资产证券化项目融资模式的法律诠释

Legal Analysis on ABS in International Project Financing

资产证券化是国际项目融资模式之一 ,是联系项目和资本市场的重要纽带。项目融资中的项目资产具有预期收入较为稳定和变现性较差等特征 ,该特征不利于项目资金的及时融通。而证券具有发达的市场、完备的法律制度、投资者广泛、风险分散、便于融资等特征。基于二者的互补性 ,产生了资产证券化的融资模式。首先 ,项目资产通过真实交易 ,转让给特殊目的公司 ,是实现项目资产证券化的前提 ;其次 ,通过信用提高等法律手段 ,可以弱化投资者对项目资产变现性较差特征的关注 ,满足证券法的有关要求 ,促进资产证券化的进行 ;第三 ,合理的税法制度是降低项目融资成本、促进项目资产和资本互动的重要法律杠杆 ,是资产证券化的重要保证。以上三个方面是从法律角度诠释资产证券化的重要内容 ,同时这三个方面互为影响 。

ABS is one of the popular models of international project financing, and it is a bridge between projects and capital market. The assets in project share the characteristics such as stable future income and hard to become cash, and the securities share the characteristics such as advanced market, regulations, tremendous investors, risk allocation and easy to finance. The features of both project assets and securities make ABS possible. First of all, the assets transfer to Special Purpose Vehicle SPV through true sale. Secondly, ABS will be on progress after credit enhancement, and thirdly, the relevant tax law is an important guarantee for ABS. The above mentioned three parts are the major content of the article. They influence one another and make up the article as one of integrity.