Research On Legal Risk Of Asset Securitization Of Environmental Protection PPP Project Under The Background Of Penetrating Supervision

With the continuous strengthening of China's economic strength,the promotion potential of the environmental protection economy is huge.The social environmental protection investment planned during the 13 th Five-Year Plan is expected to reach 17 trillion yuan,but the huge capital demand has also brought great financing pressure to China's environmental protection cause.At the same time,environmental protection supervision in 2018 and the PPP“clearing storm” have made the supervision of PPP projects,especially environmental PPP projects,more and more strict.In order to solve the financing problem,standardize the development of environmental protection PPP and attract social investment,the government supports environmental PPP project with policy of Asset Securitization,and actively carries out the practice of environmental PPP project Asset Securitization.However,due to the complexity of the Asset Securitization of environmental protection PPP projects,which the wide range of laws involved and the long project cycle.It is easy to have systemic risks across industries and markets.Therefore,it is necessary to carry out comprehensive legal risk prevention and supervision.Combined with practice,from the perspective of legal environment and participation subjects and legal risk analysis of environmental PPP project Asset Securitization,it can be concluded that the supervision and legal regulation focuses on the regulatory system arrangement and legal system of each transaction link in the Asset Securitization of environmental protection PPP projects.Design,and the current separate regulatory system and related legal systems are difficult to adapt to current developments.At the same time,the legal risk of Asset Securitization of environmental protection PPP projects not only has the special nature of the Asset Securitization of ordinary PPP projects in the securitization stage,but also has the legal and regulatory problems arising from environmental protection characteristics,and has more complicated legalrisks,so it is urgent to change the regulatory concept to adapt to its development.Penetration regulation can provide a basic framework for solving these problems,using "facts discovery" means to achieve regulatory comprehensiveness.At the specific regulatory level,penetrating supervision can not only find out the essential attributes of Asset Securitization of environmental protection PPP projects through the complex structure and many links generated in the process of Asset Securitization of environmental protection PPP projects,but also penetrate its Asset Securitization.The essence of the whole process is supervised.In short,the prevention of legal risks in Asset Securitization of environmental protection PPP projects is urgently needed.In this process,it is necessary to improve the regulatory system and legal system environment,and help the environmental protection of environmental protection PPP project assets to clear the obstacles to development,thus promoting China's environmental protection construction.