| Scientific and reasonable financing arrangements and diverse financing methods are essential for PPP projects with long project cycles and large capital needs.Securitization of income rights as underlying assets has become the main choice for the securitization of PPP projects,and it is also the main direction for further development in the future.However,it is unavoidable that there are many existing legal problems in the securitization of PPP project income rights,which hinder the realization of the due legal effects in practical operations.The author analyzes legal issues and the current situation of practice,proposes corresponding legal system improvement suggestions so as to promote the practice of securitization of income rights to be more standardized,avoid related risks,protect the rights and interests of investors,and provide good foundation for the further development of public funds+asset securitization.There are four chapters in addition to preface and conclusion in this dissertation:Chapter one introduces the development and financing of PPP projects.Equity financing and debt financing can’t meet the financing needs of PPP projects.Asset securitization Structured financing has become a great tool to solve the financing difficulties of PPP projects.Asset securitization is based on asset credit to realize the early realization of future cash income,so that financiers with poor credit but high-quality assets can make full use of existing assets to achieve low-cost financing.China has also successively issued a large number of rules and guidelines for practical operations.Chapter two analyzes the legal issues of the securitization of PPP project income rights.The author believes that the right to income is an independent property right,but it should not be regarded as a future creditor’s right.There is no future creditor’s right system in my country’s current law,and there is no need to add this system at the moment.From the content and nature of rights,there is a big difference between income rights and creditor’s rights.As the qualification and ability to obtain income,the right of income has the qualification of basic assets.The identification of the nature of the right should focus on its function and role in the securitization process.The vacancy in the rules for the transfer of income rights also needs to be filled urgently.Considering the particularity of the income rights of PPP projects,the foreign law transplantation of the "true sale" standard is of little significance.The registration and publicity system for the transfer of income rights should be established based on the characteristics of the project.Joint transfer of corresponding creditor’s rights acquired based on income rights should be handled properly.The establishment and operation of the special purpose vehicle should grasp the core functions,such as independent legal personality,realization of "bankruptcy isolation",and reduction of financing costs,so as to prevent improper use of the existing organizational form adding obstacles in the supervision of asset securitization.Chapter three combs and analyzes the practical situation of the securitization of PPP project income rights.From the perspective of existing projects,in terms of the construction of basic assets,the main dilemma is that the legal nature of the basic assets is unclear,which causes subsequent transfer obstacles and disputes over the validity of the establishment of the project.The main problems in the transfer of basic assets include obstacles to the effectiveness of the transfer of basic assets caused by the lack of the current registration system,and the loss of the effect of "bankruptcy isolation" due to the unclear timing of the transfer of basic assets.The main problem with special purpose vehicles in Chapter 3 is that the existing project adopts organizational forms that do not have independent legal personality and cannot independently hold basic assets.In terms of risk management and control,the continuing operation risks and moral hazards of the original stakeholders have not yet been controlled.Chapter four provides suggestions for perfection of the legal system of the securitization of PPP project income rights.In response to the above legal issues and practical dilemmas,the author proposes to strengthen the identification of the legal nature of income rights,establish transfer rules,and improve the qualifications of special purpose vehicles at the legislative level to achieve the "true presentation" of basic assets.On the other hand,it is necessary to strengthen the risk mitigation measures of the original equity holder’s ability to continue operations and improve the risk retention mechanism to realize the "preservation and appreciation" after securitization. |
