Legal Research On Special Purpose Vehicle In The Asset Securitization

This dissertation mainly researches on the legal problems of special purpose vehicle(SPV), which is the core part in asset securitization. Firstly,this dissertation analysis SPV's characteristics and its role, and analyses advantages and disadvantages of the special purpose trust and the special purpose company, contrasting two kinds of bankruptcy-remote mechanisms : the trust were compared with the true sale, and then put forward that China's current should try to implement in the form of special purpose company and fix true sell as the bankruptcy-remote mechanism to facilitate the development of asset securitization. Subsequent comparison of the adoption of legislation, pointing out that the legislation on SPV is at the low-level, low-effective. Raise that China should accelerate the pace of legislation, to legislate a special law. Finally, in summing up the experience of the U.S. sub-prime mortgage crisis is presented based on the purpose of China's regulatory body for specific attention should be given administrative supervision and market constraints to build a combination of models to build effective regulatory system.