| With the continuous expansion of mobile consumption scenes and the changes in people's spending habits,the amount and proportion of consumer loans in the market are constantly rising.While many companies providing consumer financial services are expanding their businesses,they urgently need to find safe assets to solve their own financing problems.As a representative of structured finance-Asset-Backed Securitization,it is a unique innovation of financing system.The characteristics of consumer finance are very much in line with the requirements of Asset-Backed Securitization.At the same time,with the promotion of various factors,consumer finance asset-backed securitization had achieved good results.In particular,Internet Consumer Finance attempted asset securitization financing in 2013,and Since then,asset-backed securitization has gradually become an important external choice for financing of consumer financial institutions.By the end of 2016,the cumulative amount of the Asset-Backed Securitization for consumer finance in the Chinese market has exceeded 100 billion yuan.It has become the third largest category of asset types.In order to keep up with the international economic situation,under the current strong momentum of our country's financial innovation and development,The research on the consumer finance asset-backed securitization has extremely important value for the innovation of financial products,the efficient operation of market funds,and the allocation of market funds.However,the areas of consumer finance and asset-backed securitization started relatively late in our country.However,asset-backed securitization as a structural financing requires laws to regulate and guarantee.In particular,consumer finance is also prosperous in China in recent years.The legal of consumer finance asset-backed securitization has become increasingly prominent with the practice of the market.The regulation of consumer finance business is still in its perfect stage.These lead to many legal problems in the process of consumer finance asset-backed securitization.In light of the strong financing and fund-raising functions of asset-backed securitization itself and the complex legal relationships involved,this paper uses a combination of comparative analysis and empirical analysis to analyze.From the theory to the practice and then to the problem,this paper takes the theory of asset-backed securitization and consumer finance as the foundation,learns the legal system of asset-backed securitization from other countries and regions,and analyzes the solution to the individual legal issues of consumer finance asset-backed securitization according to market practice.The introductory part of this article elaborates the research background and significance of this paper,and briefly reviews the theoretical research on asset-backed securitization at home and abroad.This section also clarifies the research ideas and main research contents of this article.The second part gives a brief overview of the basic theory of consumer finance asset-backed securitization.Solving the legal issues needs to clarify the basic characteristics of consumer finance and consumer finance asset-backed securitization.As for consumer finance as the basic asset,in addition to defining consumer finance,it is necessary to clarify the operating mechanism of asset-backed securitization.At the same time,the characteristics,transaction structure,and value of consumer finance asset-backed securitization should also be analyzed to provide a basis for the resolution of legal issues.The third part elaborates the emergence and development of Chinese consumer finance asset-backed securitization.Chinese consumer finance business has continuously expanded in recent years,and business entities have a strong demand for safe assets.With the promotion of various factors,consumer finance and asset-backed securitization have emerged in the market.Simultaneously,it highlights many legal issues.Understanding the emergence and development of consumer finance asset-backed securitization helps to clarify the root causes of legal issues.It can clear thinking to solve problems.The fourth part is the presentation and analysis of legal issues.The consumer finance asset-backed securitization is under the premise of asset-backed securitization.Therefore,besides the lack of clear legal guidelines for consumer finance asset-backed securitization in our country,there are also individual legal issues caused by the characteristics of consumer finance itself.The legal issues concerning the consumer finance asset-backed securitization focus on basic assets and securities issuance.They include the issue of ownership of basic assets,the issue of issuers of off-market models,and the questioning of “real sale” of consumer financial assets.The resolution of these legal issues is of great significance to the consumer finance asset-backed securitization.The last part is a proposal for resolving relevant legal issues.Under the premise of improving legislation on asset-backed securitization,the regulatory body,the review body,and the issuer should cooperate to solve the problem.It is a prerequisite for solving the problem by clarifying the standard of issuer and the meaning of "real sale" through the law.The process of asset-backed securitization involves multiple bodies,so the collaboration of them is an effective way to resolve legal issues. |
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