Research On The Legal Issues Of Asset-Backed-Securitization Of PPP Projects Of Expressway Charging Right

With the gradually activity of Chinese capital market,the coordination between governments and social capitals becomes increasingly closely,and Asset-Backed-Securitization has turned to be one of the most important financing pathways in PPP projects.As we all know,projects of public infrastructures generally provide with the particularities of high cost,high debt ratio,long payback period etc.Therefore,the essential issue of PPP projects concerns financing.The reason of the introduction of Asset-Backed-Securitization into PPP projects of public infrastructure is that it possesses advantages such as low cost,effective financing outcomes,and lowering debt ratio.The Asset-Backed-Securitization of PPP projects of expressway charging right is a classical Asset-Backed-Securitization of public infrastructure.This paper,combining with related cases,analyzes the legal issues of the Asset-Backed-Securitization of PPP projects of expressway charging right.Underlying assets are fundamental for the research of legal issues of Asset-Backed-Securitization,this paper,therefore,concentrating on the part of underlying assets,to discuss their legal attributes,four transfer methods of them—debt renewal,assignment of creditor's rights,subordinate participation and trust,current legislations of pledge and guarantee of underlying assets and current methods of realizing "risk insolation" of underlying assets,to dissect existing legal issues in Asset-Backed-Securitization of PPP projects of expressway charging right,and finallyto propose relevant legal suggestions accordingly.The paper is consisted of six parts.In the first part of instruction,this paper mainly introduce the supervision background and the necessity of the Asset-Backed-Securitization of PPP projects of expressway charging right;The second part is about the overview of Asset-Backed-Securitization of PPP projects,which includes the originality and development,definition and type,and organization structure of Asset-Backed-Securitization,and the definition and main type of PPP and the relationship between Asset-Backed-Securitization and PPP;This paper in the third part analyzes the development status,operation procedure and legal connotation of the Asset-Backed-Securitization of PPP projects of expressway charging right;In the fourth part,the paper raises legal issues such as the equivocality of legal attributes of underlying assets,the blanket of pledge guarantee legislation of underlying assets,and the purpose of "risk insolation" of underlying assets' transfers,from the perspective of underlying assets;Pertinent legal suggestions are proposed in the fifth part aiming at the legal issues above;And the part makes a succinct summary and put forward possible thinks regarding solving the issues.