China's Ppp Project Asset Backed Securitization Legal Risk

Asset securitization is the most important financing method in the current financial field.In the era of financial globalization,new forms of asset securitization have been applied to financial practices in China.Therefore,the legal regulation of asset securitization has become a proposition with great theoretical significance and practical value.During the operation of the PPP projects,in order to generate sustained and stable cash flow in the future to meet the cash flow requirements of the securitized infrastructure assets,the project companies have the right,which is called PPP project revenue right,to charge the users through the franchise agreement.In addition,the introduction of asset securitization is conducive to expanding the financing channels of PPP projects,enhancing the liquidity of capital,and increasing the participation of social capital.Therefore,it also has a strong associativity with the PPP model in practice.Furthermore,this article focuses on the various links and participants of China's PPP project asset securitization,and combines the specific cases in China's judicial practice to illustrate the risks and legal regulations of this new financing method.In China,with the first batch of PPP project asset support special plans appearing on the market on April 11,2017,asset securitization of PPP projects has become increasingly demanded for the legal aspects.This case analyzes the legal perspectives of the case of a typical asset support plan for Qingchun Road Tunnel in Hangzhou,and analyzes the legal risks that China facing when exploring the asset securitization of PPP projects.At the same time,by researching the advents and disadvantages of the relevant laws and experiences of countries such as Britain and the United States,this article tries to put forward suggestions for improving the legal rules of China's asset securitization from the perspectives of the transferability of future fee income rights and the legal position of special asset support plans,hoping to have a positive effect on the legal practice of asset securitization of PPP projects in China.The first part-overview of PPP projects' asset securitization.of This part studies the connotation and extension of the basic concepts of asset securitization,and then analyzes the characteristics and inherent predicament of China's PPP model financing.Through the feasibility and suitability demonstration of the asset securitization using the original cash flow of the PPP project as the basic asset,we finally come to thepreliminary conclusion that the asset securitization can solve the difficulties of the PPP mode financing.The second part-The second part analyzes and studies the typical case of asset securitization in PPP project.This section is based on the most representative case of the first batch of four single-stock PPP project asset securitization products in China.It analyzes the application results of China's asset securitization theories in PPP project practice.And I also reflected on potential problems in this case.The third part-The third part is the legal risk of the asset securitization of China's PPP project.This part is based on the previous case and enlarges the individual issues reflected in the case to the entire asset-backed securitization section of the PPP project.It comprehensively considers possible risks in each link of the PPP-ABS process.The forth part-Extraterritorial review of the legal regulation model of asset securitization.This section moves the field of vision from the domestic to the overseas.With reference to the model of assurance of asset securitization in some foreign documents,it learns and thinks about places worthy of us to learn from in foreign law,and provides a theoretical basis for the next part of legal advice.The last part-Legal proposals for improving the asset securitization of PPP projects in China.This section aims at the potential risks of the asset securitization of PPP projects proposed in the previous section,tries to use some foreign experiences to try out some innovative legal proposals,and hopes to reduce the risks as far as possible at the legal level and ensure the orderly operation of the financial market.