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1、试论我国开展abs的法律障碍及对策（OnthelegalobstaclesandCountermeasuresofcarryingoutABSinChina）OnthelegalobstaclesandCountermeasuresofcarryingoutABSinChinaAuthor:ZouChengyongABS(assetsbackedsecuritization)isalsoreferredtoastheassetbackedsecuritization,assetsecuritization,ithasamodernfin
2、ancial"alchemy"reputation,isanadvancedmeansoffinancingarewidelyusedindevelopedcountriestheUnitedStatesandEurope.Abs70originatedintheUnitedStates,andprevailedinEuropeandAmericain80s.ItappearedinAsiancountriesin90s.Now,Chinahasalsostartedextensiveexperimentsinvariousfields
3、ofabs.ThispaperintroducesthegeneralprocessofABS,andintroducestheABSdevelopmentsituationintheAsiaPacificcountries,focusingondevelopingourcountry'slegalproblemsABSencounteredwithintheexistinglegalframeworkandpossiblesolutionstomakeananalysison.I.GeneralprocessofABSInsimple
4、terms,ABSreferstotheneedtohaveacertainamountoffinancingandcanbringstablecashincomeoftheassetsoftheenterprise(originator)thestablecashincomeofequity(receivable,right)transfertoaparticularcompany(SPV,specialpurpose,SPVvehicle)topaythepriceofthecorrespondingincomerightafter
5、totheoriginalrights,whichgainstherighttobackbondstoinvestorsfinancing.Inotherwords,abondissuedbyaspeciallyestablishedSPVpurchasestheproceedsoftheoriginalholderoftheproceedswiththeproceedsofthebondandtheproceedsofthestablecashproceedsfromtheproceedscanbeusedtorepaythebond
6、sissued.SPVmaybesetupbytheoriginalholderormaybeestablishedbyotherinstitutions.Thesoleorprimaryfunctionofitsexistenceistoissuebondsandrepaydebts.ThesimpleprocessofABSis:(1)theestablishmentofSPV;SPVissuebonds;SPVtobuytheoriginalrightsandinterestsoftheholderoftheproceedswit
7、hthebonds;andSPVtopaythestablecashreceiptswiththerightofincome.ABSistheessenceoftheoriginalrightsfinancethemselvesandnotindebt,buttheuseofaSPVbondsitsetup,throughthetransferofusufructtoSPV,soastoobtainmuchneededfundsforthedevelopmentofbusiness.Becausethecreditguaranteeme
8、ans,makeSPVhigherthantheoriginalinterestsofthecreditratingofbondinvestors,ABSbonds(SPVbonds)moresecuret
