Research On The Legal Issues Of Asset-backed Securitization

Asset securitization is the most significant and fastest growing financial innovation in the international capital market in the second half of 20 th century.Asset securitization has become an important part of promoting the deep development of global financial market.Since March 2005,China has officially started the pilot project of asset securitization.After more than 10 years of development,the asset securitization market in China has become more and more perfect and prosperous.It is mainly reflected in the enrichment of basic asset types,the diversification of participants and the obvious improvement of liquidity.Although in recent years,the Asset-backed Securitization business with special asset management plan as the special purpose carrier in our country ushered in a good opportunity for development.However,there are still many legal problems.This paper analyzes the basic assets,special purpose vehicles and the whole transaction structure of Asset-backed Securitization from the angle of the combination of finance and law.On the basis of this,the author puts forward the legal problems facing the asset securitization of enterprises in our country at present,and then puts forward some pertinent suggestions based on the practical experience of asset securitization in the United States.This paper is divided into six chapters:The first chapter is the introduction part.Firstly,the background of the thesis and the significance of the research on Asset-backed Securitization are expounded,and then the literature review of the main research part of this paper is summarized.Finally,this paper mainly introduces the research methods used in this paper.The second chapter is an overview of Asset-backed Securitization.Taking the concept of asset securitization as the starting point,on the basis of clarifying the relevant meaning of asset securitization,this paper clarifies the relevant definition of asset securitization in our country.By comparing with the credit asset securitization in China,the relevant characteristics of Asset-backed Securitization are obtained,and on this basis,the functions and potential risks of Asset-backed Securitization are described in detail.The third chapter is the legal analysis of the transaction structure of Asset-backed Securitization.The cognition of the transaction structure of Asset-backed Securitization is the basis of studying its existing problems.The main participants in the securitization of enterprise assets,Secondly,the transaction steps of Asset-backed Securitization are explained one by one,and finally,the legal relationship around SPV is explained.The fourth chapter is the problems existing in the development of Asset-backed Securitization.Based on the clear introduction of asset securitization in our enterprises four development phases since 2005 the pilot,focusing on the basic assets,bankruptcy isolation mechanism,information disclosure system,an important legal problems of the four aspects of credit rating system.The fifth chapter is the extraterritorial investigation of the regulation of asset securitization-taking the United States as an example.Firstly,it describes the relatively perfect legal environment of asset securitization in the United States,and then describes the basic assets,bankruptcy isolation,information disclosure of asset securitization in the US.The operation mechanism of credit rating and other aspects are expounded.Finally,the regulatory system of asset securitization in the US is studied in order to provide an effective reference for the supervision of Asset-backed Securitization in China.The sixth chapter is a suggestion to improve the regulation of Asset-backed Securitization in China.This chapter is mainly based on the current experience of the United States,in view of the problems existing in the asset securitization of enterprises in China put forward in Chapter 4th,some suggestions are put forward,such as reducing the concentration of basic assets and encouraging the development of dual SPV mechanism,The "random selection model" is used to replace the "issuer pays" credit rating charging model and so on.