A Study On Legal Issues Of Securitization Of Income Right Assets In Public-private Partnership Project

PPP projects have large capital requirements,low investment returns,and long payback period.It is difficult to meet the funding needs of China's PPP projects only by relying on the registered capital of China's social capital,local governments,and Public Ownership Enterprises.In view of China's current economic environment,China's PPP project financing model is limited to a certain extent.Therefore,China needs to explore the financing model of PPP projects.Since 2016,driven by the State Council and various ministries and commissions,China has begun to actively explore the problem of financing the PPP project financing by means of asset securitization.In 2017,China's first batch of securities based on the income rights of PPP projects was successfully issued.However,there are still some legal issues in the asset securitization of China's PPP projects.On the one hand,PPP projects have special characteristics,which require the participating parties to properly handle the relationship between public welfare and profitability,franchise rights and income rights,and the nature of the rights of the PPP project's income rights is controversial.These issues can directly affect the PPP project.Whether it is the basic asset of securities has an impact;on the other hand,at present,the special plan supported by China's PPP project has certain uncertainty at the institutional level,and the lack of relevant standards for “real sale” in China has made the basic assets difficult to meet.The requirement of bankruptcy isolation exposes investors to unnecessary risks.Based on the legal nature of the income right of PPP project,this paper analyzes its legal nature and compares the doctrines and laws of countries regarding the legal effect of transferring future claims.On this basis,it studies the transferability of income rights of PPP projects in China..Moreover,from the perspective of the actual sale standard of the PPP project and the organization form of the special purpose carrier,the problem of bankruptcy isolation of the transfer rights of the PPP project is studied.Then,on the basis of research,some suggestions for improving the securitization of income rights are proposed for the related issues of PPP projects in China,including: First,the legislative gaps in the income rights and future claims should be filled,including its legal nature and transfer.The feasibility and limitations of the gap,in order to lay a solid legal foundation for the securitization of PPP projects;Second,improve the credit transfer publicity system,the credit transfer notification system,and pass legislation to clarify the effective date of the transfer of income rights,To ensure the safety of their transfer in the financial market;thirdly,the trust plan can be introduced into the special plan to give the special plan independent status and promote the securitization of the PPP project;fourth,the special plan and the special purpose trust can be combined into A new type of special purpose carrier to achieve bankruptcy isolation of PPP projects.