The Research About The Legal Form Of SPV In Our Enterprise Asset Securitization

SPV as known as special purpose vehicle,which is the core institution of enterprise asset securitization.There are three main legal forms of SPV all over the world:SPC,SPT and SPP.China Securities Regulatory Commission invented a unique form of SPV called the asset support program.In the introduction part,the author puts forward our asset support program doesn' t have the bankruptcy isolation ability.In the first section author introduces the three most common SPV types in the world and stimulate their advantages and disadvantages.In the second section,the author analyzes whether there is any possibilities in using the form of SPC,SPT or SPP,and the conflict between our laws and the application.For SPC,the main obstacle of application is that establishing SPC doesn' t accord with the standard of our corporate law,and issuing securities doesn' t accord with our securities law.Besides,there are problems with the company accumulation fund and tax.As for SPT,the main legal obstacles are that future income right can' t be issued and the circulation of trust beneficiary is not good enough.Also it' s difficult for SPT to achieve bankruptcy isolation in China.For SPP,the main legal barriers are that SPP can' t issue securities and the partners will take joint and several responsibilities.Therefore,the author thinks that SPC and SPP are not feasible in our country.SPT may be applicable.In the last section,the author gives some suggestions,whole state-owned companies and SPP can be used in our country.And we can also use offshore asset securitization model to avoid SPV in conflict with the Chinese law.