Research On The Legal Issues Of Asset Securitization In PPP Project

In recent years,national and local governments have actively promoted the development of PPP mode,but private capital has not actively participated in PPP project investment as the government expected.One of the reasons is that the PPP project has a long-life cycle,a large demand for capital and a slow investment recovery.Although the PPP project is mostly public infrastructure and public utilities,it has a more stable and stable income,its construction and operation time is generally concentrated in the 10 to 30 years,and the amount of investment is large,hundreds of millions or even hundreds of billions have been made,which makes the private capital prohibitive.How to stimulate the enthusiasm of private capital participation,make the precipitated social capital flow and invest better in the project construction is a problem that must be solved for the continuous development of PPP.This article analyzes the legal relationship of asset securitization and uses comparative research,case analysis and other research methods to conduct in-depth research on the legal issues of asset securitization in PPP projects.This article starts from the basic problems of asset securitization of PPP project,discusses the essential characteristics of asset securitization,analyzes the basic transaction structure and legal relationship of asset securitization,demonstrates the realistic demand of asset securitization in China's PPP project,and analyzes the particularity of PPP project asset securitization.On the basis of the analysis of the case of "Nanjing public holding income",it puts forward the legal problems of asset securitization of PPP project in basic assets and bankruptcy isolation.In terms of basic assets,on the basis of expounding the constitutive requirements of the basic assets,this article makes a comparative analysis of the income rights of PPP projects.It is clear that the PPP project proceeds right belongs to the future creditor's rights and uses comparative method to analyze the transferability of the future creditor's right and clear the effective time point of the transfer.In the aspect of bankruptcy isolation,this article starts from the legal criterion of "true sale" and determine the "true sale" of PPP project proceeds right.The special plan is in a predicament of legal status,which leads to the unclear legal relationship between the parties in the asset securitization of PPP project,thus affecting the effect of bankruptcy isolation.Based on the above issues,this article suggests perfecting the legal system of future creditor's rights,making clear the meaning of future creditor's rights,transferability and the rule of retroactivity in the effective time."True sale" follows the principle of "first form after content".strictly control the risk of bankruptcy isolation,improve the relevant legal system of the special plan,improve the information disclosure mechanism,and use the "double SPV" framework to isolate risks.