Study On The International Operation Of Asset Securitization In International Finance

A relatively new method of corporate finance known as asseet securitization has emerged as one of the major forces in the United States's financial markets. At its more simplistic level, asset securitization is the issuance of a debt instrument backed by a revenue-producing asset of the issuing company. As asset securitization represents such a significant form of financing, its effects on, and importance to, the economy as a whole should not be underestimated. This article mainly introduces relative legislation in the internatonal operation of the asset securitization, and initiates to absorb the experience of developed cuntries. The China should use the international operation to go on our asset securitization.This article proceeds of the following parts: explaining in the first chapter the basic of asset securitization including the definition of asset securitization, the definition of the international opteration of the asset securitization and the history and development of other countries about asset securitization.The second chapter discusses the international operation's process of asset securitization. The third chapter is most important part of this aricle introducing about legislation of international operation of the asset securitization in detail. It includes that the legal character of asset securitization; the advantages thereform in comparision with traditional corporate financing; eight ways about true sale in the asset securitization, comparision between the true sale and guarantee finance, analysizing the perfection of transfer in the true sale of some countries; the establishment of SPV and its bankruptcy remote; tax law and evading methods of the international operation, etc. The fourth chapter introduces our country should draw lessons from other countries'legislation. With respect to the current law of China, there are still lots of loopholes and ambiguities.Using the method of comparative study, bearig from-general-to-specific logic reasoning in mind, the author think that our country should keep on the international operation of the asset securitization. Compared with our current situation of legislation, the author gives some suggestions of our current lawmaking.