Legal Research On "True Sale" In Enterprise Asset Securitization

As a financing method and a financial innovation,asset securitization is different from general bond products in that it realizes the leap from subject credit to asset credit,and this leap is realized through real sales.There are many differences between the real sale of asset securitization products and the traditional civil legal relationship,such as the homogeneous and larger scale of the transfer object,and the more "fast" transfer behavior.Since there is no relevant special legislation in my country at present,this link will encounter various obstacles in the process of applying basic laws and even be denied the nature of its business.Through the study of institutional conflicts,we found that the existing basic laws such as the Civil Code are constantly being revised,and any revisions that reduce regulation,facilitate commercial transactions,and activate the economy are beneficial to the development of asset-backed securities;on the contrary,conservative and risk-averse,tend to protect the rights is difficult to be well compatible with asset-backed securities.Therefore,for long-term and healthy development,special legislation should be made around the real sale link with reference to the experience of relevant countries,and clear regulations should be made on some key issues such as the publicity of creditor’s rights transfer,the time when creditor’s rights will take effect in the future,and the real sale standards,so as to standardize the development.Thereby reducing market risk and fully respecting the rights of investors.Based on the research on the conflict of legal systems,this paper summarizes and analyzes the default cases since 2015,and finds that the default of a considerable number of products does not conform to the normal default logic.The illogical default products are mainly concentrated in pure future debt products.By analyzing the structure and summarizing,we can find that the reason is that the structural design of such products is simple and too ideal,and does not achieve the actual real sale,resulting in the product risk not being isolated from the original owner.After comparing and analyzing the current domestic product structure and foreign product structure,this paper believes that such a large proportion of products in China’s national conditions should learn more from the American model to achieve real sales.This paper also focuses on the ideal product structure for real sales.conceived.