融资性循环买卖案件的裁判逻辑和法理基础

The Judicial Logic and Legal Basis of Financing Circular Sale Cases

融资性循环买卖是一种“名为买卖,实为借贷”的交易模式。法院审理此类案件时,应当采用穿透式审判思维,将各方当事人都纳入诉讼程序中,综合审查整个交易链条。在构成融资性循环买卖时,各个买卖合同应作为虚伪表示认定无效;买卖合同之下的隐藏行为,既包括中间人与借款人之间的委托合同,也包括中间人与贷款人、借款人与贷款人之间的“半个”借款合同。借助《民法典》第925条的规定和交易的整体解释方法,可以认定贷款人与借款人之间存在着一个完整的借款合同。中间人不是借款合同的当事人,不负有偿还借款本息的义务。对于因借款人不能返还借款给贷款人造成的损失,中间人不负有赔偿责任。

Financing circular sale is a common trading mode in practice,which is nominally a contract of sale,but essentially a contract of loan.When hearing such cases,the court should adopt a look-through reviewing method,namely,including all parties involved in the litigation process and comprehensively reviewing the entire trading chain.When the transaction involved constitutes a financing circular sale,each contract of sale should be deemed invalid as a false manifestation of intent.The hidden juristic acts under contracts of sale include both the contract of mandate between the intermediary and the borrower,as well as the“half”contract of loan between the intermediary and the lender,and between the borrower and the lender.With Article925 of the Civil Code of People's Republic of China and the overall interpretation method of transactions,it can be determined that there exists a contract of loan between the lender and the borrower.The intermediary is not a party to the contract of loan and has no obligation to repay the principal and interest of the loan.The intermediary also shall not be liable for compensation in accordance with the law for losses caused by the borrower's inability to repay the loan to the lender.