On The Choice Of Asset Securitization Special Purpose Vehicle Model

Asset Securitization has been successfully executed in US and Europe for decades.As a creative credit system, it is the third financing mode which differs from thetraditional direct financing and indirect financing. Special Purpose Vehicle (SPV), asthe central part, core wheel, has the particularity and fundamentality to the operationof Asset Securitization. In April 2005, with the issue of , the experimental unit has emerged on creditedAsset Securitization mode. Therefore, this paper focuses on the research and analysison the choosing of SPV for Asset Securitization in current China's market. It is hopedto provide a reference for China's Asset Securitization successful experiment and longterm development.This paper starts off from the Credit and Corporate modes in advanced nations,sets United States, Japan, and Taiwan as the samples to study the two modes in which,by various legal system plan and design, reach the basic legal characteristic of brokenisolation. On the foundation of this conclusion, the legal obstacles and existingproblems are also separately analyzed in current Credit and Corporate modes in Chinacurrently.The author points out, even the Credit mode encounters less resistance undercurrent China legal and system. But we can not deny the Corporate Mode by such areason. At the moment, experience and lessons could be collected and summarized inthe experimentation of Credit Mode, to gradually establish and perfect the legal andregulation system to adapt the development of Asset Securitization, and then begin toexperiment Corporate Mode at one right time. Eventually, Corporate Mode is a moremature mode to realize Broken Isolation. By this way, the two modes can be exercisedat the same time, then to accelerate the healthy development of Asset Securitization inChina.