融资租赁之“双租赁”业务模式的合法合规性研析

“双租赁”是融资租赁行业中新近出现的一种创设性的交易模式,其在实务中一直存在争议。“双租赁”是两个租赁交易的嵌套,在结构上与“转租赁”有着本质区别,其中法律关系的瑕疵在于其中一层融资租赁合同缺乏融物性。据此,从合法性层面“双租赁”业务模式项下的合同并不是违法的合同,应当在性质上认定为借贷合同而非融资租赁合同;从合规性层面“双租赁”业务模式易构成“拆借或变相拆借”从而导致合规风险,所以融资租赁业务模式设计应回归真实交易与业务本质,在此基础上进行产品创新,防范金融风险。

“Nested after-sales leaseback”is a newly emerged transaction model in the financial leasing industry,which has been controversial in practice.“Nested after-sales leaseback”is the nesting of two leasing contracts,which is essentially different from“sub-lease”in structure.The flaw of the legal relationship is that one layer of financial leasing contract lacks financial property.Accordingly,the contract under the“Nested after-sales leaseback”business model is not illegal from the perspective of legitimacy,and should be identified as a loan contract rather than a financial leasing contract in nature;from the compliance level,the“Nested after-sales leaseback”business model is easy to constitute“borrowing or disguised borrowing”,which leads to compliance risks.Therefore,the design of financial leasing business model should return to the real transaction and business essence,and on this basis,product innovation should be carried out to prevent financial risks.