Legal Relationship Construction And Legal Analysis Of Its Potential Risk Of Chinese Cross-Border ABS

The thesis mainly demonstrates the securitization from the perspective of Cross-Border.Cross-border Securitization refers to the process and skill which participants of securitization from different jurisdictions lower the transaction costs and issue the asset-backed securities using the differences of law,taxation,accounting,capital market and economic development of various countries.The cross-border securitization mainly revolves two issues: first, determing the jurisdictions in which the cross-border securitization would operate; and second, ascertaining the applicable law and structuring the securitization in consonance with the applicable law.Nowadays the PBOC and CBRC-led credit-asset Securitization and the CSRC-led corporate-asset Securitization coexist together at home ,and also system competition exists between them ,which helps to promote the securitization in real sense and make up the vacancy of relevant system. But no doubt it is a step-by-step and relatively long process to a perfect domestic system of securitization.The cross-border mode of Securitization is re-extension of capital distribution of securitization in one country, which makes it possible to lower the transaction cost across the globe by means of the nature of structured finance, to avoid the restrictions of vacancy of current system and to find a new financing channel for the sake of the borrowers thirsty for capital.The thesis attempts to discuss deeply the Cross-border Securitization of China with the legal relationship as the core and with the consideration of risk about various constituting elements of legal relationship of Cross-border Securitization as the entrance ,and at the same time expounds its significance it brings to our country.Besides preface and conclusion, the thesis comprises four parts:Chapter One discusses the legal drive of Cross-border Securitization of China. Considering about double regulations from international financial law and domestic financial law, the Chapter mainly expatiates the legal drive for developing the cross-border securitization by means of the substantial assessment of the environment of international and domestic financial law. Chapter Two is about the construction of legal relationship of cross-border securitization of China. The chapter first carries out the semantic interpretation of Cross-Border. And based on Chapter One, this Chapter divides the legal relationship of Cross-Border Securitization into the subject,object,content and conduit and conducts the substantial analysis of the constituting elements mentioned above based on the case study of precedents of Cross-border securitization of China.Chapter Three analyzes the potential risk of cross-border securitization. The chapter explores the risks of subject,object(basic asset) and content(contract or system arrangement) of cross-border securitization with the consideration of risk as the entrance from the perspective of game theory and market of lemons and then put forward relevant prevention countermeasures for each rish.