Research On Legal Issues Concerning PRC Asset Securitization In The Form Of The Special Purpose Trust

Asset-securitization is the financing system which takes the unaided asset as the credit foundation to issue and list securities, and the cash which produces by this specific asset pay back source of funds. As one constitutive financing way, the asset-securitization is one of the greatest influence finance innovations internationally in the recent 30 years, and it is acting the more and more important role in the developed country and the international money market. Asset-Securitization(as a new financial innovation) has different law system in Common law system from Continental law system. In Common law system, an innovation is allowed unless it is forbidden by law. And case law tradition and the flexible interpretation of law by judge also provide, the ideological and institutional guarantee for the people's creative activity. In continental law system, an innovation is allowed unless it is definitely protected by law, thus it face more risk than in Common law system. As a continental law system country, China will take on the mission of the development in system and ideology when we carry on asset-securitization. This article has conducted the system research to the SPT participating in asset-securitization capital system, unifying Anglo-American law system and continental law system's legislative model of asset-securitization and the trust law system, discusses our country's legal circumstances of SPT participating in asset-securitization. In the foundation of pointing out its legislation flaw air my views to our country's legislative model choice of SPT participating in asset-securitization and its the legal system.This article's main text includes four parts:The first part, the fundamental theory of SPT participating in asset-securitization:Firstly, the article analyzes the definition to asset-securitization, and has analyzed its financial innovation and the legal essence.Secondly,it introduced the basic procedure to asset-securitization, including the meaning of the SPT. Lastly, the article has analyzed the system's superiority of the SPT participating in asset- securitization.The second part, international legislation present situation analysis of the SPT participating in asset-securitization. In the foundation of legislation pattern analysis between Anglo-American law system and continental law system, the article analyzed the two law system's simitrde and difference, which lay the foundation for our country's choice of law system.The third part, Chinese SPT participating in asset-securitization's legal situation analysis:This part recommend Chinese legal situation of SPT participating in asset-securitization, and pointed out the legal flaw of our country's China SPT participating in asset-securitization, the nub of this part is the law system about SPT and the trust.The forth part, Chinese SPT participating in asset-securitization's legislative model choice: This part pointed out our country cannot totally use Anglo-American law system, and can't totally use the continental law system too. We should unify own national condition and two big legal systems'experience gradually constructs Chinese legal framework of SPT participating in asset-securitization.