论判定补贴利益的商业利率基准

Review on Benchmarks of Commercial Interest for Determining Subsidized Benefit

WTO《补贴与反补贴措施协定》将商业贷款利率作为政府贷款与贷款担保是否授予企业补贴利益的判定基准。判定贷款的利益基准,应为企业可以实际从市场获得的商业贷款:其中的"可以"表示企业的资信状况符合获得基准贷款的条件;贷款市场的边界应根据货币币种来确定;贷款人是否国有,无关乎所提供贷款的商业定性。判定贷款担保的利益基准,是无政府担保时、企业可以实际从市场获得的商业贷款,此项基准贷款可以有商业担保存在,但补贴利益应为扣除企业支付商业担保与政府担保的成本差额后的、企业在有无政府担保的不同情形下,所支付贷款利息差额。特殊情况下,商业利率基准可以变通为其他币种的贷款利率或者结构利率。

Interests of commercial loan have been provided as the benchmarks for determining subsidized benefit of governmental loan and loan guarantee in the SCM agreement. A benchmark commercial loan must be a loan which the firm could actually obtain on the market but need not in every case be a loan that exists. The boundary of loan market could be identified by different currency instead of any geographical or national scope. Besides, it would not be correct to conclude that any loan made by the government would ipso facto not be commercial. The benchmark for governmental loan guarantee should be the amount that the firm would pay on a commercial loan absent the governrnent guarantee, If any commercial guarantee exists, adjustment of guarantee fee is required. Under specific circumstances, a certain degree of flexibility also applies in the selection of benchmarks by resorting to a benchmark loan in another currency or to a constructed proxy.