On Company Process Of Asset Securitization

The asset securitization is a kind of innovative financial tools, originated in 20th century 70's of America.It is a process of packaging illiquid individual loans and other debt instruments into liquid securities with credit enhancements to further their sale in the capital markets.As one of the ways the global capital marketplace has grown, assets securitization has played an important role in the development of the derivatives market.Asset types used in securitization include mortgages, auto loans, credit card receivables, equipment leases, tax liens and so on.Asset securitization is accepted by many countries because of its advantage of asset—credit financing,structured financing and off-balance-sheet financing.The most importent part of Asset securitization is the design of special purpose vehicle, which is accepted the packs of the assets that contained individual loans and other debt instruments, to reduce credit exposure of specific assets.2005 is called "the Chinese assets securitization first year". In April,2005, China Banking Regulatory Commission issued that "Administration of Pilot Projects for Securitization of Credit Assets Procedures", and State Taxation Administration and other institutions also have released the laws and regulations of assets securitization related. These have provided the legal basis for the securitization of credit assets implementation. At present assets securitization operating process in our country, the most used fonn of special purpose vehicle is the trust form. However, the company still the configuration of organization which was familiar with for our country general investors, was also advantageous for the initiator to use quicker procedure release more type of securities. These are such incomparable advantageor for Chinese new capital markets, and this is also the direct reason why the author attempts to chose the company type of asset securitization to study for.This article adopts the research methods of logics, history and comparison.This article consists of foreword, three chapters of text and epilogue.The total amount of characters of the article is about 25000.The foreword simply gives the meaning and purpose of this article, and it also tells main content of this article.The first chapter mainly expounds the basic theories of the asset securitization of company type. Including aseet securitization process, and special purpose company as the carrier of legal understanding and superiority analysis in the securitization process these two aspects of content.The second chapter includes the contents of much emphasis sections. Among them, the author uses the successful cases of CIMC group, to analyzed the company type of asset securitization process of legal subjects and its legal relationship, and the main body risk and legal barriers with more details in frenchie.These legal risks mainly includes from the fraud of promoters, and "real sell" and "essence merger" determination standards, etc. While the main legal obstacles is in the company law, the securities law, the contract law, etc these current legal documents of commercial organizations and commercial behavior.The third chapter is about the achievements of the reacher which used in practice, and the main content is combining existing laws risk and obstacles in the asset securitization of company type mentioned in the present paper, to put forward the author's internal and external legal constructing of control mechanism pertinently. Thus introducing the system can be better fitted for our country's practice demands of native legal system.