Research On SPV Of Rural Financial Asset Securitization

The rural financial has an important strategic role in rural economic development process, and is a subject that can not be ignored in China's "Three Rural Issues". With the advance of China's rural financial system reform, rural finance problems are gradually emerging. For example:Lacking coordination between rural finance and rural economic development; a big gap between rural finance and urban finance; inadequate in rural financial risk controlling; an awkward role which rural credit acts in rural economic development; a critical lack of rural financial investment, and so on. Rural Financial Asset Securitization is a financial derivatives which can expand rural financial radiating, increase intensity of rural financial investment, reduce the level of credit risk in rural areas, strengthen bank capital flows, solve the problems of rural credit and alleviate some of China's rural finance. Based on this, the study begin with rural financial issues and the securitization of financial assets in rural areas, based on in-depth deconstruction of the rural financial asset securitization core institutions-Special Purpose (Special Purpose Vehicle, hereinafter referred to as SPV), reconstructs SPV, definite the functional position of SPV in rural economic development, and then provide better financial services for the development of rural economy.On the analysis of relevant theory and practice among rural finance, credit asset securitization and SPV, found that despite the credit asset securitization system in the various developed countries and regions all over the world more perfect and our country also draws on these systems during the process of financial globalization, China's credit assets securitization research and practice are not synchronized, the development of credit is unsatisfactory, and the research of rural credit asset securitization is scarcer.Based on the above considerations, the research begin with the relevant theories and practices of SPV, and then define and elaborate the category of rural financial assets-the assets of rural credit, rural credit asset securitization and the SPV' s meaning, process, the status and necessity, feasibility of SPV in the rural credit assets securitization. And then definite the active role of rural credit asset securitization and SPV in China's rural financial reform, the rural poor credit problems and solving the problem of farmers having difficulty taking out loans. Then, the research analysis SPV' s legal nature, legal forms of organization, the establishment of principles and legal characteristics, and definite that Financial Asset Securitization is a process which gets rid of the specific identity as rural credit claims and realizes property rights independent in legal nature and is the perfect combination between the circulation of securities and the law guarantees; there are mainly three types of SPV-special purpose company (SPC), special purpose trust (SPT) and limited partnership type SPV; the establishment of SPV must comply with three principles-independent, protect farmers'rights, and protect the interests of investors, and so on. As the other countries or regions'experience which are in the forefront of the rural financial securitization is worth drawing on and absorbing, borrow and absorb is necessary, so, the research have analysis the SPV legal system in different countries SPV legal system. As the birthplace of asset securitization, United States regulates the SPV through lots of single law and existing cases, so it's space for development of SPV is larger, and its SPV legal system provides a good template for the countries which have the civil law legal system transplanting legal system. Such as, the trust and company SPV are two general forms of SPV in the U.S., and in order to overcome the legal obstacles, exemption systems would be provided generally. Finally, the research expounds the legal issues of the SPV's development in Rural Credit Asset Securitization and related countermeasures to solve these issues. Based on the analysis of the environment of Rural Credit Asset Securitization which is not mature; the SPV forms which can be not selected; Tax issues; Legal system of asset transfer which isn't sound; Risk prevention system which can not solve these problems well and so on, then suggest to foster the environment of rural credit asset securitization, select the appropriate legal form of the SPV, make a special legislation for credit assets securitization and the SPV, to remove obstacles and ensure that rural credit asset securitization SPV's development.