| The value of hypothec determines its function which can be exerted not only in protecting creditor's right but also in investment and financing, as well as its role as a media of modern financial exchange. The rapid development of market economy and the increasing demand for investment and financing engenders a new need for hypothec to enhance its circulation out of its various functions. The best solution to meet the need is hypothec securities. Hypothec securities is to make hypothec as chattel by taking negotiable securities as its carrier and ensure its circulation by the theoretic support of negotiable securities in order to make hypothec circulate. This paper, entitled with A Research on Basic Theory of Hypothec Securities form Aspect of Law, makes a research on the theory of hypothec securities from aspect of law by means of induction, deduction, and demonstration etc.The paper consists of four chapters. The first chapter introduces the basic theory of hypothec which is closed connected with hypothec securities, including concept of hypothec, its nature, its juristic property, its function, its historical development and theory of hypothec, and the reason why the hypothec can be done with hypothec securities as well. The second chapter explains the basic theory of hypothec securities, including concept of hypothec securities, its juristic characteristics, its necessity, construction of its system and its function. The third chapter makes a comparison in the legislation of hypothec securities in two typical civil-law-system countries—Germany and Japan and draws a conclusion. The last chapter analyzes the present system of hypothec in China and its tendency —hypothec securities, and gives advice for reference of legislation mode, in addition to some questions which should be taken into serious consideration including concrete mode of legislation, the credit in endowing the hypothec registering and the principle in the establishment of vested sequence.
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