Research On Legal Issues Of Asset Securitization Of Commercial Bills In China

Since restarted in 2012,China's asset securitization has experienced a rapid development,especially after the record system replaced the approval system in 2014,2016 is known as the year of the blowout of Asset Securitization.The commercial bill of securitization is a hot spot with the landing of the first one,which can produce stable cash flow in the future.Clearing the legal structure and legal relationship is the basis to prevent the violation and market risk during the practical operation of asset securitization.Different from the previous mode of operation,Commercial bills on the true meaning of the asset securitization is the bill rights or income rights directly transferring to SPV,while the previous operation is that enterprise transfers its accounts receivable to factoring bank with the commercial bills endorsed,then the factoring bank transfers accounts receivable to the SPV with the commercial bills pledged,which makes the debtor,credit risk and other legal relations have a substantial change.At present,there are two asset pool patterns: commercial bills transferring to SPV by endorsement directly(creditor asset securitization),or rights of bills' future cash flow when they expire(asset securitization of income right).As the assets regulated by "Law of the People's Republic of China on Negotiable Instruments",different operation modes have their advantages and disadvantages: the transfer of the way,bankruptcy isolation and other legal issues are also different.By analyzing the current situation and legal characteristics of the asset securitization of commercial bills in our country,Sorting out the models and the legal issues involved,this paper aims to clarify the feasibility and compliance of the two modes in the existing legal system,and put forward some suggestions for the operation,form a complete system of the legal issues of the commercial bills asset securitization eventually.The first part is mainly about the summerization of commercial bills asset securitization.By comparing the securitization of accounts receivable in the form of commercial bills settlement,clearing the real meaning of the commercial bills securitization definition,legal characteristics and significance.In the second part,analyzing the types and the corresponding legal nature of the underlying assets.The third part analyzes the legal risk of different underlying assets,including the limited bankruptcy isolation when assets based on the right of return,disguised discount and real transaction background compliance constraints when assets based on right of negotiable instrument.The fourth part is the main measures to increase trust securitization of commercial bills,including bank credit involved and bill pledge under the assets based on the right of return.The fifth part is the summary of recommendations,on the macro,developing the electronic bill market and gradually improve the system of relevant laws and regulations;on operation level,must have a reasonable choice of assets,strengthen risk prevention and control.Under the background of the rapid development of asset securitization of commercial bills,studying on the legal structure and characteristics about different modes,is conducive to risk prevention,legal compliance to promote business and the protection of the legitimate rights of securities investors.