PPP项目未来债权资产证券化法律问题研究

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1、摘要PPP项目收益权的性质是债权，PPP项目收益权证券化的实质是未来债权的证券化。PPP项目未来债权资产证券化主要涉及三方面内容:PPP项目、PPP项目未来债权资产证券化理论基础及PPP项目资产证券化实现路径与制度保障。PPP项目是我国基础设施和公共服务供给机制的重大创新，对于推进供给侧结构改革、提升公共服务质量具有重要作用。然而，随着国内PPP项目实践的不断深化，PPP项目泛化、政府合作及契约精神匮乏引发信用及投资风险等问题也不断显现，严重威胁国内PPP项目的健康、可持续发展。PPP项目资产证券化是指PPP项目公司以其享有的未来

2、收益权为基础资产发行证券，实现自身再融资的过程，其实质是未来债权的让与。未来债权让与制度是PPP项目未来债权资产证券化的制度前提。当前我国尚未建立未来债权让与制度。通过分析域外发达国家经验并结合我国国情，笔者建议从允许未来债权让与、建立未来债权转让公示制度、规定未来债权转让自签订时发生债权转让效力三个方面完善我国未来债权转让制度。基于对我国当前PPP项目法制体系的梳理及对国内PPP项目未来债权资产证券化案例的实证分析，笔者认为我国可借鉴域外不动产收益权抵押、质押、行政接管人制度以保障我国PPP项目资产证券化的交易安全。同时，通过对

3、PPP项目未来债权资产证券化的法律风险、法律障碍展开研究，笔者提出划定红线、完善PPP退出机制、金融市场由“分业经营”向“混业经营”转变，统一适用信贷资产证券化方式展开资产证券化等一系列建议，以保障国内PPP项目资产证券化的顺利进行。【关键词】PPP项目；未来债权；资产证券化；风险隔离IAbstractThelegalnatureofPPPprojectincomerightiscreditor'sright.TheessenceofassetsecuritizationofPPPprojectincomerightisasset

4、securitizationoffuturecreditor'sright.Thesecuritizationofcreditor'srightsinfuturePPPprojectsmainlyinvolvesthreeparts:PPPprojects,thetheoreticalbasisforthefuturesecuritizationofcreditor'srightsinPPP,thepathandinstitutionalguaranteefortherealizationofassetsecuritization

5、inPPPprojects.PPPisamajorinnovationinChina'sinfrastructureandpublicservicesupplymechanism.Itplaysanimportantroleinadvancingsupply-sidestructuralreformsandimprovingpublicservicequality.However,withthecontinuousdeepeningofdomesticPPPpractices,issuessuchasthegeneralizati

6、onofPPPprojects,governmentlackcontractualandcooperationspirithavecausedcreditandinvestmentrisksareexposured,whichseriouslythreatenthehealthyandsustainabledevelopmentofdomesticPPP.assetsecuritizationofPPPprojectsisaprocessinwhichPPPprojectcompaniesissuesecuritiesbasedo

7、ntheirfutureearningsrightsandrealizetheirownrefinancing.TheessenceoftheassetsecuritizationofPPPprojectsistheassignmentoffutureclaims.Thefuturecreditor'srightstransfersystemistheinstitutionalprerequisiteforfuturesecuritizationofcreditor'srightsinPPPprojects.Atpresent,C

8、hina’sfutureassignmentofcreditor’srightsisbasicallyablankoflegislation.Byanalyzingtheexperiencesofdevelopedcountriesoutsidet