Study On Legal Relation And Application Of Asset Securitization In China

Asset-backed Securitization(ABS) is the most favorable innovative financing instrument in today's global capital market.As emerging in 1970's in the America, based on the characteristics of asset credit financing,structured financing and off-sheet financing,ABS has rapidly developed in the US and the main capital market worldwide.By exploring the definition,origins,evolution and characteristics of ABS, a structured finance tool from the legally,introducing the normal procedures,the article analyzes the meaning of ABS in the economical operation,analyzes and compares the legal systems in some typical countries or areas,and fundamental legal problems on ABS and proposes the related construction to improve legislation.This paper has 4 chapters to do the research for the subject.Chapter1:The summary of asset-backed securitization,in which the meaning, origins and history of ABS,and the features and compare the concept with others will also be introduced.This chapter also gives a brief introduction of the practice and the relevant legal environment of ABS in other countries.Chapter2:The legal structure analyzes of Asset-backed securitization.The process of ABS is constituted by a series of legal activities,most of which are negotiating and making contracts.Such process itself is a composition of complicated legal relationships.Therefore,this chapter analyzes from the connotation,legal relationship and Operation-process of ABS.Chapter3:The analysis of Asset-backed securitization's legal problems.The legal system is very importance in the operation-process of ABS,it decided the validity of the operation,and steering how to work.It restrict the cost,the efficiency and the risk- manage.So this chapter will deeply analyzed the legal problems such as the Risk-remoteness with two core techniques:the SPV's design and the asset transference,the rule of the credit enhancement and the credit evaluation,the criterion of accounting and tax. Chapter4:The analysis of Asset-backed securitization in china.In this chapter begins whit the theory basis,analyze the evolution of ABS and enumerate the statute about the operation of ABS in china.Finally,the author presents the general recommendations to promote the development of ABS in our country.