Analysis On The Legal Problems Of Asset Securitization Of PPP Projects In China

PPP project assets securitization is the combination of the PPP and capital securitization,its operation principle is to take up a lot of money and cost recovery cycle is very long in the PPP project securitization of creditor's rights,ownership and usufruct property rights,make its can in the circulation of capital market,the transfer of the asset securitization products.The PPP project assets securitization by revitalize the stock of the PPP project assets,attract more social investment,at the same time reduce the PPP project financing cost,also provide social capital exit channel,and capital markets are significant for the PPP project.Although the implementation of the national asset securitization to the PPP and give a lot of policy support,but in practice there are still many loopholes and legal barriers:PPP contract belong to the nature of civil or administrative contract disagreement,the PPP contractual dispute applicable solution is difficult to determine;The legal nature of the special plan of the PPP asset securitization is unclear and the subject qualification of the issuing bank is doubtful;Our country law did not admit the future earnings of creditor's rights nature in the future,at the same time,the lack of regulation of creditor's rights transfer in the future,therefore the PPP project future earnings as the foundation assets securitization lack of legal basis;About PPP project asset securitization in the underlying asset "true sale" problem,our country existing law is lack of uniform,clear and specific standards,cannot satisfy the asset securitization in asset transfer and the actual demand of bankruptcy isolation.Through the analysis of targeted foreign related legal provisions and practice experience for the above problem,which is suitable for study and reference the content of the PPP project assets securitization in China,put forward the perfect our country from four aspects the PPP project assets securitization legal advice:clear the PPP contract nature and dispute settlement way;To clarify the legal status of the PPP project asset securitization program and the qualification of the issuer;Establishing the transfer mechanism of the future revenue right of PPP projects;Unified PPP project asset securitization basic assets real sale standard.