Research On The Legal Issues Of Future Creditor Asset Securitization In PPP Project

The legal nature of PPP project income right is creditor’s right.The essence of asset securitization of PPP project income right is asset securitization of future creditor’s right.The securitization of creditor’s rights in future PPP projects mainly involves three parts: PPP projects,the theoretical basis for the future securitization of creditor’s rights in PPP,the path and institutional guarantee for the realization of asset securitization in PPP projects.PPP is a major innovation in China’s infrastructure and public service supply mechanism.It plays an important role in advancing supply-side structural reforms and improving public service quality.However,with the continuous deepening of domestic PPP practices,issues such as the generalization of PPP projects,government lack contractual and cooperation spirit have caused credit and investment risks are exposured,which seriously threaten the healthy and sustainable development of domestic PPP.asset securitization of PPP projects is a process in which PPP project companies issue securities based on their future earnings rights and realize their own refinancing.The essence of the asset securitization of PPP projects is the assignment of future claims.The future creditor’s rights transfer system is the institutional prerequisite for future securitization of creditor’s rights in PPP projects.At present,China’s future assignment of creditor’s rights is basically a blank of legislation.By analyzing the experiences of developed countries outside the borders and combining with China’s national conditions,the author proposes that China’s future creditor’s rights transfer system should be improved in three aspects: allowing future claims to be transferred,establishing a system of publicizing future claims transfer,and specifying the future assignment of creditor rights since the signing.Based on the analysis of China’s current PPP legal system and the empirical analysis of domestic PPP debt asset securitization cases,the author proposes that our country can learn from the extra-territorial property rights right mortgage,pledge,and administrative receiver system to ensure the security of China’s PPP project asset securitization transactions.At the same time,Based on the analysis of the legal risksand legal obstacles to the future debt assetization of the PPP project,the author proposes that the PPP project should be prevented from generalization,alienation,and perfection of the PPP exit mechanism by demarcating the red line,and the financial market should be changed from “separate operation” to “a The “convergence of business operations” has been transformed,and a series of proposals have been applied to the securitization of credit assets to ensure the smooth progress of asset securitization in domestic PPP projects.