| Asset securitization would greatly improve the liquidity of poor-liquid assets for enterprises and develope a new financing way. It is an activity to issue security which is supported by basic assets. Actually, the broad sense of asset securitization is not solely the process that transferring asset to issue security. It reforms and finances the non-cash assets, consisting of standardized and non-standardized asset securitization. In practice, the asset securitization is normally restricted in standardized securitization. As the entire process involves many objects and many legal nexus, there are wild-ranging risks. In my point of view, basically, the risks of issue securitization is based on the basic assets, probably happening at the formation; also, happening at the basic assets transferring stage. It is worth of pointing out that the risks are more intensive at the basic asset transferring stage. Thus, SPV and investigators play important role in asset securitization.Firstly, I introduced the basic laws and risks of issue securitization, discussing the essence of issue securitization in terms of perception and characteristics. In advance, I make a conclusion that the risks caused by basic assets play a critical role in issue securitization.Secondly, I focused on the inclusion and extension of basic assets, especially the one whose main basic assets are claims. I discussed the further issues when claims will be functioned as basic assets, especially the debate raised by the uncertainty of claims and cash flow and numerous risks at the basic assets formation process, such as the risks and uncertainty when non-performing asset became basic assets, whether it will make an obstacle when the basic assets restrict and prohibit transferring, the flaws in the basic assets will be influential to securitization progress.Moreover, I explained the cases, the most important part of my paper, which would be disadvantageous to SPV and investigator when basic assets are transferring. It involved intense legal problems. Among them, claim transferring is closely related to basic assets transferring. During transferring, the risks of securitization contain the risks of double transferring, the risks appearing when the security interest in basic assets is transferring with the main claims, the risks of illegal transferring and the risks result from the virtual sale principle. In the meantime, the paper presented proper solution for related risks.Finally, the paper proposed promising suggestions to the issues happened in Chinese securitization based on the actual situation. |
