国际融资实务中的契约性担保机制探讨

Study on Contractual Security Mechanisms of International Financing

在国际巨额融资实务中,多采用银团贷款或项目融资方式,借款人能否提供充足的担保是银行是否愿意放款的关键。浮动担保虽是一套十分适合于国际银团贷款或项目融资的担保机制,但有其先天局限性,须辅以消极保证条款、合同权利让与担保、直接协议及债权人合意等其他担保机制。尽管这些契约性辅助担保机制对于银行而言的确可起到完善和补充法定担保的作用,但由于我国法律对此并未作明文规范,因而在我国可能仅有债权的相对效力而无物权的对世效力。故须研讨其实务运作的优劣利弊,以促进我国企业利用国际资金以及我国银行参与国际金融市场运作。

In the practice of international finance, syndicated loans or project financing are normally applied, so whether the borrower can provide sufficient guarantee is the key for the bank to loan. Floating charge is a very suitable way for the international syndicated loans or project financing guarantee mechanism, but there are inherent limitations, so it needs other security devices, such as negative pledge clause, security over contracts, direct agreements and inter-creditor agreements. Although these contractual supplementary security mechanisms can play the role of improvement and supplementary statutory guarantee, they are not regulated in China. Thus in our country we probably only regulate relative potency of the claims without the effect of property rights on the world. So the author discusses the practical operation of the advantages and disadvantages, in order to promote Chinese enterprises to use international capital and China＇s banks to participate in the international financial market.