certain arrange of structure, recombination of risk and benefit, and taking primitive assets as guarantee. It has deeply changed the social and economic life of U.S.A. and other countries; it has also caused a series of systematical, marketing, and technological innovation, and improvement of law. With the deepening of reform and opening-up, various kinds of problems of the state-owned commercial banks (this text refers to the four state-owned commercial banks: Industrial and Commercial Bank of China, the Chinese Construction Bank, Agricultural Bank of China, Bank of China) faced are further exposed. Because of historical and systematic reasons, the self-owned capital of the bank is insufficient and the liquidity of the assets is poor, and especially the number of non-performing assets of the banks is enormous, which caused the risk to be highly centralized. All these factors mentioned above have seriously hindered the state-owned commercial bank's reform and development. The development of financial industry indicates that financial innovation is the main way of evading financial risks and the stability of the financial system. The securitisation of assets, which is regarded as one of the most important financial innovation of the past 30 years of the international finance field, could be used for utilization to handle the non-performing assets of state-owned commercial banks, thus it is a better method to further promote the reform and development of the state-owned commercial banks.Pursuing of securitisation of the non-performing assets of state-owned commercial banks involves a series of legal problems. Firstly, on the basis of proceeding from the general theory of the securitisation of the assets and a concrete legal principle analyze, this text proves the benefits and possibility of the pursuing of securitisation of the non-performing assets of state-owned commercial banks, and then discussed to the construction of the legal frame of the securitisation of the non-performing assets of state-owned commercial banks from some aspects as following: the sureness of assets needed to be securitized, the legal orientation of the Special Purpose Vehicle (SPV), legal guarantee of transformation of securitized non-performing assets, legal environment of credit enhancement and credit positioning of...