The Legal Logic Of The Basic Institutional Structure Of Asset Securitization

The basic system of asset securitization is an indispensable part in the operation of asset securitization.The construction and smooth operation of the entire asset securitization structure should be supported by it.Through the summary of the definition and transaction process of asset securitization,the following systems of asset securitization constitute its basic system,including the formation of basic asset pool,establishment of SPV,basic asset transfer,credit enhancement and credit rating system.Only by clarifying the logical relationship between these basic systems,so that they can be connected with strict logical relations,the system of the entire asset securitization system will be designed more complete,and it is possible to achieve low-cost financing with asset credit.Meanwhile the risks that may be brought about by this financial innovation activity can be effectively prevented and controlled,and finally realize the benefit value and safety value of asset securitization.The basic system revolves around the definition,circulation and value judgment of the underlying assets.It can be seen that the underlying assets are the core of the entire asset securitization system.Therefore,a deep understanding and understanding of the attributes of the underlying assets is important to build a complete and rigorous asset securitization system.The formulation of basic systems from the attributes of underlying assets is the logical source and starting point of the entire asset securitization system.The insufficient understanding of the attributes of underlying assets leads to the unclear logic of the basic institutional structure of asset securitization,which leads to many problems.These problems may be caused by the defects in the design of a certain system or the connection between institutions.The underlying asset is the object of the investor's usufruct in the legal attribute,which is a kind of property in essence.The special attributes of underlying assets mainly include three parts,the income of underlying assets is generated in the future,the value it contains is an abstract value,and the way of existence of underlying assets can only be recorded in the accounting books.Only after understanding the difference between the underlying assets and the general assets can we understand what a different system from general property should be used for regulating such special assets.This paper attempts to analyze the legal logic of the basic institutional structure of asset securitization from the perspective of analyzing the attributes of underlying assets through the following three aspects.That is to say,based on the knowledge of the legal attributes of the underlying assets,it is clear that the basic institutional structure of asset securitization should reflect the legal logic of guaranteeing the independence and sufficient value of the underlying assets.Firstly,the value of the underlying assets is abstract,which is different from general property.Its value is separated from material form,and its value is reflected only through accounting books,so it is difficult to determine the ownership of basic assets.In addition,asset securitization is an innovative financing mode relying on asset credit,which is different from traditional financing mode relying on enterprise credit.Therefore,the logic of ensuring the independence of basic assets should be embodied in the basic institutional structure of asset securitization.As a kind of future property,cash flow of basic assets will come into being in the future.The biggest difference between it and current property is that the risk of future property is uncontrollable,and the size of risk affects the value of basic assets.Therefore,the logic of ensuring the full value of basic assets should be embodied in the basic system structure of asset securitization.In addition to the introduction and conclusion,this article mainly consists of the following four parts:The first chapter first analyzes the basic institutional structure of asset securitization.That is to clarify which are the basic systems of asset securitization and the importance of the structural logic between these basic institutions.First of all,we need to be clear about what is the basic system of asset securitization.There is no law that clearly defines what the basic system is.This chapter summarizes the definition of asset securitization and the transaction process,and concludes that the establishment of the basic asset pool,the establishment of specific purpose institutions,the transfer of basic assets,the credit enhancement and the credit rating system are the basic systems of asset securitization.And pointed out that the reason why it is the basic system is that these systems support the operation of the entire asset securitization,and are the cornerstone of the entire asset securitization operation.Only by clarifying the logical relationship between these institutional structures,the asset securitization system can only be designed complete,risk can be effectively prevented.Secondly,it analyzes the specific structure of the basic system of asset securitization,and briefly points out some obstacles and problems in the operation of each system.These problems may be due to the design of the system itself,or it may be because the connection between several major systems is unclear.Finally,by analyzing the links between these systems,it is pointed out that there is a need to have a clear understanding of the attributes of the underlying assets.The inherent logic of the basic system of asset securitization should reflect the attributes of the underlying assets.The second chapter is to discuss the legal attributes of underlying assets,and to be explicit about the special attribute of underlying assets is the logical root of the underlying assets system.This chapter first points out that the underlying assets have property attributes.Secondly,by analyzing the special attributes of underlying assets,it points out the differences between underlying assets and general assets.The special attributes of underlying assets mainly include three parts,the income of underlying assets is generated in the future,the value it contains is an abstract value,and the way of existence of underlying assets can only be recorded in the accounting books.It is precisely because of the three special attributes of the underlying assets that the underlying assets need to be regulated in a different system from the general property.The third chapter discusses the independence of underlying assets,and clarifies that the system design of underlying assets should reflect the internal logic of guaranteeing the independence,which is the inevitable requirement of the special attributes of underlying assets.The fourth chapter is about the full value preservation of underlying assets,and clarifies that it is the logical reflection of underlying assets system to make sure the sufficient value of it.It is also an inevitable requirement for the special attributes of the underlying assets.The underlying assets may be affected by various risks in the process of cash flow realization as a result of its cash flow is generated in the future.This makes the value of the underlying assets are difficult to determine,ultimately to the detriment of holders of asset-backed securities.This chapter mainly focuses on the inevitability of the sufficient value guarantee of underlying assets and discusses how the credit enhancement system and the underlying assets pool construction system should guarantee the sufficient value of underlying assets.