| Asset securitization is known as a great alchemy and low-cost sweetener.Under the favorable conditions of the filing system in 2014,asset securitization has flourished in China.New basic assets,new transaction structures,and new profit models have emerged endlessly.It is also increasingly connected with other markets.The double-layer SPV asset securitization realizes the purpose of specifying and generating predictable cash flow through the clever operation of embedding one more layer of SPV and using the trust beneficiary right as the basic asset,which enriches the underlying assets while making investment sources More diversification is a financial innovation with unique Chinese characteristics.The double-layer SPV asset securitization makes the transaction structure more complicated,and the legal relationship between the parties and the role they play in the transaction process are more flexible.The essence of this model is to return to the corporate credit.Investors and rating agencies need to re-focus on the financial status and operating capabilities of the company,which makes the preliminary investment investigation more difficult and costly,and increases the risk of asymmetric information.In addition,companies may also abuse double-layer SPV asset securitization for leveraged financing and regulatory arbitrage and become the cultivation medium for shadow banking.Therefore,it is necessary to clearly understand the different types of transaction structures of double-layer SPV asset securitization,clarify the legal relationship between various parties,and analyze the legal risks in project design,securities issuance,and information andcapital transfer.According to the specific requirements,a reasonable and compliant operating mode is designed to meet the different needs of the market.At the same time,special scientific legislation is formulated to maintain the stability of the financial market,so that the double-layer SPV asset securitization business continues to develop in China. |
PDF Full Text Request