Research On The Legal Issues Of The Risk Isolation Mechanism In Asset Securitization

Since reform and opening up,China has achieved excellent results in economic development.In this era,competition among various companies has become increasingly fierce.As we all know,in addition to advanced technology,leading vision,and scientific management,the most important thing for an enterprise's development is financing.After the US subprime mortgage crisis,asset securitization,as an innovative financing method,became hot in the capital market.The reason is that compared with traditional financing,asset securitization has the advantage that on the one hand,it can use basic asset credits instead of financing subject credits for financing;on the other hand,it can achieve asset presentation without increasing assets and reduce the capital adequacy ratio of financing entities.It is these two unique advantages that make asset securitization popular.The security of the underlying assets is the foundation of the entire asset securitization project,so in practice,we will install a "barrier" for the underlying assets,which is the risk isolation mechanism of the underlying assets that this article will explore.Asset securitization is imported at any time,but in fact it did not appear too late in our country,just because of the impact of the US "subprime mortgage crisis",asset securitization stalled for a period of time around 2010 and restarted in 2013.The construction of the "risk isolation" mechanism of China's asset securitization has borrowed from the experience of Europe and the United States,and there are related systems with Chinese characteristics created by the Chinese government based on the Chinese legal system.The author will try to discuss the "risk isolation" mechanism of asset securitization in China in the following aspects:The first chapter mainly starts from the origin of asset securitization,and tries to summarize the definition of abs on the basis of the definition of abs by many Chinese and foreign scholars.After that,the process of abs was analyzed by combining the charts,and this process was divided into three stages.In the end,it is concluded that risk isolation is the key to the whole process,which leads to the main body of the article's "risk isolation" mechanism and possible legal problems in the construction.Chapter Two follows on from the construction of the "risk isolation" mechanism,and divides this chapter into two sections: legal issues related to the "real sale" of basic assets and legal issues related to "bankruptcy isolation" of special purpose carriers.The previous section first introduced the "real sale" method,and concluded that trust and transfer are the two most commonly used methods.However,there are some legal issues in this process.In the following section,the opening paragraph puts forward the Chinese model of a special purpose vehicle—the asset-backed special plan.Introduce its background and some immature places.Then in the next paragraph,it points out the common models of special purpose carriers,and analyzes the advantages and disadvantages of various models in the Chinese legal system.In Chapter Three,the author analyzes the two latest jurisprudences of abs in Chinese courts,tries to explore the Chinese standard of "real sale",points out the matters that should be paid attention to in abs practice,and advocates that this can be promoted in judicial trials.First trial standard.The fourth chapter is divided into two parts: "real sale" and perfecting the special purpose carrier.In combination with the author's practice in the law firm,in order to solve a series of problems that may occur in the abs process,I put forward some humble opinions.In terms of "real sale",this article advocates increasing the system of creditor's rights transfer and publicity,restricting the prohibition on transfer clauses,and unifying the "standard of real sale".In terms of the construction of special purpose carriers,we call on China to establish a set of laws on special purpose companies Under the background of industry supervision,suggestions were made to improve the legislative level of establishing special plans and establish a trust registration system.