A Comparative Research On Asset-Backed Securitization: From A Legal Perspective

Asset-Backed Securitization(ABS) is the most favorable innovative financing-instrument in today' s glogal capital market.As enmerging in 1970' s in the America,based on the characteristics of asset credit financing,structured financing and off-sheet financing,asset secutitization has rapidly developed in the US and the main capital market worldwide.Insisting by the "right -- duty" analysis method,This article taking the legal science analysis method as a warp,taking the contrastive analysis method as a latitude parallel,first seeks the legal explaination for asset secutitization from the economic dense fog,and meanwhile try to analyse the main legal relationship body and most significant legal-modulated tache.On that basis,a comparative analysis is proceeded between the mature market such as the U.S.,the U.K.in the common law system and the France,Intaly,Japan,South Korea and the Taiwan district under the continental law system,and finally the suggestion to improve our country' s ABS is given.Besides the freface,the paper includes the following four charpters: Charpter 1:Basic theories of the ABS.This charpter mainly focuses on the understanding of the concept of the ABS,and also gives a story of the ABS developing in different courntries.Charpter 2:The legal structrue of ABS.The legal essence of the ABS is a risk-remote design.In the ABS transaction a Asset-assignment is needed to previt the harm from the bankruptcy of the originor,and this assignment should be done in a "true sale" way,and the assignee should be a bankruptcy-remote uint,called special purpose viechle(SPV).The introduction of the "true sale" and the structrue of the SPV is the main point of this charpter.Charpter 3:Comparative Research on sevrial significant problems of the ABS ransaction.This Charpter analyses the nature of the Asset-Backed securitization,gives a introduction of the disclosure rule of ABS,and compares the taxes rules in sevrial courntries.The American Regulation AB is a spotlight of this charpter.Charpter 4:A research on bad asset-backed securitization.Bad asset-backed securitization is a important way of dealing with the bad asset in commcial banks.As to the transaction design,there is not much differece between the bad asset-backed securitization and the asset-backed securitization.In this charpter,a case as a represent of the bad asset-backed securitization will be analyzed.