Research On Legal Regulation Of PPP Project Asset Securitization

Since the reform and opening up,the practice of PPP projects in China has experienced a long time of exploration.The social capitalists in PPP projects pay special attention to the return mechanism and profitability of PPP projects.Asset securitization can provide a new perspective for the financing of PPP projects.In December 2016,the National Development and Reform Commission and the China Securities Regulatory Commission jointly issued the Notice on Promoting Asset Securitization of Government and Social Capital Cooperation(PPP)Projects in the Traditional Infrastructure Sector,encouraging asset securitization of PPP projects.Since then,there have been a number of policy documents on promoting and standardizing the asset securitization of PPP projects.The government actively promoted the PPP project asset securitization and initially established the legal system framework for asset securitization of PPP projects.In practice,many PPP project asset securitizations have been implemented and are now running well for the next PPP.The continuous improvement of the legal system of project asset securitization provides a practical sample.However,at present,the development level of asset securitization of PPP projects in China is still very low,and the legal theory and legal system are still in need of improvement.From the perspective of the international situation,the United States,as a country with a relatively developed asset securitization legal system,has also used asset securitization to expand financing in its infrastructure projects.It can be seen that asset securitization has a good prospect as a booster for PPP projects.This article is divided into five chapters.The first chapter analyzes the feasibility and significance of the combination of the concept and basic theory of PPP and assetsecuritization,summarizes the legal connotation of the asset securitization of PPP project and the legal regulation involved,and according to the PPP project.The characteristics of asset securitization pointed out that the key legal issues to be concerned are the two aspects of PPP project basic assets and special purpose institutions;the second and third chapters are based on the two legal regulatory issues that are focused on in Chapter 1 A summary of theoretical research and practical experience.Taking the Huaxi Securities-Chuantou PPP project asset support special plan as a sample,combined with relevant legal knowledge,it studies the legal connotations and types of basic assets and special purpose institutions involved in asset securitization of PPP projects,and proposes potential legal dilemmas and risks.,including the PPP project's underlying asset maturity risk,the franchise legal risk,the legal dilemma of the transfer of the PPP project's income right,the attributes of the special purpose institution,and the establishment of the subject;the fourth chapter draws on the US asset securitization market.The relevant legal regulation experience of two major legal regulatory issues,and suggestions on the improvement of relevant legal regulations on asset securitization of PPP projects in China.According to the discussion of the first four parts,the fifth chapter proposes the guarantee of PPP project operation efficiency,optimization of stratification design,rationalization of bond maturity and PPP project from the aspects of PPP project asset securitization basic assets,special purpose institutions and asset securitization legislation.The asset securitization business can be carried out in multiple stages,and the legal opinions of special purpose institutions are clarified,so as to benefit the development of the legal system of asset securitization of PPP projects in China.