Research On Receivable Backed Securitization

Since 2014 November asset securitization business to brokers endowment tube and a subsidiary of the fund after the release, the securities companies and fund company subsidiary began gradually released assets in support of special plans, helping enterprises to carry out asset financing. Regulatory filing system makes issuing securities in China’s asset securitization more convenient, receivables securitization products as basic assets also arise. The Commission Asset-backed special plan authorize the SPV a qualification after get the favor of all areas of corporate, became the main mode of our country enterprise assets. But the assets securities of our country of related laws and regulations is not complete, few domestic scholars research the receivable assets securities. In this case as the background, due to the particularity of the development of China’s assets, especially in charge in asset securitization innovation assets in support of special plan, if fully applied in Europe or Asia laws and regulations, it should be a "acclimatized". From the nature of the asset securitization, as a basis for a new type of asset, what is the legal attribute of the right to charge? What features do the receivables have as the basis of asset securitization? Are there any legal obstacles? Badaling special plan as the first domestic ropeway charges right asset securitization products, does the issuing has no originality? Cableway receivable, as a new type of toll right, has any future reference? In summary, any problems about receivables legal attributes and categories, the terms of the underlying assets, true sale, bankruptcy remoteness, cash flow need to be resolved. In this paper, all these above problems will be discussed through four chapters. Taking the Badaling project as an example, by studying its transaction structure and the legal relationship to find the content for reference, which will also form general theory of receivables backed securitization. The first chapter reviews the development process of asset securitization, and analyzes the legal environment for the establishment and survival of asset backed special programs at present in China. Then go through the Badaling cableway ride asset document to support the special plan of choosing basic asset, trade structure, risk control measures and other details analysis. Find the innovation questions of the first ropeway charges in asset securitization involves while researching the legal relationship. The second chapter is to carry on the thorough analysis, after analyzing the Badaling cableway ride asset. Special programs based asset selection, transaction structuring, risk control measures aspects involved in the legal relationship are discussed. The transfer of the accounts receivable as well as service operating income of specific innovations was summarized, which is aimed to definite the legal attribute of assets, the legal connotation of the nature and function of the special plan of interpretation. The third chapter of this paper will be from the bankruptcy risk isolation, cash flow imputation mechanism and external trust and asset securitization legal goal conflict between three angle to study the receivable asset securitization. To carry on the analysis of the cause of the risk, and put forward the countermeasure of prevention and control of risk, that will ensure the effective operation of the financing way. Finally, in the forth chapter, combined with the experience of the development of asset securitization in the United States, to analysis asset securitization special regulations, first ropeway charges in asset securitization products R & D and release of difficulties in the process of the relevant legal system. Then put forward suggestions to establish more matching legal environment and more efficient financing market.