Legal Issues Study On Negotiable Instruments As The Foundation Assets Of ABS(Asset-Backed Securities)

In 2016,the paper market development in our country there are ups and downs,Although China has not been legally recognized paper financing function,but the development of the paper becomes more and more rapidly,its financing function also has been highlighted.Paper assets securitization in our country as a structured financing tool can play an important role,the entry threshold is low,it is high efficiency and the cost is relatively low,and main bodies can participate in,Paper assets securitization is as a new financing tool in the financial markets.Europe and the United States are the most developed countries in area of ABS,our country,in contrast,have developed very fast of ABS in recent ten years,whereas paper assets securitization has not much development,paper has very large market.Clearing house in 2016 in China,the establishment of the Shanghai clearinghouse,provides a platform for development of our country's future bills,system,the implementation of?Negotiable Instruments Trade Measures?,which greatly promote the development of the legal environment of the paper.Based on the domestic and foreign scholars study of ABS and bill financing,the article try to define the essence and forms of paper assets securitization,according to the national conditions of our country,analysis and solve the current the problems of asset securitization.There are four parts:The first chapter mainly analyzed the situation of the development of papermarket in China,including the establishment of the new clearinghouse instrument development which has great significance to our country.Combing the main theoretical basis of paper assets securitization,and China's current laws and regulations on paper,through the above I want to understand the basic development of paper market.The second chapter mainly put forward on the basis of paper assets securitization financing constraints,analyze the United States,Britain,Japan and Taiwan region of a negotiable instrument development and regulation,and sum up the experiences of developed countries and regions on the development of the paper,at the same time,according to China's economic development environment and legal environment,combined with the establishment of the exchange,and provides the thinking of how to solve the bill financing restrictions.The third chapter mainly put forward on in usufruct of qualitative problems,as the foundation of paper profit restrictions on transfer of assets,at the same time analyzed the Anglo-American law system and continental law system about the usufruct of qualitative,expected to identify paper usufruct as creditor's rights in the future,and as the foundation of analysis the paper profit assets the possibility and feasibility,draw lessons from foreign experience,and solve the problem encountered in the process of asset securitization of cash flow instability,underlying asset ownership and so on,then provides the solutions.The fourth chapter carefully analyzed on the basis of paper assets bankruptcy isolation problems.Asset securitization is originated in the United States and its development of specification in the United States,the experience of United States is also worthy to study for other countries.At the same time in this paper,through "entrust relationship" “trust relationship” with the economic development level and the legal system environment,respectively analyzes the asset securitization risk of bankruptcy isolation,and provide the solutions.