| With the revision of the Budget Law and the Promulgation Opinions of the State Council on Strengthening Local Government Debt Management,the local government,unsustainable,has invested heavily in local infrastructure and public utilities under the constraints of government budget management and government debt management,It is an inevitable choice to promote China's infrastructure construction and development through the PPP model to attract social capital to participate in such investment.However,the traditional way of financing with bank loans is difficult to match with the long maturity of PPP model,long investment,long return on investment and low return rate.To expand PPP financing channels,the State Council and relevant regulators issued a series of documents to encourage PPP projects using asset securitization and other innovative financing tools since 2013,and it also has a natural fit between asset securitization structured financing methods and PPP projects.Nevertheless,PPP mode and asset securitization financing tools are new things in our country.It has many legal problems(such as the lack of legal supply,the doubt in eligibility of PPP's asset,and the difficulty of risk isolation and other legal issues)in the asset securitization of PPP projects because of the immaturity of theory and practice.On the basis of the general theory analysis of PPP projects and asset securitization,this paper had summarized the characteristics and basic patterns of asset securitization of China's PPP projects,analyzed the necessity,feasibility of asset securitization,and the specific problems in the asset securitization from the legal issues such as transfer of assets of usufruct,risk remote,credit enhancement and supervision in the process of trading,and put forward corresponding legal suggestions to promote standardized development of asset securitization(PPP projects)in our country.In addition to the foreword and conclusion,the paper consists of four parts:Part ?:The general analysis of asset securitization of PPP projects.The asset securitization of PPP projects is the asset securitization of this new financing tool applied to the PPP projects,the basic model of China's asset securitization of PPP projects is the enterprise asset securitization based on usufruct.The entire process consists of a series of contract-based legal acts involving multiple complex legal relations such as Buyer-Seller Relationship between sponsor and SPV,the trust relationship between SPV and investor,and guarantee relationship between SPV and credit enhancement agency,etc.Asset securitization of PPP projects has many legal subjects,the rights and obligations of each subject are not clear.Besides,this process involved in banks,ratings and credit institutions,registration and payment agencies,and influenced by government funds and government approval and other factors.Part ?:The necessity and feasibility of the asset securitization of PPP projects in our country.China's PPP projects financing has a current dilemma,such as the shortcomings in the traditional PPP financing system and social capital is difficult to participate in.Asset securitization has a natural fit with PPP,so it can effectively solve the PPP financing difficulties.At the same time,the asset securitization introduced in China's PPP projects is feasible,there are strong national policy support,successful experience at home and abroad,as well as a large number of potential investors and other advantages.Part ?:The typical case and legal issues of asset securitization of China's PPP projects.The securitization of natural gas is the typical representative of China's PPP project asset securitization.Through this case,it is not difficult to find the following legal problems in the asset securitization of PPP project in China.First of all,the asset securitization of China's PPP projects is insufficient legal supply because of legal standard level is low,and there is a conflict with the traditional law.Secondly,there are three basic problems in the asset securitization model:First,whether the usufruct of the PPP project can be used as the basis assets of asset securitization.Second,the defects of the real sale of the standard and the asset support special plan make the asset securitization of PPP project difficult to achieve risk isolation.Third is the credit enhancement measures lack of guarantee institutions,and some measure is in conflict with existing laws.Finally,there are two supervision departments(the Ministry of Finance and the Development and Reform Commission)in the PPP mode,which lead to lacking competent authorities.Public supervision in the provision of public services and products is lacking.In addition,it also lacks the information disclosure standards and information disclosure platform.Part ?:The perfection of asset securitization of China's PPP projects.According to the legal problems of asset securitization of PPP projects,First of all,it is proposed to carry out PPP special legislation to provide legitimacy basis for the asset securitization of PPP project,perfects the legislation of asset securitization,improves the effectiveness level of asset securitization and changes the conflict between asset securitization mode and current legal system.Secondly,in the standardization of the structure of the asset securitization of PPP project asset,in the standardization of the trade structure for the PPP projects asset securitization,The nature of the creditor's rights and the transferable effect are put forward,the real selling standard is established,the appropriate SPV is constructed,the shackles of the over-guarantee are lifted,And actively cultivate financial market third-party guarantee institutions and other recommendations.Finally,it is recommended that the competent authorities,the establishment of multi-sectoral coordination and regulatory mechanisms to break the restrictions on sub-industry regulation,the establishment of regulatory principles,and the establishment of an effective information platform to accept the supervision of the public. |
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