Research On The Legal Issues Of Basic Assets In The Asset Securitization Of PPP Projects

The PPP model is the main financing method for infrastructure construction.Due to the long construction period of PPP projects and the large amount of capital required,social capital participation is not high.The main financing method is bank loans,which cannot meet the funding requirements of the PPP model.To solve this problem,the state clearly stipulates that real estate assets such as infrastructure or real estate proceeds can be securitized.However,as a new financing method,PPP project asset securitization,involving multiple parties,the transaction structure is complex,And the relevant laws and regulations of asset securitization are not perfect,there are many legal problems and risks that lead to asset securitization of PPP projects.So,this article is based on a typical case of asset securitization of a PPP project,along the logical path of asset securitization initiation-transaction of PPP projects,it mainly explores three legal issues,including the eligibility of PPP project income rights as basic assets,bankruptcy isolation,and information disclosure.Regarding the eligibility of PPP project income rights as basic assets,by analyzing the statutory constituent elements of the underlying assets of corporate asset securitization,it is found that the dispute over the eligibility of the income right of a PPP project is mainly due to the unknown legal nature of the income right.Therefore,this article mainly discusses the legal attributes of PPP project revenue rights and the legal issues of transferability,and proposes to identify the PPP project revenue rights as future claims and improve the legal system of future claims.Regarding the bankruptcy segregation of asset securitization of income rights of PPP projects,it mainly focuses on the two key links of the real sale of basic assets and the establishment of a special plan,analyze the problems of unclear recognition standards for real sale in China and the lack of legal subject qualifications of special plans,and puts forward the suggestion of identifying the true sale recognition standard and adopting trust to carry out corporate asset securitization.Information disclosure on asset securitization of PPP project income rights,by analyzing the relevant regulations on the current disclosure of corporate asset securitization in China,clarify the legal issues in the disclosure of corporate asset securitization information,and make specific recommendations.