企业资产证券化法律结构的优化

Optimization of the Legal Structure Regarding Enterprise Asset Securitization

企业资产证券化结构的优化前提是实现基础资产的“真实出售”和SPV的“破产隔离”,目前中国法项下企业资产证券化“真实出售”和“风险隔离”法律尚不完善,通过对企业资产“真实出售”和“破产隔离”应然逻辑的分析,促使企业资产证券化法律结构实现最优。于实践角度,提升市场主体交易预期,降低交易风险,维护交易安全,实现资金融通和财富积累的目标。于法律角度,对我国企业证券化法律制度提出完善建议,提升法律制度的理性和效率。

The premise of optimizing the legal structure of Enterprise Asset Securitization is to realize the"true sale"of underlying assets and the"Bankruptcy Remote"of Special Purpose Vehicle(SPV).Currently,the legal system of"true sale"and"risk isolation"of Enterprise Asset Securitization under Chinese law is not perfect.Generally speaking,this paper focuses on optimization of the legal structure regarding Enterprise Asset Securitization based on analyzing the logic of the"true sale"of enterprise assets and"Bankruptcy Remote".On one hand,from a practical point of view,we should improve the transaction expectations of market participants,reduce transaction risks,maintain transaction security,and achieve the goals of financing and wealth accumulation.On the other hand,from a legal point of view,suggestions are put forward to improve the legal system of enterprise securitization in China,which is conducive to enhancing the rationality and efficiency of the legal system.