Analysis Of Legal Issues Of Bankruptcy Isolation Mechanism Of Asset Securitization

With the development of social economy,financing is playing a more and more important role in the development of enterprises.Asset securitization,as an innovative means of financing,which is developing vigorously in capital market.However,compared with traditional financing,the most important essence of asset securitization is not to rely on the credit of the enterprise itself but the credit of the asset.Therefore,it is necessary to design a bankruptcy risk isolation mechanism in the process of transaction,which can isolate the risk of asset credit from the bankruptcy risk of other subjects.Therefore,the realization of the bankruptcy isolation has become the key to the success of the asset securitization.The dissertation is mainly divided into four parts: the first part summarizes the bankruptcy isolation mechanism of asset securitization.The second part is the brief introduction of the realization mode of the bankruptcy isolation mechanism of asset securitization.Based on the two core problems which is the true sale and the construction of special purpose vehicles,this article thoroughly studied the legal environment and practice conditions of bankruptcy isolation mechanism and put forward the existing problems.In the third part,the author mainly studies and analyzes the legal provisions and practice conditions of the bankruptcy isolation of the United States and Japan.On the basis of comparison and analysis,this paper provides some reference for China's legislation of asset securitization in view of the problems existing in practice.In the fourth part,the paper has explored the innovation model of the bankruptcy isolation mechanism in recent practice,at the same time,combining with the author's research results,and put forward some suggestions for improving the bankruptcy isolation mechanism of asset securitization in our country.For the part of true sales,it is realized by improving the identification standard of the true sale of the assets and strengthening the system construction of the transference of basic assets.For the part of establishment of special purpose vehicles,it is suggested that we should improve SPV legislation and try new SPV mode to make up for the instability of bankruptcy isolation mechanism.In addition,we should change the current situation of the separate supervision of the securitization market,and improve the regulatory coordination mechanism,so as to provide some references of the asset securitization bankruptcy isolation mechanism for the future development.