Research On The Criteria Of "true Sale" Of Asset Securitization In China

Throughout asset securitization transaction mode, the most notable difference among asset securitization and other financing channels is the design of bankruptcy isolation system,and "true sale" is the core of bankruptcy isolation system. To research "true sale" will necessarily involve the study of what is called "true sale" what’s the criteria of "true sale" and how to realize "true sale." This article begin from the concept of "true sale" and point out the problems in the judgment of “true sale” under the legal system of china, give advices to perfect relative legislations based on the classify of relative theories、laws and practices.Besides the introduction and conclusion,this article is divided into four chapters.The first chapter discusses issues related to the criteria of "true sale". This chapter is divided into three sections: The first section defines the concept and essence of "true sale", the second section outlines the way to realize the "true sale" of assets. the third section state the sense of research on judgment of “real sale”.The second chapter discusses legislative situation of “true sale” of assets.. This chapter is divided into three sections: The first section discusses the provisions and commentary of “true sale” in USA. section II and section III, respectively, discuss relative legislation of criteria of “true sale” of credit asset securitization and corporate asset securitization in china.The third chapter states relative practices and commentaries of “true sale” in china. This chapter analyze recent two practices of assets securitization from the aspect of the judgment of “true sale”, and point out the situation of the judgment of “true sale” in the practices in china furthermore this chapter state the deficiency of the practices by comparison the differences of practices and legislations in china.The fourth chapter give advices on the perfection of the legislation of the criterion of “true sale” in assets securitization in china.the chapter show that the legislation of the criterion of “true sale” in asset securitization in china should be unities and clear to guide the practices.With the rapid development of China’s asset securitization, but the criteria of the "true sale" is not very clear, especially the legislation for the criteria of "true sale" of enterprise asset securitization standard is still in the vacuum state in China, this state have promoted the development of enterprise asset securitization and flexibility in the entire trading process to some extent In the case that China’s enterprises asset securitization is mainly for institutional investors currently, the risk of trading can’t be exposed totally because institutional investor’s idea of invest is mature and have certain risk tolerance after predict of the risks.But when asset securitization is issued for public investors,especially under the situation that there are not any criteria’s of subject of investment of enterprises asset securitization but only some roughly definition of qualified subject of investment under the regulation of Securities Regulatory Commission this situation will inevitably require clear criteria of “true sale” in the future to prevent the chaos in trading process and damage of benefit of investors. Therefore, the definition of criteria of "true sale" asset securitization will be good for issuers、investors and the development of capital market. Based on relevant theories、specific analysis and practical operation of the relevant legislation of "true sale " this article classify the problems of “true sale” and give advices of relevant legislation what will promote the development of asset securitization.