货押业务的担保融资模式法律问题研究

　　硕士论文摘要

　　上海地区钢贸行业于上世纪 80 年代末初具规模，目前上海已是全国钢材交易量最大的地区之一，2012 年上海钢铁贸易行业对上海地区生产总值贡献超过3%.钢贸企业通过定量采购及控制合理库存量，可较好缓释钢材市场价格频繁变动给上游钢厂和下游用户所带来的部分市场风险，同时，通过钢贸企业的资源再分配，可以确保下游用户的钢材原料供给保持稳定。自 1999 年以来，上海地区商业银行先后开展钢贸授信业务，并陆续推出一系列针对该行业的融资担保方式，诸如互保、联保、货押、钢贸公司或商会自办的担保公司担保等，高峰时，上海银行业针对钢贸行业发放的授信金额超过 1500 亿元。

　　但近年来钢贸行业出现的一些不规范现象和信贷风险也对这个行业的正常发展产生了较大冲击，据上海银监公布数据，截止 2013 年 7 月末，上海地区钢贸授信余额约 1200 亿元，不良贷款达到 188 亿元，不良率高达 15.67%,而本金逾期率更是高达 50%,且不良及逾期情况呈逐月递增趋势。

　　本文将主要针对俗称“货押业务”（即钢材动态动产质押）的担保融资模式进行研究，阐述动态动产质押融资模式的业务模式、操作流程，分析该模式的弊端及目前的业务瓶颈现状，并通过研究动产质押的特征及要点，从动产的交付与占有切入，逐一与银行采用的动态动产质押进行分析比对，得出银行采用的动态动产质押并不完全符合法律意义的动产质押。紧接着，本文通过研究动产浮动抵押的特征并与银行的动态动产质押模式比对，得出动态动产质押实质是银行参照动产质押和动产浮动抵押而自行创设的一种担保融资模式，并进而对其潜在的法律风险进行归纳。考虑到企业正常经营周转对原材料、存货等动产的流动性需求，因此本文虽揭示了动态动产质押的实质及法律风险，但并未对此全盘否定，而是参考大陆法系国家和英美法系国家的动产浮动抵押制度（因遍寻国外法律，也未发现关于动态动产质押的相关法律条文可做参考），并以此作为借鉴，对我国商业银行未来开展动产担保融资业务模式提出建议。方案一是仍采用动态动产质押担保融资模式，但针对目前已产生的法律风险进行模式的完善：第一是仓库需排他性地与银行合作，即一家仓库仅与一家银行合作，且存放于该仓库内的动产仅能质押于该合作银行，通过此方式以避免重复质押；第二是银行加强对购销合同、发票、付款凭证的审核以避免所有权保留风险；再者就是在银监会或者银行同业公会的牵头组织下建立动产质押的信息平台，确保银行业间的信息透明，避免重复质押等风险。方案二是考虑动产浮动抵押担保融资方式，并针对动产浮动抵押的优缺点分析该模式在国内开展的可行性，最后得出在经济环境上行期间，且行业发展良好的大环境下可尝试动产浮动抵押融资模式，但银行仍需加强贷后监管，定期对动产进行盘点，及时发现风险。

　　政府及相关监管机构出台各种政策支持中小微企业发展，但中小微企业缺乏不动产及固定资产抵押，难以从银行融资，但相应地，中小微企业拥有一定数量的动产，如能切实落实风险防范，通过动产担保从银行获得融资将有利于中小微企业的发展，因此，本文希望通过研究动产质押担保融资模式为主，引出动产担保融资模式的未来发展可行性建议，使得银行及中小企业实现双赢。

　　[关键词]动态动产质押 动产质押 动产浮动抵押

　　Summary of Thesis

　　The steel-trading industry in shanghai was developed very fast in 1980s, till nowShanghai has become one of cities of largest steel trading volume in china. In 2012Shanghai steel-trading industry contributed over 3% of the total Shanghai GDP.

　　Steel-trading enterprises well kept part of the market risk caused by frequentfluctuation in prices under control through quantitative purchase and reasonablequantity of stocks. Meanwhile, the steel-trading enterprises are able to keep supply ofraw steel to the downstream users stable through resource reallocation. Since 1999,Commercial Banks in Shanghai has begun to give credit to companies in steel-tradingindustry, and has launched a series of steel-trading systematized financing guaranteesas well, such as mutual guarantee, joint mortgage, commodity pledge, guarantee bythe third party, etc. The credit amount given to steel-trading enterprises by thecommercial banks in Shanghai was more than RMB 150 billion at peak.

　　But in recent years, the steel-trading industry is facing a great impact due tonon-standard phenomena and credit risk. According to the China Banking RegulatoryCommission, as of the end of July 2013, loan balance for steel-trading industryapproximately reached 120 billion, non-performing loans reached 18.8 billion, NPLrate up to 15.67%, and the principal overdue rate even reaches 50%, and NPL andoverdue loans are increasing month by month.

　　This article focuses on the research for the secured financing model whichcommonly known as “goods charge business” （i.e. steel dynamic chattel mortgage） tostudy its business model and operational processes. By studying the drawbacks of themodel and the bottleneck of the current business situation and by analyzing thecharacteristics and main points of chattel mortgage, and researching the delivery ofmovable property and possession, then compare the common points and differentpoints between the dynamic chattel mortgage and chattel mortgage, and make aconclusion that dynamic chattel mortgage is not chattel mortgage in legal aspect. Andthen, this article compares the model and characteristics between floating charges anddynamic chattel mortgage, results that dynamic chattel mortgage is essentially a newsecured method which created by shanghai banks by referencing floating charges,thus its potential legal risks are exist. Taking into the requirements of liquidity aboutthe raw materials, inventory and other movable property in the operations ofenterprises, this article didn't overthrow dynamic chattel mortgage model, but withreference to the floating charges system in civil law countries and common lawcountries （ due to searching out foreign laws, also found no dynamic chattel mortgageon the relevant legal provisions do reference ） , and then advises that China'scommercial banks can develop chattel mortgage financing in the future as following:

　　One proposal is still using dynamic chattel mortgage secured financing model, but toavoid the legal risks, at first the warehouse to be exclusively cooperating with thebanks in order to avoid duplication of pledge ; secondly is to strengthen theexamination and verification to the proof of goods rights in order to avoid the risk ofretention of title ; Furthermore is establishing the information platform of chattelmortgage to ensure transparency of information between the banks and avoid the risksof duplication of pledge. The second proposal is to consider developing floatingcharges financing models, and analyzing the strengths and weaknesses of the model inChina to carry out the conclusion that the floating charges models can be a good trywhen economic environment in the upstream, but the banks still need to strengthenpost-loan supervision, conduct regular inventory of movable properties to find out andavoid risks in time.

　　Government and the relevant regulatory authorities introduced various policies tosupport the development of SMEs, but SMEs lack real estates and fixed assets, whichmakes them too difficult to finance from banks. Nevertheless, they have a certainamount of movable property. If risks can be controlled effectively, it is favorable forthe development of SMEs by obtaining financing from the banks through chattelguarantees. The paper aims to research chattel mortgage secured financing mode inorder to give feasible suggestion for its future development, and make banks andSMEs to achieve a win-win.

　　[Keywords] Dynamic chattel mortgage Chattel mortgageFloating charges
 

　　目 录

　　引 言…… 1

　　一、选题背景 …… 1

　　二、研究的动机和意义 …… 1

　　三、研究目的 …… 2

　　四、希望解决的问题 …… 2

　　五、研究范围和限定 …… 2

　　六、研究方法 …… 3

　　第一章 商业银行动产质押融资业务模式及弊端 …… 3

　　第一节 商业银行动产质押融资业务模式简介 …… 3

　　第二节 动产质押融资模式现状及弊端 …… 4

　　一、动态动产质押融资模式现状…… 4

　　二、动态动产质押融资模式弊端…… 6

　　第二章 动产（钢材）动态质押业务实质研究 …… 8

　　第一节 动产质押概念剖析 …… 8

　　一、动产质押定义…… 8

　　二、动产质押特征…… 9

　　第二节 动产质押的要点--动产的交付和占有 …… 10

　　一、动产的交付…… 10

　　二、动产的占有…… 12

　　第三节 从浮动抵押角度研究动态动产质押 …… 14

　　一、浮动抵押概念及特征…… 14

　　二、动态动产质押与动产浮动抵押的区别…… 17

　　第四节 动态动产质押的法律效力及法律风险 …… 18

　　一、动态动产质押的法律效力…… 18

　　二、动态动产质押的法律风险…… 18

　　第三章 国外动产浮动抵押制度相关法律 …… 20

　　第一节 大陆法系法律对浮动抵押制度的相关法律规定 …… 20

　　一、德国的类浮动抵押制度…… 20

　　二、法国的类浮动抵押制度…… 21

　　三、苏格兰的浮动抵押制度…… 21

　　第二节 英美法系法律对浮动抵押制度的相关法律规定 …… 22

　　一、英国动产浮动抵押担保制度…… 22

　　二、美国动产浮动抵押担保制度…… 23

　　第四章 动产担保融资模式未来发展建议 …… 24

　　第一节 动产质押融资模式完善建议 …… 24

　　一、仓库排他性地作以避免重复质押…… 25

　　二、加强审核避免“所有权保留”风险…… 25

　　三、探索建立动态动产质押信息查询平台…… 26

　　第二节 动产浮动抵押融资模式建议 …… 27

　　一、动产浮动抵押优点及运用于担保融资的可行性…… 27

　　二、动产浮动抵押对抵押权人的不利之处及发展困境…… 28

　　三、动产浮动抵押在国内的发展建议…… 29

　　结 语…… 30

　　参考文献…… 31