Legal Problems Of The Chinese Enterprise Asset Securitization The Risk Of Bankruptcy Isolation Mechanism

The prosperous subprime-mortgage-backed-security issuing finally became the subprime mortgage crisis of United States in 2007,which triggered the financial crisis panicking the whole world.The wrong of subprime mortgage crisis is to transfer the risk from bank to all the investors in the security market,with the aid of securitization, the artwork of bankers.Under this background of international finance,this thesis on legal issues of Chinese securitization will focus on the core system of bankruptcy risk isolating.As for legislation on securitization in China,the situation shall be analyzed in two kinds:MBS(Mortgage-backed-security) arouses the attention of legislation, with kinds of codes of law presented;and ABS(Asset-backed-security) is being issued,without any purposeful codes of law for regulating.This thesis is under the aim of presenting legal opinion for setting up the risk-isolating system of ASB issuing in China.Chapter One is to clarify the basic legal relationship of Chinese ABS,with analysis on Chinse case of "Guan Shen Highway Plan",to settle the base of argument.Chapter Tow aims at the focus of this thesis:risk-isolating system,which can be divided into two parts:asset transferring and setting-up of SPV.The analysis of another famous ABS case of "Fareast Leasing Plan" leads to presenting the legal drawbacks in setting up system of bankruptcy risk isolating of ABS in China.Chapter Three and Four are the major discussion on the theory of risk-isolating system.The discussion of this part chooses the legal background of U.S.,including:the analysis of guarantee law under the regulation of "Bankruptcy Law",the influence of "Bankruptcy law" of asset transferring,and the way of setting up SPV to isolate the risk of "Substantive Consolidation".And the last chapter,Chapter Five is to analyze the application of law in Chinese ABS,to include the legal background of setting up risk-isolating system in China.At last,the thesis gives the legal advise for regulating ABS in China,by looking into legislation on MBS in China.