Research On Legal Issues Of Asset-Backed Securitization Of PPP Project Income Right

The PPP model is an important measure for the cooperation of government and social capital for infrastructure and public service construction.It can be fully respected because it can fully integrate the respective resource advantages of government departments and social organizations and reduce the cost of project management and operation.However,there is a long period of investment in PPP projects.Due to the lack of capital and liquidity,asset-backed securitization is an important tool to solve financing problems and optimize the allocation of financial resources.Therefore,the realization of asset-backed securitization of PPP projects is an important measure to address future investment and financing in the public service sector.In recent years,the development of asset-backed securitization is in full swing,but many of them are still pending.PPP project income rights and asset-backed securitization are based on a lower legal order.How to achieve rights relief?Whether the income right of the PPP project generated from the franchise right can be separated from the franchise right itself?How to define the legal nature of the income right?Whether the income right can be transferred or not?The basic requirement of asset-backed securitization is the real sale and bankruptcy segregation,and whether the income right can be sold in real terms.How effective is the bankruptcy segregation?Under the PPP project asset-backed securitization system,how to define the nature of the contract between SPV(Special Purpose Vehicle)and other entities?How to realize the controllable cost of the PPP project income right and meet the investors' rights and interests in the operation?This article is mainly based on this to discuss the legal issues existing in the practice of asset-backed securitization of PPP project income right,and combined current legal theory,explore the feasibility of PPP project revenue right as basic assets,and analyze the legal relationship and the effect of bankruptcy segregation between other entities and SPV,the main body of the bankruptcy isolation entity.And on this basis I put forward corresponding legal advice,in order to improve the legislation and practice of asset-backed securitization in the future.This article is divided into four parts,the introduction part of the analysis of the PPP project and asset-backed securitization analysis of the natural fit of them.The first part briefly describes the concepts,problems and legal risks of asset-backed securitization of PPP project income rights.The second part analyses whether the basic assets of the PPP project meet the requirements of securitized infrastructure assets,can be transferred separated from franchise rights.And analyze its legal nature and transferability as an independent basic asset.The third part focuses on the core design risk isolation mechanism SPV of asset-backed securitization to analyze the system defects of its establishment and the legal relationship between SPV and other entities,and combines the practice to analyze and define the criterion of SPV risk isolation effectiveness.In the fourth part,through the above analysis,relevant suggestions for improvement are proposed to promote the development of asset-backed securitization.At the same time,promote the improvement of infrastructure and public service construction and economic and social benefits,which will be promoted to achieve even a multi-win result.