Research On The Legal System Of Risk Prevention And Control Of Asset Securitization Of PPP Project

As a new financing mode,the Public Private Partnership(PPP)plays an important role in promoting the development of Public infrastructure.But at the same time,PPP investment is big,exit difficult,financing difficult,period long characteristic,together with its capital relies on traditional bank credit mainly,the attraction of social capital side is not strong.Therefore,it is an urgent problem to solve the financing difficulty of PPP project,make up the financing gap,expand the investment and financing channels,and innovate the market mechanism of investment and financing.As an innovative investment and financing tool,asset securitization has been favored by more and more people in the field of PPP.On the one hand,the issuance of related policies,such as the reform of the asset securitization system,provides a favorable policy environment for the combination of PPP and asset securitization.The PPP projects,on the other hand,with the cycle is long,stable income,can produce steady cash flow,the characteristics of meet the requirements of the based asset securitization has certain feasibility and in particular of the combination.Finally,the asset-backed securities is applicable to the PPP mode,to improve liquidity,make full use of social idle funds,optimize the allocation of resources and the development of diversified investment and financing market is of great significance.It can be said that the asset securitization of PPP project satisfies the demand of the fund demander and the fund supplier to some extent,which is a "win-win" mode.Asset securitization for PPP projects in China there is no special law,and the relevant ministries and commissions under the state council although issued some policy documents,but mostly belongs to the guidance document,low legal effect.The disadvantage of legal system construction makes PPP project assets securitization have many legal risks in development.Therefore,based on the actual situation in our country,analyzes the asset securitization development present situation,the PPP project risk,risk prevention legal advice is put forward,so as to promote the healthy and rapid development of China's PPP project assets securitization.This paper is divided into five parts.In the first part,the author analyzes the relevant content of the asset securitization of PPP project in the whole,and lays the foundation forthe later writing by referring to the viewpoints of relevant experts and scholars.In the second part,the PPP project assets securitisation overall framework,for the PPP,asset securitization,and elaborates the concept and characteristics of PPP project asset securitization,asset securitization to the PPP project comparing with general asset securitization,and found the differences and relations between.At the same time,the feasibility and necessity of combining PPP mode with asset securitization are studied to deepen the understanding of PPP project asset securitization.In the third part,from two aspects of policy and project practice,analyzes the current situation of the development of the PPP project assets securitization in our country,In asset securitization in China and analyzes the legal risks exist in the process of combining with the PPP.In the fourth part,British and American countries in the PPP project asset securitization development practice,further study of the two countries in the development of the PPP and legal system in the process of asset securitization and the construction of organization mechanism,and draw lessons from the beneficial experience of them.Finally,through the research of the first four parts,the author puts forward the legal advice to improve the risk prevention and control of asset securitization in China's PPP project.By strengthening legislation,we will clarify the system of "future creditor's rights" and improve the system of real sales and bankruptcy.We will improve the construction of corresponding supporting systems,such as the reasonable settlement of the mismatch of maturity,and promote the standardized development of PPP project asset securitization.