Study On The Protection Of The Rights And Interests Of Investors In The Asset-Backed-Securitization Of Public-Private-Partnership Projects

The main function of asset securitization of PPP projects is to connect PPP projects and capital market,increase the asset turnover rate,increase the social capital exit mode of PPP projects,accelerate the recovery of investment cash flow,reduce the asset-liability ratio,and obtain interest rates.However,the PPP project itself has problems with government defaults,fixed returns,and real-denominated debt,and the development of asset securitization in China has not yet been perfected.The combination of them may raise many problems,such as the unclear nature of franchise and fee-charging rights,as well as conflict between laws and regulations on asset-backed securitization of PPP projects.Problems such as unclear legal provisions will cause damage to investors' right to information,income,and damages,which will have an adverse effect on raising the enthusiasm of securities investors and promoting asset securitization of PPP projects.In this context,this article starts from the perspective of investor protection,sorts out the asset securitization system,characteristics and investor concepts of PPP projects,and demonstrates PPP project asset support through the implications of subprime mortgage crisis and the special risks of PPP project securitization.After the necessity of securities investor protection,after analyzing the laws of asset securitization of PPP projects and the protection laws of relevant investors,the Bank raised the issue of strengthening the supervision of PPP projects and clarifying the securitization of assets in PPP projects in light of the above problems in asset securitization of PPP projects.The legal provisions,the improvement of credit rating agency system and accountability mechanism,the improvement of targeted information disclosure systems,and the definition of investor rights and remedy measures,provide suggestions for the healthy and long-term development of investor protection for asset securitization in PPP projects.From the perspective of the individual to promote the sustainable development of asset securitization of PPP projects.The main content of this article is divided into five parts:The first part mainly elaborates the relevant theoretical analysis of PPP project asset securitization and its investors.The first section analyzes the definition,operating mechanism,and characteristics of asset securitization in PPP projects.The second section defines the scope of investors in asset securitization of PPP projects referred to in this article--the holders of securities in PPP project asset-backed securities.The second part focuses on the necessity of analyzing the protection of investors' rightsand interests in asset securitization of PPP projects.The subprime crisis in 2008 engulfed the world.The problem of asset securitization was one of the murderers of the global economic crisis.After the subprime mortgage crisis,the U.S.government promulgated a bill on the protection of investor rights.Although China's government has strongly promoted the securitization of PPP,there is a non-market risk of shifting the responsibility to investors and the public,and it needs to rely on the perfection of the investor protection system.The third part focuses on analyzing the current status of the investor protection mechanism of PPP project asset securitization project and the lack of existing legislation.In combination with the current legal norms in China,the investor protection system regulates risks from the aspects of PPP project quality,key legal factors,supporting measures,legislation,and judicature.The fourth part raises the question that the PPP project securitization law has many issues.The lack of clarity in important laws and regulations can easily lead to the loss of investors' right to income.The lack of an information disclosure system and the lack of independence in the credit rating market can lead to damage to investors' right to information.The question of the right of remedy for investor protection will lead to damage to the investor's damages.The fifth part is based on the above questions and makes specific suggestions.It focuses on the improvement of legislation,law enforcement,and closely-related agencies.It intends to provide a clear legal basis,market mechanism,and enforcement and judicial relief channels for the protection of investors' interests.