| The introduction of asset securitization to PPP project has activated the capital market,strengthened the cooperation between the government and the social capital,reduced the construction cost and debt ratio of the public infrastructure projects,and effectively solved the problem of PPP project financing.However,the development of asset securitization of PPP projects cannot be separated from investors’ understanding and trust because in the securities market,the funds of securities are from investors,so the investors’ interests protection project related to the PPP project to introduce the asset securitization smoothly.Thus it is of great practical significance to establish a sound investor protection mechanism for asset securitization of PPP projects.Although there are differences between ordinary securities products and PPP asset securitization products,their essence is still securities products.Therefore,the protection of the interests of PPP project securitization investors should also include the protection system of general securities investors such as information disclosure,corporate governance and litigation.but the inherent stipulations specific to asset securitization determine the existence of a special investor interest protection system that does not exist in general securities trading,that is,constructing PPP project assets based on the protection of investor entity equity.which is different from the general securities investor interest protection system,that is,protection of equity through the protection of investor’s formal equality rights.Therefore,this paper mainly discusses the protection of the interests of investors from the substantive rights of investors in asset securitization of PPP projects.This article analyzes the key factors of protecting the interests of securitized investors from special purpose vehicles(SPVs),asset transfer,and credit rating,It also analyzes the legal risks faced by investors in asset securitization of PPP projects from the aspects of the asset segmentation function of “Special purpose carrier” and the credit transfer function of “asset transfer”.As China has not established a comprehensive protection mechanism for the protection of the interests of investors in asset securitization of PPP projects,there are a series of problems,such as the institutional deficiencies in the transfer of creditor’s rights in the future,the institutional deficiencies of special plans,the lack of “real sales” standards,and the question of the bankruptcy isolation effect and the defect of our country’s credit rating system.Therefore,this paperproposes some effective methods to improve the legal system of investor protection of asset securitization in PPP projects through literature research,comparative analysis and other methods from the perspectives of SPV model and credit rating in civil law,bankruptcy law and asset securitization system.The proposal is to truly achieve risk isolation,provide maximum protection for investors’ rights,and further promote the smooth operation of PPP projects in the field of public infrastructure construction. |
