Trust Mode Construction Of Asset Securitization In China

The securitization is regarded as a kind of important method of financing .China begin the pilot work of the securitization in 2005,and promulgate'Administration of Pilot Projects for Securitization of Credit Asset'.The securitization is a financial product which involve many kinds of legal provisions. In order to long-term development of securitization in our country, it must improve relevant legislation, to coordinate various kinds of legal provisions.This article analyzes the operation mode of securitization; combine the legislation in different countries and actual conditions of our country. Describe the advantage and disadvantage between the company mode and trust mode in our country. Take trust mode as the most suitable mode; construct the legal frame of securitization in our country.Chapter one introduce the background, concept and characteristic of the securitization. Given basic introduction for operation procedure of the securitization, analyze the legal relation of subjects in the course of securitization. Point out constructing special purpose vehicle is a crucial process in the operation of securitization.Chapter two analyze the operation mode of securitization in various country and region through comparative method, summarizing the considered factors for securitization mode selections in various countries, it is realize that the trust is the typical mode for securitization in the world.Chapter three analyze which factor should be consideration to select the special purpose vehicle in our country, the choice of securitization mode must answer the demand for one country's financial development and depend on the unique systemic path of various countries, point out that China securitization mode choice should conformity with it own financial reform and path. After, this chapter analyzes the fundamental condition between company's system and trust system in our country, proving under the legal environment and monetary system in our country, the trust mode is the realistic choice of realizing the securitization.Chapter four analyzes the current legal frame of the securitization of our country; point out contracting the legal frame of securitization through policy is transitional method, so we should improve the legislation of securitization for further development. To propose making the independent securitization law , under the guidance of its overall design and macroscopic, according to the need of reality, revise the current law related to securitization, build up the organic legal system of securitization in our country. The concrete legislative suggestion is as follows, set up the definition of special purpose trust in Basic Law of the securitization, establish the benefited certification of trust; revise the legal system of assets transference; Define the bankruptcy-remove standard; and give the suggestion about the supervisory frame of securitization.