Research On SME Asset Securitization Legal Problem

Asset securitization originated in the field of housing loans in the United States. In the1990s, asset securitization applied to the field of corporate finance which greatlyreduces the pressure on corporate finance loans.Especially for Small and mediumenterprises (Hereinafter referred to as SMEs), financing is more outstanding, assetsecuritization provides a new idea to solve the problem of SMEs financing.In theforeign countries, assets securitization has already obtained certain result. Actuallyour country also undertook some enterprise asset securitization practices, but a seriesof legal problems also arises subsequently. So we must grasp the opportunity of whichasset securitization brings, and we also increase risk prevention. For that, this papermainly focuses on the study of law system on SMEs asset securitization, through thedescription of asset securitization to the SMEs significance, and summarizes its legalissues which arise in the process.At last, put forward to perfect the proposal of thesystem.Specific as follows: the first chapter introduces the general principles of SMEssecuritization, including asset securitization origin and meaning, as well as the SMEsasset securitization meaning and the characteristic, and summed up the significance ofour country implement the SMEs asset securitization, not only can solve the problemof the SMEs financing and explore a new basis of credit of financing,but also canreduce the risks of the financial system to improve operational efficiency. The secondchapter analyzes the SMEs asset securitization status in our country, including thelegislation an practice situation, analyzes its risk, and points out three main legalproblems of the system: the special purpose vehicle issues, basic asset transferproblems and real sale problem.The third chapter introduces the United States, Japanasset securitization legal system development, summarizes some worth experience toour country,especially for the analysis of the U.S. sub-prime mortgage crisis, point outthe asset securitization is not necessarily led to the sub-prime mortgage crisis, butmust be used properly, not the blind pursuit of profit maximization, and summed upthe United States how to prevention the countermeasure of the risk. In additionthrough draw lessons from Japan to develop enterprise asset securitization experience,not only from the legislative mode, but also in the specific system, which providesvaluable suggestions to China’s SMEs.The last chapter is based on the nationalconditions, in view of the above three major legal issues and put forward legislative suggestions.