PPP项目资产证券化风险隔离法律制度的困境与优化

Dilemma and Optimization of Legal System for Risk Isolation of Asset Securitization in PPP Project

PPP项目资产证券化为社会资本方提供融资并增加退出渠道,提升项目落地率,是未来政策重点鼓励的方向。其健康发展的核心是做好风险隔离,实际操作中,囿于将来债权转让、专项计划设立、基础资产真实出售在法律制度层面的诸多矛盾与障碍,无法切实达到风险隔离效果。为了保障社会资本获取确信的投资权益,针对如上三项制度中的法律困境,分别从多角度提出制度性的优化建议,以期为推动我国PPP项目资产证券化的健康、有序发展做出有益探索。

The asset securitization of PPP project provides financing for social capital and increases the exit channel ,so as to improve the project landing rate,which is the direction of future policy priority. The core of the healthy development of PPP project asset securitization is good risk iso-lation. In practice,due to the future transfer of claim,the establishment of special plans and the contradictions and obstacles in the true sale of ba-sic assets,the risk isolation can not be achieved effectively. In order to ensure the social capital to obtain its investment rights and interests ,aiming at the legal dilemmas of the three systems,this paper puts forward multi-angle institutional optimization suggestions,with a view to making benefi-cial exploration of the healthy and orderly development of PPP project asset securitization in China.