Analysis Of Legal Problems Of The Asset Securitization Of Special Purpose Institutions

With the development of the human beings lifestyle.The financial instrument and financial system is constantly developed.The asset securitization is the most important changes and the most significant financial innovation and financial tools during the last 40 years around the world.As such far-reaching financial system,it was born in America in the 1970`s capital market,with its unique advantages,since the 80`s,it quickly spread to Europe and Latin America,and in the 90`s,it spread to the Asia-pacific region,it has made its own position in the world and become a kind of irreplaceable capital market financing.Within the scope of the world,Asset securitization is the financial innovation in the field of the financial markets,both from the perspective of historical development or from the perspective of practice,asset securitization is a financial market maturity and development to a certain stage of the spontaneous formation of the results and products.The progress and development of asset securitization has a great role in promoting the monetary market,credit market,the worldwide or a particular area within the scope of the market resources configuration.Asset securitization appeared in the 1970`s in the United States,and the it has constantly developed with the development of the economy,because of its unique advantages,it has gradually accepted by the world.Asset securitization process is quite complex,it has many participations,from the point of its operation process,as the important point of the sponsors and investors,the special purpose vehicle iis the core position,there are two most important functions,one is the function of segregation of the securitized assets from the bankruptcy risk of the assets received all of the original in isolation,thus to protect the interests of securities investors.Another one is to avoid the asset transfer process of "double taxation".Since the early 1990 s,China had explored the asset securitization,such as the 1992 Sanya real estate investment vouchers and so on.In March 2005,approved by the State Council,the People's Bank of China in conjunction with the relevant departments set up a credit asset securitization pilot working group,credit asset securitization pilot started,it is the beginning of China's asset securitization project.China's asset securitization project can be broadly divided into three types,namely by the central bank and the SFC-led credit asset securitization,the CBRC-led enterprise asset securitization and the inter-bank traders Association-led asset support notes.There are many similarities between the three types of securitization projects,but at the same time,there are many differences,the biggest difference is the part of the way in which the special purpose institutions exists.The existence of these kinds of existence has it`s reasonable,at the same time,the careless will bring inevitable harm,in order to promote China's asset securitization business,we have to learn from foreign successful experience and the development of China's financial industry on the basis of the these.