【作者】 孙超；

【导师】 刘保玉；

【作者基本信息】 山东大学 ， 民商法学， 2011， 博士

【摘要】 著名经济学家麦克劳德在其所著《经济法原理》中提出的一个观点：假如我们问影响人类财富最深刻的发现人是谁?在经过深思熟虑之后,我们会毫无顾忌的回答——就是那个首先发现债权是可以销售的商品的人。而应收账款融资正是“债权销售”的表现形式之一。其实质上是通过债权转让或质押等方式将蕴涵于应收账款内的财产价值予以提前变现,内在暗合了金融的逻辑,外在表彰为债权的流转。而债权流转与物权变动一个很大的区别在于,后者充其量仅为同等价值形态的物的相互转化,而前者涉及到未来利益的提前变现,如此足以克服时间和空间的障碍,在这一点上,使得债权交易在本质上与融资、金融等相联系。如果说静态的债权是作为社会经济的信用联系纽带而存在,那么动态的债权流转则赋予了债权第二次生命。以应收账款这种典型的金钱债权为例,于变现之前无法在实物形态上被企业所利用,而且企业还要承担较重的管账和收账等负担。但若将其转让或用作担保,则相当于未来资金的提前变现和回笼,再投入到企业的扩大再生产当中,颇有“点石成金”之功效,从而充分践行了“物尽其用”的效益原则。若将视野扩大和放宽,可观察到当今国际贸易的结算方式中,由于买方市场的形成,保理已逐渐与信用证并驾齐驱；在欧美发达国家,为了避免担保权的执行陷入困境,并使债权之利用趋向规模化与社会化,资产证券化的运作也在如火如荼的进行。而这些创新模式在本质上均与债权转让或担保的法律规则息息相关。另外,应收账款的充分利用,反过来又能鼓励以赊销方式为代表的商业信用的建立和完善。从比较法的经验来看,应收账款融资的蓬勃发展,离不开法律制度之保驾护航。在新的经济背景下,如何完善相关法制,以促进应收账款为代表之金钱债权的流转,又如何把握时代脉动,对现行之法律制度进行具有前瞻性的解释,以使其顺利活化为融资工具,完成从静态资产向动态资本之跨越,确属现代商业社会中的重要课题。具体而言,为保障应收账款融资的顺利进行,相关法律制度的构建就必须秉承以促进债权流转为中心的立法理念,而该理念不但会将对债权让与和债权担保等法律规范的设计产生重要影响,而且立法者在价值判断和利益衡量上亦应随之转向。即以实现金钱债权的顺畅流转为首要目的,并努力保障债权的交易安全,提升债权的融资效率。而此目的主要应该通过保护应收账款受让人或担保权人的利益来实现。这也是本文将一以贯之的“理论红线”。即各部分都将围绕在立法上如何促进债权流转,真正实现应收账款的融资价值进行探讨,并就“应收账款融资的发展”与“资本市场下债权让与和担保制度的演进”做一关联分析,落脚点是在促进债权流转的立法理念的指引下,发现我国《合同法》及《物权法》在宏观的立法理念与微观的制度设计等方面的不足,在解释论上对现有规范进行合目的性的解释或填补法律漏洞,在立法论上则以促进债权流转为中心构建合理的法律规则。本文除引言与结语外,共分为七章,主要论述应收账款融资的基础理论、方式、客体、公示方法、登记程序、顺位规则、实现机制等：第一章为应收账款融资的基础理论。分别探讨了作为法律概念的应收账款的内涵、外延以及应收账款融资的制度基础与现实价值。首先,应收账款本来为会计学上的概念,当其被纳入到法律条文中,由于法律概念所具有的特殊性,导致其与其原本含义会有一定差别。这体现在充当融资工具的应收账款在法律本质上具有二维性,即金钱债权性与财产权性,前者决定了应收账款融资的特点,后者成为了应收账款融资的基础。其次,在应收账款的外延界定方面,首先应注意到产生应收账款的基础交易的形态在各个国家并不完全相同,因此必须以我国特有的市场环境和法律背景为界定标准。对争议最多的“不动产收费权”,从文义解释、历史解释、目的解释等角度,均应属于特殊的应收账款。此外,在立法论上,宜对应收账款作扩大解释,除了在公共政策上不宜充当融资工具的权利外,使其囊括所有以付款请求权为核心特征的新型财产权利,这样既可适当软化物权法定原则,又能逐渐统一相关权利质权的登记机关,并适用简单、透明、高效的电子登记程序。再次,第三节和第四节分别论述了应收账款融资的制度基础与现实价值。前者探讨了应收账款融资之所以能在各国蓬勃发展,一是因为随着社会分工的细密及信用的扩展,债权无论在地位上还是数量上均有大幅度的提升；二是因为债权流通性的增强,并且各国法律均对之加以肯定、承认与保障、促进。后者从融资企业(尤其是中小企业)、银行等金融机构、应收账款自身特点以及宏观经济发展等四个角度论证了应收账款融资在我国现实背景下具有怎样的经济价值,这也正是整篇文章的实践意义所在。第二章为应收账款的融资方式及制度选择。现代应收帐款的融资方式呈现出多元化的发展趋势,这本身即为以促进债权流转为中心的立法理念的一种直观反应,即该理念在现代经济中已通过更加多样化的途径予以表彰。根据当事人的合意中是否含有担保贷款的意图及应收账款不能清偿的风险最终由何人承担,基本可划分为应收账款担保融资与应收账款转让融资两大类。首先,应收账款担保融资的具体方式在各国表现出很大的差异。在我国的制度选择方面,《物权法》中规定的应收账款质押基本可以实现大陆法系中债权让与担保的功能,因此让与担保就不必在我国法定化；对于应收账款质押的解释论应遵循促进债权流转的现代理念,而不应局限于传统的债权质押制度,须转向于英美法尤其是美国《统一商法典》(UCC)寻找制度资源；在立法论上应借鉴英美法中的浮动担保的机制,以实现担保价值的最大化。其次,应收账款的方式在各国达到了较为一致的程度。在我国的制度选择上,应收账款转让与质押在许多方面都存在不同,立法上应同时承认；对于无追索权的保理以及应收账款证券化融资,在性质上均可归类于应收账款转让融资,有了美国次债危机的前车之鉴,法律上承认两者的同时应设计相应规范以避免信用风险；《合同法》中有关合同权利转让的相关规定与促进债权流转的理念明显不符,这导致其具体规则的不妥当性,在立法论上应予检讨。再次,尽管应收账款质押与转让为两种不同的融资方式,但在具体法律适用上,无论在大陆法系还是英美法系,两者均有一定程度的融合。只不过前者采用了准用或类推适用的立法技术,而后者采用了直接吸收的规范模式。因此应从中抽象出一个能够涵盖两者的上位概念——应收账款融资,并秉承求同存异的立法准则,一方面建构其共同的法律规范,另一方面保留其特殊的法律规范。在立法论上采用德国民法典那种准用或类推适用的立法技术应该是更为现实之选择。第三章为应收账款融资的适格客体。实践中,仅利用单笔现存的应收账款融资的现象已较为少见,取而代之的是大批量应收账款一并参与融资。这必然涉及到未来应收账款、附禁止转让约款以及部分应收账款等的转让或担保是否有效以及有无特殊性的问题。在这方面,各国法制均经历了从禁止到限制再到肯定乃至鼓励的阶段。可以说,应收账款融资之客体范围的扩大,正是以促进债权流转为中心的立法理念的典型体现之一。首先,对于未来应收账款融资,如果说信用经济的初步发展开始使现实债权具有了相当高的交换价值,那么信用经济的高度发达则赋予了未来债权以更为巨大的财产价值。这也为其充当融资工具奠定了坚实的经济基础,而经济的现实需求又使其在法律上被肯定。另外,一方面应允许受让人或担保权人通过适当的公示方法在未来应收账款产生前预先取得对抗第三人之地位,另一方面需通过合同内容、公序良俗原则、外部公示、金融监管等途径限制未来应收款融资的法律效力,以防止金融资本对企业经营自由的过度侵入。其次,对于附禁止转让约款的应收账款融资,在宏观的价值判断层面,至少于应收款融资领域,财产流通以及交易安全的价值要高于合同自由及静态安全的价值；在微观的利益衡量层面,否定禁转约款在受让人＼质权人与账款债务人之间的效力,有利于保障银行等金融机构与中小企业的利益,并对经济发展有益无害,而肯定其在转让人＼出质人与账款债务人之间的效力,又不会对账款债务人造成过大损害,是正确的立法选择。再次,对于主体具有特殊性的应收账款及部分应收账款,无特殊的立法政策考虑的情况下均应予以承认。第四章为应收账款融资公示方法的确定。无论是应收账款的质押还是应收账款的转让,均应采纳公示原则。这一方面有利于保障交易安全,另一方面也能保护应收款质权人或受让人的利益,从而促进债权的顺畅流转。传统的公示方法,如交付债权证书或通知账款债务人等,很难真正起到公示的作用。而现代法制以UCC为开端,采取了登记的公示方法。我国《物权法》亦采纳了该模式。首先,应收账款融资的登记应该具有信息的传递功能、权利顺位的决定功能以及优先权的确认功能,而至于国家管制的功能、推定功能及善意保护功能,是该种登记不必要和不可能承担的。这决定了应收账款融资的登记与传统的不动产登记存在诸多不同,起源于UCC中的通知登记应为最恰当的选择。此种登记仅需由受让人或质权人一方向登记机关为以一定格式之表格申报,而其申报内容仅为足使第三人获知担保权之性质及范围所必须之基本讯息,在允许对标的物做概括性或类型性描述的同时,并不要求其提供转让或质押的原始合同。我国《应收账款登记办法》中所规定的登记程序即为通知登记的典型体现,在整体上是妥当的。其次,尽管通知登记能够很好实现公示目的,但仍须注意对其收益与成本的衡量。随着现代科学技术尤其是网络技术的发展,以通知登记为内核,以电子登记为形式的现代化登记系统将能够更有效率的运行,反过来支持了通知登记制在现代经济社会中的可行性。再次,对于应收账款融资登记的效力,无论从该登记的性质和特点来看,抑或从当事人之间的利益衡量来看,还是从法律体系的协调来看,采登记对抗主义而非现行法中的登记成立主义均为最妥当的选择。第五章为应收账款融资登记程序的建构。登记程序如何设计主要取决于登记在实体法上所欲达成的目标,但其本身也具有一定的独立性,即其也蕴含有鲜活的利益冲突,体现了立法者的价值追求。既然立法者一贯秉承以促进债权流转为中心之立法理念,那么该理念也必将渗透到登记程序的构建中,主要就体现在降低应收账款受让人或质权人的登记成本,采取侧重保护其利益的法律机制等。首先,在登记的基本理念上,应坚持通知登记、电子登记的基础架构,而由人民银行的信贷征信机构作为登记机关,具有合理性,这己为实践所证明。另外在立法论上,《登记办法》中规定的通知登记程序并不完整,需要进一步规定质权人＼受让人强制性提供详细信息的义务。其次,在登记的具体内容上,通知登记的精髓在于将信息供给机制进行分割。出质人＼转让人的姓名、名称或证件号码等身份识别标志必须遵循严格相符原则；而质权人／受让人的姓名或名称等并不作为检索标准,对其要求可适当放宽；对于应收账款的描述,既可以是概括性描述,也可以是具体描述,但应达到可以识别的程度；登记的有效期限以及被担保债务的最高限额均为必要记载事项。再次,在登记和查询登记的具体程序上,应采取单方申请、形式审查的原则,而展期登记、变更登记、异议登记等程序及其效力也与传统的不动产登记不同,须注意区分。第六章为应收账款融资中的权利冲突及顺位规则。围绕通知登记制构建顺位规则具有正当性,但一方面该规则须进一步细化,另一方面商业实践各方当事人的权利冲突呈现出更为复杂的态势,这就对全面合理的顺位规则产生了更高的制度需求。首先,对于应收账款的双重质押,应采登记在先、权利在先的规则,在我国采电子登记的背景下,登记申请时间与登记信息向第三人展示的时间几乎同步,并具体到秒,使先登记规则的适用更加公平。其次,对于应收账款的双重转让,原则上亦应采取登记在先,权利在先的规则,须在立法中明确应收账款转让的登记机制；例外情况下可采取通知在先,权利在先的规则,以保护应收账款的非专业受让人。再次,对于应收账款的受让人＼质权人与动产浮动抵押权人、应收账款的受让人＼质权人与延长的所有权保留的卖方之间的复杂的权利冲突,原则上均应采取“登记在先,权利在先”的优先权规则。当然,其前提是各登记系统的信息能够被合理的整合或统一。最后,当债务企业破产时,须区分现实应收款与未来应收款而采取不同的优先权规则。对于前者,只要登记时间在企业申请破产前的,质权人或受让人的利益即优先于其他一般债权人的利益；对于后者,质权人或受让人不能对企业申请破产后取得的应收账款享有优先权。第七章为应收账款融资中的权利实现机制。首先,受让人或质权人权利实现机制的核心是使账款债务人知悉融资行为并强制其转变清偿对象,而这正是要由通知完成的任务。但是通知的效力仅应局限于对抗账款债务人,其并非决定应收账款归属的因素。另外通知性质上为观念通知,生效应采到达主义和了解主义的折衷模式,受让人可成为发出通知的适格主体,但对此类通知的效力须作适当限制。预先通知无效,而迟延通知和后继转让的通知有效。通知不必拘泥于一定形式,在保理和资产证券化中发展出来的特殊的通知形式应予肯定。其次,须合理设计应收账款融资实现过程中质权人或受让人的利益保护规则,并完善出质人或转让人的利益保护规则,尤其是抗辩权和抵销权的行使规则,遵循账款债务人的利益不因转让或质押而受损的一般原则。再次,《物权法》未对应收账款质押的实现做出规定,是为法律漏洞,应类推适用《合同法》债权转让的相关规定,并赋予质权人在债务人不履行债务时的直接收取权。更多还原

【Abstract】 As the famous economist MacLeod has put it:"If we were asked-who made the discovery which has most deeply affected the fortunes of the human race? We think,after full consideration,we might safely answer-the man who first discovered that a Debt is a Saleable Commodity." Account receivable financing is a kind of creditors’ right financing. Its core is to transfer the interests in accouts into cash in advance through assignment and pledge. It is the important difference between assignment of creditors’ right and transfer of tangible property. It accords with the logic of finance inherently and represents assignment and pledge of creditors’ right extrinsicly. If the static creditors’ right is the link of credit, the dynamic creditors’ right endows it with the second life. Take the accouts receivable as example, before transfering into cash they can not only be used by corporations,but also the corporations need take the burdern of taking care of them. But if they can be assigned easily, the future cash will come into being instantly and they can be used for the corporations’ enlargment. This is no doubt a kind of alchemy. Due to this, account receivable financing has been widely used Account receivable financing. However, in our country, it only makes the first step. How to perfect the relevant regulations in order to provide a free and safe environment for the account receivable financing is quite important. In addition, account receivable financing is a means to convert future benefits into present benefits. It is an attribute which displays the creditors’ right has dominated our modern economy life. The independent character, property character and circulation character are enforced. So I believe that they study on this subject is meaningful both in theory and practical aspect.Concretely, in order to accelerate the development of account receivable financing, the legislation must focus on facilitating the assignment of credit. This legislative sense does not only influence the regluations about the cession and pledge of credit, but also it will alter the value judgment and interest measurement. More emphasis should be put on proteciton of transaction security in assignment of accouts. This objective may be achieved mainly by protecting the assingnee of account receivable. This is the theory key of whole thesis. All of parts will focus on how to facilitate the assignment of credit, and analyse the relationship between the development of account receivable financing and advancement of regluations about the cession and pledge of credit in the capital market. The purpose is to find deficiencies in our contract law and property law and perfect them in both interpretative theory and legislation theory.Except the introduction and the conclusion, this thesis consists of seven chapters, mainly discussing the means and the subject matter of the accounts receivable financing, the publication method,filing procedure, priority rules, the constitution of the notification mechanism, and so on.The first chapter is about the general of accounts receivable financing. It mainly dicusses the connotation, extention,system basis and practical value of accounts receivable financing.Firstly, accounts receivable is accounting concept originally, but when it has been absorbed in legislation, it has another sense. It takes double essense. It is the nature of monetary creditors’ right and the expectancy right. This determines that the accounts receivable are appropriate for financing and demand to participate in the financing. The regulation on filing of accouts financing only focuses on the former and neglects the latter,it should be altered. Secondly, as far as the scope of accouts concerned, it is important to concentrate on the special enviroment and backgroud in our country. As to the most debated toll right, it should belong to accounts. This classification will improve the toll right finacing through using the electronic filing system. In additon,it is necessary to enlarge the scope of accouts receivable to include all of the claims for payment. This not only softens up principle of legal prescription of real right, but also makes the diffenrent filing institutons united gradually. Thirdly, this paper discusses the system foundation and realistic value of accounts financing. In the former, the improvement in both quality and quantity of creditors’right is one facet. The other is alteration in legislations which is to admit, protect and improve the assignment of creditors’ right. In the latter, accounts receivable financing is practically important in encouraging the development of middle and small enterprises, and in broadening the business scope of financing institutions. It can play a greater role when it can operate in coordination with relevant regulations. This is also practical sense of this theses.The second chapter is on the means of the accounts receivable financing. By reviewing its practical application in many countries, the means of the accounts receivable financing begins to display the trend of diversification. According to the intention of interested parties and the risk born, the means can be classified as the pledge of accounts receivable and the assignment of accounts receivable.Firstly, there are many differences in the aspect of secured transaction. In continental law system, the pledge of creditors’ right is the only means which is admitted in civil law code. However, at present, security transfers that have rooted in practice has taken the place of the pledge and becomes the most popular form. In UK, both the fixed charge and floating charge has been widey used. In America, it is stipulated in the Aticle 9 of UCC and become a kind of important secured transation. In our conutry, the pledge of accout receivable which has been stipulated in property law can play the same role as security transfers, so the latter is not necessary. As to the interpretation of rules in property law, we should not be confined to the traditional continental law system. On the contrary, the rules in UCC ought to become the main materials we can learn from. In addtiton, the mechanism of floating charge or floating lien can be absorbed in our law.Secondly, compared with the pledge of the accounts receivable, the is basically same in the economic effects and system constitution, so it is not necessary to stipulate in the statute. In addition, although some scholars point out in fact, the pledge of accounts receivable and the assignment of accounts receivable belong to the same system, they are different in the five aspects, including the nature, the functioning mechanism,the risk born, the benefits and the effects. As to the nature about the assignment of accounts receivable with recourse, this thesis thinks it ought to be treated differently. The asset securitization, as the burgeoning means of the accounts receivable financing, is a kind of assignment of accounts receivable.Thirdly, although there are many differences between the pledge and the cession, in the aspect of legal application, there are mixing trend both in continental law system and anglo-american law system. The former adopts the quasi-application legislative technique, and the latter adopts absorbing mode. Therefore it is reasonable to constitute a superior concept- accouts receivable financing to include both of them. In legislation, on one hand,we should constitute the common legal rules, on the other hand, we also shoud keep the different rules. At last, The quasi-application legislative technique is the most proper means for our country.The third chapter is on the subject matter of the accounts receivable financing. It is the problem that which kind of accounts can be used for fiancing. In practice, it is rare that only an accout be used for fiancing. On the contrary, many accouts being united is normal. This mode can not only improve the efficiency of ccounts receivable financing, but can also reduce the risks which are confronted with the banks. But if this mode is applied, there are many problems about the validity of assignment of future accounts receivable, accounts with the terms of forbidding the assignment, parts of accounts and so on. In this aspect, the development of economy promotes the alteration of legislations. In a word, the enlargement of accouts is the typical representation of the idea which focuses on facilitating the assignment of credit.Firstly, in order to make good use of the future benefits which have property value and conquer the obstacle of time and space, the assignment of future creditor’s right has gradually been permitted. Therefore to accommodate the development of social economy, financing through the assignment of future accounts receivable has also been acknowledged by law. Furthermore this assignment is feasible and necessary. But in order to protect the assignor’s creditors’ right, the process and the effect of this assignment should be limited to a certain extend. On one hand, we must admit permitting them to participate in the financing is feasible and necessary. But in the other hand, in order to protect the assignor’s creditors’ right, the process and the effect of this assignment should be limited to a certain extend.Secondly, when it comes to the accounts with the terms of forbidding the assignment, both at the aspect of value-judgment and interest measurement, it is probable to deny the effect the effect of these terms in order to improve the financing efficiency and low the checking cost. Especially it is important for protecting the transaction security. But the assignors must compensate the loss which has been done to the third debtors. Although the parts of accounts receivable are allowed to be used to finance, its effects should be limited in order to prevent the third debtors’benefit from materially being undermined.Thirdly, as to those accouts who are owed by special parties and a part or parts of accouts, it shoud be generally admitted unless there are specil policy considerations.The forth chapter is on the publication method of accounts receivable financing. The publication can both protect the interests of assingnees and transaction security. Furthermore, it becomes the key to facilitate the assignment of credit. In other countries, there are many means for this purpose,for example,the delivery of certificate of obligation or the notification. But there are many deficiecies in both of the two means. Especially they can not display the right status completely. Due to this, filing has become the modern publicaiton mode. Our propety law also adopts this mode.Firstly, the filing has the function of dispalying information, determining and affiirming the priority of assingnees. But the funtions of state control, presumption of rights and bona fide protection are unnecessary and impossible. These decide that the filing for accounts receivable financing is quite diffenrent from the traditional registration system for real estate. So the notice-filing which is originated from UCC is the best choice for the publication of accounts financing.Secondly, although the notice-filing can accomplish the goal of publication, if the costs it pay are quite great, it is still not a proper publication method. This is why some coutries insisit on not adopting this method. But as the development of technology, especially the electronic technology, the new type of notice-filing making use of electronic highway is more efficient. So the notice-filing is no doubt appropriate in modern society.Thirdly, as far as the effectiveness of notice-filing concerned, the essential ideology of registration which is stuipulated by property law is not suitable, and registration confrontation doctrine is a more proper mode.The fifth chapter is on filing procedure of accounts receivable financing. Whether the the filing can function well is mainly dependent on the construction of filing procedure. This procedure is not only consisted of time, space and parties. Behind it there are interest conflicts. So the legislative should make a correct choice. As to the filing procedure, its frame must still concentrate on how to facilitate the assignment of accouts. This can be accomplished by lowing the filing cost which the assigneer must pay and protecting their benefits.Firstly, the notice-filing and electronic-filing system is the basis of this procesure. Filing in the credit investigation institution is reasonable. But the assingnees should bare the burden of delivering some information in detail when inquired by third parties. So the relevant contents should be added into the filing regulation.Secondly, as to the contents of the filing, the core of notiec-filing is that the burden of providing information is share by filing instituitions and personal parties. The name of assingnees is the most important information because they are criterion used for searching. And they must be precised or will milead third parties who want to get information. In contrast, the names of assingers is less important. The description of accouts receivable is not required to be accurate. It is enough to reasonably identify the collateral so the general description is permitted. The lapse period and the amouts which are secured are both nesserray in the system.Thirdly, in the concrete filing and serching procesure, unilateral application and formal examination are the basic principle. As to the modification filing, objeciton filing and other filing should be distinguished from the real estate registration procesure.The sixth chapter is on the rights conflict and the solution mechanism in the accounts receivable financing. In other words, it is on the priority rules.The diversification of financing means decides that the rights conflict could be possible and complex. The first-to-file rule can take effect in each type of rights conflict. But its establishment depends on the construction of the registration systems which can embody high efficiency. How to refine the priority rules and aborb them into the legal systems is also should be considered.Firstly, as to the twice pledge, the first-to-file rule should be adopted. In our country, the electronic filing can make sure that the time of application and filing is almost simultaneous. This will make the first-to-file rule more reasonable.Secondly, as to the the twice cession, the first-to-file rule should be adopted in principle and be stipulated in civil code law. Of cource, in order to protect the non-professional parties’ interests, the exceptional priority rule is "the first notice,the first right" rule.Thirdly, as to the conflict between the inventory mortgager and the seller in the extending ownership reservation is inevitable in the future. The basic way of solving the conflicts lies in establishing reasonable priority rules. But the precondition is that the filing information can be unitied.At last, when the debtors become bankcuptcy, the exsited accouts and the future accounts are confronted different fates. The former can prevail over the unsecured creditors but the latter will lose in the battle with the unsecured creditorsThe seventh chapter is on the implementation of accouts receivable fianancing,especailly on constitution of the notification mechanism for the accounts receivable financing.Firstly, in order to encourage accounts receivable financing, the benefits of the assigners should be put much emphasis on, however, the third debtors’benefits can not be neglected. The notification mechanism can play an important role in balancing the interests and it is the key factor in the process of implementation of accouts receivable fianancing. The notification is a kind of conceptual information, its effect will come into being when it arrive at the debtors or the debors know the assignment.The notification has the absolute effect in order to make the third debtor be aware of the person he should pay for. But the notification can not become the determining factor for the ownership of the accounts, in order that the secretly factor and the securitization finance can be achieved smoothly. The assigner can deliver this notification, however, the effect of this kind of notification should be limited. The notification in advance is of no effect, but the delaying notification and the succeeding notification is effective. The form of the notification should not be limited to the written form. The notification form which derives from the factor and the securitization finance ought to be affirmed.Secondly, the rules for protecting the interests of assingees should be stipulated in detail. Especially the rule of defense and set-off should be perfected and refined further. It is necessary to insist on the principle that the debtors’ interest can not be materially impaired by the assignment.Thirdly, the rules for protecting the interests of assingers can not be neglected, especially the rules about how to exercise right of defence and setoff. Forthly, there are not any rules about how to implementate the pledge of accouts and this belongs to legal loophole.But it can analogy apply the prevalent rules in contract law.更多还原