The Legal Construction Of The Special Purpose Vehicle In Asset Backed Securitization In China

Asset securitization is the most important financial innovation in the international financial market during the last half of the 20th century.As the most important financing instrument in the international financial market,asset securitization is of great significance to China's financial market.The most distinctive innovation in asset securitization is the creation of the Special Purpose Vehicle(SPV),which is the core of asset securitization.By means of the special purpose vehicle,buy quasi securitized assets from the originator,issue asset backed securities and sell them to investors,thus establish a SPV-centered and stable self liquidating financing structure.With the diversification of the practical operation of asset securitization,the construction of SPV also exposes many problems,the increasingly complex legal relationship in asset securitization is often lack of effective legal system to adjust.The research methods include problem oriented method,comparative analysis method,document analysis method.On the basis of comparing the experience of foreign legislation and theoretical results,it compares and analyses the construction model of SPV and puts forward legislative proposals to promote the development of asset securitization in China and achieve the significance and value of asset securitization.The asset securitization and SPV contain numerous legal subjects and complex legal relationships.Defining the legal nature of the SPV and the legal relationship between SPV and other subjects is the basis for the SPV under the background of China's legal system.As the most influential financial innovation in the last century,asset securitization and SPV developed rapidly in Europe,USA and other developed countries or regions.As an exotic in our country,the development of asset securitization needs to borrow experience from other countries or regions.Analyzing the development of asset securitization and the legislative model of SPV in United States,Canada,and Japan,will play a complementary role in China's legislative construction.Under the current legal background of China,both the Special Purpose Company and the special purpose trust have legal obstacles.On this basis,it is particularly important to build a new special purpose carrier suitable for China's legal system,that is,special purpose funds.The construction of the special purpose fund is based on corporate funds.The construction of special purpose funds has feasibility and necessity.Based on the overseas legislation system and china's national conditions,it makes suggestions for specialized legislation of SPV system.In the aspect of legislation,protecting investors should be the most important principle,because investor play a very critical role in asset securitization and they are usually in an inferior position.Therefore,the principle of protecting investor's right should be the first principle of structuring SPV system.The construction of internal system of SPV is also the key of the function of it.The effective supervision can prevent and control financial risks.The asset securitization contains complex legal relationships.The synergy of the SPV and the commercial legal system guarantees the realization of the asset securitization.Finally,on the basis of the focus on legislative principle,the specific system construction,the regulatory path and the coordination of the commercial legal system,the framework of the unified asset securitization law is presented.