A Study On The Legal Problems Of Securitization Of Trust - Type Assets In China

From 2015, the development of China’s asset-securitization becomes faster by the policy of records system, registration system and expanding the pilot scale. Flotation market becomes normalization gradually, The size of the market is growing rapidly. The liquidity of the market is boosted prominently. The market innovation appears constantly. The types of underlying assets enrich constantly. The main bodies of the market become more varied. The design of Product structure is also more reasonable. In the process of China’s economic development, asset-securitization is the important tool of activating stock assets and improving the efficiency of capital allocation, also it is a effective choice of financial enterprises and entity enterprise transformation development. Since the beginning of credit assets-securitization practice in the year of 2005 to the beginning of enterprise assets-securitization practice in the year of 2009 and the issue of asset-backed medium-term notes, there are ten years. We can think of China: on the one hand has been established institutional framework of asset-securitization that suitable for the situation of our country, on the other hand has been build asset-securitization market system in preliminary. But the current level of development of asset-securitization in our country is still very low, the related concept and the legal norm system needs to be perfected. The asset-securitization of the United States has experienced more than 30 years development course, and gets distinguished achievement. Other countries have also learning experience from the United States.Although subprime crisis broke out in 2008, causing the financial and economic crisis, but the process of asset-securitization is still in progress. We can know the development of asset-securitization is the trend of The Times. We can get conclusion.through the comparison between the two countries of asset securitization development characteristic.The first chapter concludes there is only the trust type asset-securitization in our country at present, through the induction and analysis on the types of asset- securitization in our country. And through the case analysis, we can reveal the practical characteristics and problems. The second chapter makes the connotation of asset-securitization gradually clear, through analyzing the concept of asset-securitization of the United States. After summarizing the purpose and the core content of asset-securitization in the United States, the author hopes to make reference to our country. From the development history of American asset- securitization, we can discover the reason of asset-securitization and development basic context. This part introduces the basic content of special purpose vehicle(SPV) in the United States, makes a focus on the type of special purpose trust(SPT). And makes a detailed analysis of the core elements about SPT, reveals the importance of "true sale" and the significance of risk isolation mechanism for the former. On the basis of above, it can be found that asset-securitization in our country on a trial basis in overall requirements of the United States, it is also in some specific differences between laws and measures. And these differences are often the causes of disorder on asset-securitization in our country. The third chapter makes analysis about asset-securitization on three levels, respectively is: the trust level, special purpose trust level and regulation of asset-securitization level, then concludes the characteristics and major defects on the three levels. The fourth chapter puts forward suggestions in three aspects of the development of asset-securitization in China on the basis of the previous chapter respectively.In this paper, there are two main clues: The first clue, firstly discusses the characteristics and the problem of asset-securitization in China; then introduces the relatively mature experience of asset-securitization in the Unite States, in order to find the differences in the contrast and be beneficial to our country for reference; And again, discusses the similarities and differences from the trust system of our country, makes a comprehensive understanding about it; Finally, makes suggestions on our country’s relevant legal system. Above the previous paper, the second clue, looks for related concept and the lack of laws and regulations from the perspective of the trust system in China, and makes specific Suggestions on this level; and then demonstrates the problems existing in the special purpose trust, and puts forward the measures to solve these problem; finally summarizes the level of asset-securitization, improves design scheme. Layer upon layer, discusses related problems, finds and solves problems in all-round.The ultimate foothold is perfecting the percent related legal system in the development of asset-securitization of China in this article. By combining with the above discussion, the author thinks the biggest problem in our country’s asset-securitization is that the related legal concept, institution and setting of system not healthy. It is necessary to know the trust in new version, build reasonable special purpose trust, improve the environment of long-term development of the asset-securitization in our country.