民法典体系下供应链金融的新发展——以动态质押为中心

New Development of Supply Chain Finance under Civil Code System——Centered on Dynamic Pledge

本文以民法典体系为基础,一方面分析了如何在解释论视角下依据民法典,对供应链金融的代表性融资形式—动态质押进行规范的问题,其中包含动态质押的质物特定化、设立标准等重要问题;另一方面阐释了动态质押制度的构建对供应链金融发展的多重意义。通过分析动态质押业务开展的现实状态,明确其在初始设权时、增减质物时的每个阶段都实现了价值特定,肯定了质物特定化标的物的动态性,从而满足了动态质押与供应链金融的双向要求。通过审判实践和担保物权的法理分析,认为标的物动态性、委托监管的特性非但不改变其质押属性,反而是其核心优势。质权人借助监管人与出质人“共同占有”质物,是“实际控制”的表征。立足于动态质押所展现的优势,阐释了其在供应链金融整体发展中的现实意义:动态质押制度的确立促进了供应链金融的合规化发展,确定了监管人地位以及质押物增减的合法性,在很大程度上促进了供应链金融中物流、资金流的统筹,同时也加快了银企之间的信息流动;使供应链金融在促进债权人银行融资业务的开展以及降低中小企业融资难度两个维度中都发挥了强有力的作用;增加了供应链金融的整体业务量,强化了其在整个金融体系中的卓越地位。

Based on the normative system of the Civil Code,this paper analyzes how to regulate dynamic pledge,a representative form of financing for supply chain finance,based on the Civil Code from an interpretive perspective,which includes important issues such as the specificity of pledges and establishment criteria of dynamic pledge;on the other hand,it explains the construction of dynamic pledge system for the development of supply chain finance.On the other hand,it explains the multiple significance of the construction of dynamic pledge system to the development of supply chain finance.By analyzing the real state of dynamic pledge business,it is clear that the value of the pledge is specified at each stage of initial creation and increase/decrease of pledges,which confirms the dynamic nature of the specified subject matter and thus meets the two-way requirements of movable pledge and supply chain finance.Through trial practice and analysis of the jurisprudence of security interests,it is believed that the dynamic nature of the subject matter and the characteristics of entrusted supervision do not change its pledge attributes,but are its core advantages.The pledgee’s“co-possession”of the pledge with the supervisor and the pledgee is a manifestation of“actual control”.Based on the advantages of dynamic pledge,the practical significance of dynamic pledge in the overall development of supply chain finance is explained:the establishment of dynamic pledge system promotes the compliance development of supply chain finance,determines the status of the supervisor and the legality of the increase or decrease of pledges,largely promotes the integration of logistics and capital flow in supply chain finance,and also accelerates the flow of information between banks and enterprises;makes supply chain finance in promoting It has made supply chain finance play a strong role in promoting the development of creditors’bank financing business and reducing the difficulty of financing for SMEs in both dimensions;it has increased the overall business volume of supply chain finance and strengthened its outstanding position in the overall financial system.