动产金融:模式解读与场外交易市场实践

Chattel Financing: Paradigm and Practice

动产金融契合了中小企业不动产缺乏、动产资源丰富的资产结构,在实践中涌现了多种创新模式。本文通过解读动产金融的运作原理,发现动产金融注重中小企业片段信息的价值、鼓励专业机构"术业有专攻"以提升融资效率,通过控制动产、激励融资方及专业机构管控风险。场外交易市场以对中小企业股权的控制为依托吸引了各类参与机构,为整合金融资源探索新型动产金融模式创造了条件。监管政策也应遵循动产金融运作原理,弱化场外交易市场发展动产金融业务的约束条件。

Chattel finance fits for asset structure of small and medium-sized enterprises which lack of the real estate and rich in the chattel which results in various innovation patterns in practice. Based on the interpretation of chattel financial operating theory, the paper finds that chattel finance improves the financing efficiency by focusing on fragmentary information of small and mediumsized enterprises,incentivising various professional organizations to be active in their professional fields and control risk by monitoring chattel, prompting the emergence of financiers and professional organizations. OTC market based on the control equity of small and medium-sized enterprise attracts all kinds of participating institutions. To integrate the financial resources to explore new modes of chattel finance, regulatory policy should also follow the chattel financial operating theory and weaken constraints of chattel finance in OTC market.