| Asset securitization originated in the United States has created a new era of corporate asset credit financing,the core and institutional value of which is sponsor's bankruptcy-remote mechanism.Since 2014,the asset securitization of enterprises in our country has shifted from “examination and approval system” to “record system”.And the asset securitization projects of various types have been booming.In 2016,the successful issuance of the first ticket income right securitization products of scenic spot in China effectively solved the financing difficulties of the scenic area operators.Through a comprehensive study of extraterritorial legislation and practical experience,a comprehensive review of domestic academic views,a detailed summary of the relevant laws and regulations in our country and a detailed analysis of the case of the “Balaguzong Special Project”,this paperputs forward that the legal problems appearing in the sponsor's bankruptcy-remote mechanism under ticket income right securitization of scenic spots are not only caused by the properties of this basic assets but also the imperfect laws and regulations in enterprise asset securitization.Among them,the legal nature of ticket income right of the scenic spots can be combed academic viewpoints combined with its essential attributes identified as the future claims.And “Guarantee Law” and its judicial interpretation,“Judicial Interpretation of Sales and Purchase Contract” and“Measures on Registration of Pledge Registration of Accounts Receivable”confirm the transferability of such basic assets.Moreover,the specialization of ticket income right of the scenic spots and the independence of cash flow have been solved in practice through project structure design and government support.However,other legal issues stem from imperfections in legal rules and require the practice of financial innovation to continuously promote the improvement of relevant laws and regulations. |
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