Research On Bankruptcy Isolation System In The Asset-backed Securities Of Financial Leasing In China

In recent years,the emergence of financial innovation products represented by asset securitization has undoubtedly enriched the depth of China's market economy and accelerated the construction and development of China's financial system.Since the introduction of asset securitization products into China,this financial derivative instrument has played an important role in broadening financing channels,reducing financing costs,and improving the liquidity and efficiency of corporate assets.With low financing thresholds and strong financing capabilities,asset securitization financing has developed rapidly in the interbank market and exchange market since its appearance,and has gradually become the mainstream financing tool for the financing market.While the financial leasing industry is booming in China,it also encounters the financing paradox.The large capital expenditure required to purchase the leased property will inevitably affect the liquidity of the financial leasing company,which will cause the financial leasing company to face difficulties in financing.This kind of structural financing method of asset securitization can effectively solve the financing problem.As a promoter,the financial leasing company will use the value of the leased property as the basic asset to form the asset pool and sell it to the special purpose entity,and then issue the securities after the credit is upgraded.Through fixed rental income as a source of funds for paying the principal and interest of investors' securities,longterm stable funds are exchanged for instant cash to achieve financing purposes.The financial leasing legal relationship and the asset securitization financing model have natural compatibility,but whether the asset securitization framework can be successfully formed depends on whether the framework can isolate the bankruptcy risk and ensure the stability of the basic assets.The bankruptcy segregation system includes the transfer of assets and the establishment of special purpose entities.How to complete the transfer of assets to meet the standard of real sales,isolate the bankruptcy risk of the promoters,and protect the underlying assets from the creditors of the promoters to avoid being listed.Into the bankruptcy property is the core that should be considered in the asset transfer step.China's bankruptcy segregation system should explore the establishment of an asset publicity system and clarify the real selling standards in judicial practice;the establishment of special purpose entities is also one of the core contents of the bankruptcy segregation system.Different special purpose entities are organized in different forms,and they are isolated from bankruptcy risks.The effect is different.At present,China's common asset-specific plans and trust models are faced with many legal risks.For example,the qualifications of the legal entity of the asset-specific plan are not clear,and the contradiction between the independence of the trust property and the beneficiary rights cannot be resolved.This paper refers to the legislation and practice of asset securitization in the United States and Europe,and proposes to explore the establishment of China's asset transfer disclosure system,combine the practice cases to clarify the criteria of “real sale”,clarify the legal subject status of the asset special plan,and resolve the Trust Law.Linking with special purpose trusts,launching special provisions for special purpose companies and strengthening the construction of ex ante risk assessment mechanisms for asset securitization transactions to improve the process of asset securitization,promote the rapid development of China's financial leasing industry,and enhance the socialist market economy.vitality.