| Although the asset-backed securitization has its unique advantages,it can enhance the liquidity of short-term assets and enrich our financial system,its legal risks is a great threat to the stability of the capital market.In order to further reduce the damage caused by the risk of asset-backed securitization,its risks and preventive measures are explored in this paper.This paper is composed of four parts,including following parts:.The first part mainly introduces the emergence and development of asset-backed securitization in China and abroad.As a new thing in China capital market,asset-backed securitization did not develop rapidly since it came into being in our country.After a short "dormant" after the asset-backed securitization set sail again;As the domestic asset-backed securitization system getting complete,the asset-backed securitization has raised rapidly on its unique advantage that its financing does not rely on the credit condition of a enterprise since 2013.In order to utilize short-term assets in full and solve the problem of insufficient liquidity of short term asset,the asset-backed securitization under the cycle of purchase structure has come into being.The second part mainly introduces the asset-backed securitization under the circulation purchase structure.First of all,the paper defines the definition of asset-backed securitization.Secondly,the paper summarizes the asset-backed securitization under the circulation purchase structure.It solve the problem of shortage of insufficient liquidity through the establishment of the asset pool,setting the cycle and allocation period which make the short-term assets become the support of the special plan of the proper asset.To some extent,this alleviates the financing difficult situation for enterprises.The third part mainly introduces the legal risk of the asset-backed securitization under the circulation purchase structure.Every nutshell has a concave and convex side.The netshell can bring us benefits,but it can also harm.Although the asset-backed securitization has its unique advantages,it can enhance the liquidity of short-term assets.However its legal risks are particularly serious due to the need of purchasing the cycle assets.the independence of entering the assets pool was influenced by the blur of profitable based asset legislation.Currently the bankruptcy revocation rights in China have not regulated the parties involved to have subjective malice.When the basic asset involved,the bankruptcy revocation rights is still a 'Sword' hanging on the special plans.worrying whether the balance of payment commitments can ensure asset-backed special plan will not have the problem of payment default still make the special program of asset-backed credit overshadowed.No proper capital regulation of special plan,the risk of default is not timely warning asset-backed special plan;whether the underlying assets can meet the need of the existence of asset-backed special plan etc..These risks will bring immeasurable losses to the operation of asset backed special programs.The fourth part mainly introduces the legal risk prevention of asset-backed securitization under the circulation purchase structure.We must pay attention to the potential legal risks of asset-backed securitization in the structure of purchase cycle,make the nature of profit right legal assets clear.Enhance the transfer approach of profit right basic asset;perfecting bankruptcy revocation system,maintenance the independence of special plan;improve the support of the special plan assets of the measures for increasing credit and promote the operation of the special plan smoothly;perfect the supervision and control of funds,early warning of the default risk for special plan.reasonable choice of basic assets.all these are aim to a stable cash flow for special plan.It is our responsibility to prevent the occurrence of risk events and safeguard the interests of the majority of investors and the stability of China capital market. |
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