Legal Issues Of Asset Securitization Special Purpose Vehicle Research

Asset securitization is one of the most important innovations in the international financial field in recent three decades. It came of Mortgage-backed Securitization appeared in the USA in 1970's. The direct causation of its appearance is the payment crisis of thrift institutions of the USA. When it came into being in the USA's financial market, asset securitization immediately became a dark horse, which rapidly came into fashion in Britain, France, Germany, Japan etc , and have became the most dynamic financial tool succeeded through the stock, bonds in the international financial market.The rapid development of asset securitization benefits from the distinct risk-remote mechanism, which core is to construct a special purpose vehicle (SPV) to accomplish the risk-remote purpose. The mechanism seems so perfect that few people doubt defects of it early in the development of asset securitization. People began to meditate and reexamine SPV until the bankruptcy of the Enron Corporation. Theoretically the risk-remote mechanism of SPV is excellent, not is the main culprit of the Enron Corporation' bankruptcy. However, the Enron Corporation' bankruptcy also brought up a question that cannot be disregarded: the healthy development of asset securitization cannot be separated from construction of correlative legal system and strengthening supervision.With growing of our country's credit, specially of the estate mortgage, the constitution of the banks' assets and liabilities presented perennial assets and short - term liabilities, which led to the financial risk extremely center on the banking house. This situation is similar to the payment crisis of thrift institutions of the USA in 1970's. It loomed on the horizon to disperse the risk and relieve the force of liquidity of bank. We may say that asset securitization is not a problem of whether ought to launch, but of how to work.The thesis begins from the general theory of asset securitization, analyses legal essence, legal relationships of SPV, makes clear theessential status of the SPV during the implementation of asset securitization, and expatiates that the core value of SPV is risk-remote. SPV has three widely used forms in the world, Special Purpose Trust (SPT), Special Purpose Corporation (SPC) and special purpose limited liability partnership. So long as SPV can accomplish the risk-remote purpose, SPV can adopt anyone of the forms. As SPV is the product of special legal environment of developed country, we must study the adaptability of legal environment when it is introduced into our country. Thus the thesis analyses the conflict between SPV and the laws of our country, points out the shortage of the asset securitization's pilot project in our country, and puts forward some legislative suggestion to it.