无担保的国际融资法律问题研究

【作者】 王衡；

【导师】 赵学清；

【作者基本信息】 西南政法大学 ， 2003， 硕士

【摘要】 本文在分析国际金融市场，将国际融资划分为无担保国际融资和有担保国际融资的基础上，对无担保国际融资优缺点及其与有担保国际融资相互作用进行了分析，并从法律视角对无担保国际融资的主要表现形式进行梳理，进而结合欧洲债券等实例探讨了无担保国际融资所涉及的一些重要法律问题，同时对无担保国际融资的未来进行展望。全文共分为三部分。 一、国际融资的一般描述 经济学上，国际融资具有两个含义，一是又称为对外融资、海外融资、离岸融资，是指在欧洲货币市场或者欧洲债券市场所进行的资金融通。二是指跨国公司为外国直接投资、国际银行业务、以及外国业务运作进行融资时所采用的一种策略。从法学角度看，国际融资中一个极其重要法律关系是债权债务关系(也存在一些较为特殊的法律关系，如国际股票融资可能会涉及股东与公司之间的关系)，它构成国际融资法律关系的关键部分。国际融资是一种具有国际性质的债，它在债的主体、客体或者内容(即权利和义务)三个要素中，有一个以上的要素具有国际性质；应结合不同融资方式的特点，探求其实质以判断其是否属于国际融资方式。 国际融资外延很广，具体包括不同性质借款人和贷款人通过各种金融手段在国际金融市场获取资金的不同方式，它与国际金融市场密切相关。国际融资有多种分类。本文以是否存在担保为准绳，将国际融资划分为有担保国际融资和无担保国际融资。 为进行比较研究，本章分析了有担保国际融资的主要形式。有担保的国际融资主要包括有担保的公司债券、信用证、有追索权的国际保理、其他类型的有担保国际融资。 二、无担保国际融资概述 基于讨论需要，本文针对的无担保的国际融资仅限于具有商业性质的国际融资，并按照融资的实质而非形式来判断其是否属于无担保类型。就“无担保”的含义而言，它是指“没有担保"，具体包括：(1)就支付、履行、或者偿还而言，未能通过担保物权或者提供、抵押财产作为担保来对之加以保证或者保护。(2)由于缺乏担保或者担保权益而表现出的特征。无担保国际融资的法律调整和当事人约定中，主要贯穿始终的精神包括：一是确保融资交易能顺利进行，例如，债权人能够及时依约获得债款返还。这与有担保国际融资具有共同之处。二是，由于无担保国际融资在国际金融市场上的竞争力较有担保国际融资而言相对常常处于弱势。贷款人或投资人等常通过法律安排来保护自身权益。此外，对弱势投资者等的保护同样值得重视。无担保国际融资主要包括无担保国际商业银行贷款、无担保的公司债券、提供融资服务的无追索权国际保理、其他形式的无担保国际融资。 为研究之需，笔者试图以无担保国际融资各种表现形式的存在基石为标准，将其分为主要基于信用的无担保国际融资(例如，欧洲债券)，以及主要基于投机的无担保国际融资(例如，在国际股票中创业板融资)。这种划分并非绝对和十分精确，因为可能存在兼具信用和投机两种机理的无担保的国际融资形式。 通常，无担保国际融资的优点与积极意义主要在于，手续较为简便、无担保费用、融资成本较低、无担保国际融资推动国际贸易发展，能在很大程度满足国际商事交易需求、可转换公司债券等无担保国际融资形式有利于企业降低负债水平，为公司并购等未来发展筹措所需资金。无担保的国际融资的弊端是，对贷款风险的控制提出更高要求、相同情况下，较无担保的国际融资而言，投资八通常更倾向于选择风险相对较小的有担保国际融资、融资人可能需放弃一些权益。值得关注的是，无担保国际融资与有担保国际融资间还可能存在相互转换和合作的情形。三、无担保国际融资若干法律问题探讨与未来发展前瞻 无担保国际融资的相关立法既散见于《国际统一私法学会国际保理公约》等相关国际法，也体现于各国涉及无担保国际融资各具体形式或国际金融交易的国内法之中。但是，并国际法和各国国内法均没有针对无担保国际融资的系统而完善的法律调整体系。 无担保国际融资包括诸多具体表现形式，其所涉及的法律问题也较为复杂。因此，本章主要对以下较为重要的法律问题，结合实例进行探讨:(1)对投资者，尤其是处于弱势的散户投资者的法律保护问题;(2)税收问题;(3)可转换公司债券等无担保国际融资形式的定价问题;(4)无担保的国际商业银行贷款合同中的信用评级控制条款;(5)债款收取问题;(6)风险控制问题;(7)法律适用问题。 无担保国际融资将在未来发挥更重要作用。同时，无担保国际融资面临挑战，随着金融全球化，无担保国际融资越来越融入国际金融大市场中，它亦受到各国金融监管法等相关规定的影响，并更加与融资者的状况相关。更多还原

【Abstract】 This dissertation firstly analyses the international financing, dividing it into secured international financing and unsecured international financing, and reviews the advantages and disadvantages of unsecured international financing, as well as the interaction between the secured and unsecured international financing. The author tries to find out the major forms of unsecured international financing, probes into the important legal issues in the unsecured international financing with the examples like Eurobond, and finally predicts the future of unsecured international financing. This article consists of three parts.Part One: General Description of International FinancingOne of the very important legal issues in the international financing is debtor-creditor relationship, although there are other legal relationships like the shareholder-corporation relationship in the financing through listing in overseas stock markets. International financing is the international "obligation", with the subject, object or content of the financing shall be "international".There may have quite a lot of classifications of international financing. Since the security issue is of great legal implication, the international financing may be divided into the secured international financing and the unsecured international financing according to the criteria of whether there is any security.For the sake of comparison with the unsecured international financing, this part lists the major forms of secured international financing, which include the secured bond, the letter of credit, the international factoring with recourse, advance payment, BOT, direct loan, forfaiting, project financing etc.Part Two: General Description of Unsecured International FinancingIn this dissertation, the unsecured international financing is ofbusiness nature. The unsecured international financing does not have mortgage, pledge, lien, guaranty, pawn or any other kind of security. The legal arrangements of unsecured international financing have at least two features: one is that it tries to make sure that the transaction is performed smoothly, e.g. creditors or investors etc may get the money back or obtain investment return. The other is that the unsecured international financing is not as attractive as the secured international financing in the international financial market. Therefore, lenders or investors etc. sometimes try to make special arrangements in the unsecured international financing to protect their rights effectively. The unsecured international financing includes the unsecured international loan, unsecured bond, factoring without recourse that provides international financing, financing through listing in overseas stock markets etc.The author believes that the unsecured international financing may be divided into the credit-based unsecured international financing and the speculation-based unsecured international financing. However, the said classification is not always correct because there may have some unsecured international financing based on both credit and speculation.On one hand, the advantages of unsecured international financing usually include the relatively simple formalities, without the cost of providing security, satisfying the needs of international business etc. On the other hand, unsecured international financing may have the following disadvantages: higher requirement of risk management, the stricter requirements for borrowers etc. It is noteworthy that there may have transformation and cooperation between the secured international financing and the unsecured international financing.Part Three: Important Legal Issues in Unsecured International Financing and the Future of Unsecured International FinancingThe legal rules of unsecured international financing include relevant international law like the UNIDROIT Convention on International Factoring, and the domestic laws of many nations on the regulation of international financing etc. But there are not complete and systematic legal rules to regulate the更多还原