民间融资法律制度的国际比较及借鉴

【作者】 李林泉；

【导师】 肖鹏；

【作者基本信息】 中国海洋大学 ， 国际法， 2007， 硕士

【摘要】 当前国内立法对于民间融资态度较为“冷淡”,对其重要性未能作出前瞻性的估计,更未为其存在和发展创造适宜的法制环境,因此它的枝蔓仅能在正规金融有限供给与日益扩大的融资需求之间的缝隙里顽强生存。随着2007年两会召开,民间融资缺乏法制化、中小企业融资难问题又掀波澜。要在短时间内建立一套较为有效的制度体系,探讨各国民间融资制度的发展历程和立法经验不失为一种值得重视的方法。民间融资在国内外各学者的著述中因其研究的角度不同而体现出了不同的定义,但是其在很大程度上还是存在着相同点的,一般都是用与正规金融相比较的方法来界定民间融资。民间融资通常被定义为处于国家政府政策管制之外的、与正规金融相对应的,以营利为目的的一种融资活动。概括起来主要以民间借贷、合会、地下钱庄、私募基金、典当以及以融资为目的向社会借贷集资等形式存在。当然,要界定民间融资还要把民间融资与非法集资区分开来。民间融资是一种合法的融资活动,而非法集资则是未经立法允许或有关部门批准的一种违法活动,与合法的民间融资有制度性区别。民间融资的存在目的最初是为了满足人们日常生活紧急支付,后来逐渐发展到主要用以满足中小企业扩大生产经营规模的资金需求,具有更加深刻的经济意义和社会意义。这种效率颇高的资金筹措方式不仅拓宽了非公有制经济的融资渠道,而且支持了国民生产总值的高速攀升,制度层面上更是金融制度革新、金融体系效率提升的强力助推器。民间融资的兴起与正规金融制度的局限性密切相联,非公有制经济的蓬勃发展客观上产生了广泛的融资需求,但与此同时正规金融对于信用尚不完善的个人与中小企业存在惜贷的传统,两股力量的博弈客观上推动了民间融资的产生与多元化发展。很多发达国家和发展中国家的民间融资制度历史悠久,相关制度与立法也相对完善:在1850年舒尔茨与雷发胜在德国相继建立了比较完善的民间融资制度模式——信用合作社制度,此后,诸多周边国家相继效仿;英国是现代合作事业的发源地(只是信用合作制度的出现稍晚于德国),历经多年发展,其合作事业中富有代表性的民间融资形式主要包括合作批发协会(CWS)(后来发展成为专门的合作银行)、信托储蓄银行(TSB)、房屋贷款协会等等;20世纪20年代前后,信用合作社在美国也得到了较快发展——出现了包括全国性的行业协会等专门支持各种类型的信用合作组织发展的机构。立法方面,1934年国会通过了“联邦信用社法”,并随后成立了专门的信用社全国管理局(NCUA),同时在各州设立了监管机构或专职官员。此外,美国对于中小企业融资的管理扶持以及信用担保体系和补贴政策也比较完整并具有特色;日本传统的民间融资机构是Mujin(无尽),这一融资方式随各个时期经济发展需求历尽波折,在二十世纪八十年代被改组成了商业银行;很多发展中国的民间融资制度也不断进步,比如印度实行多种融资方式并重,其民间融资机构主要包括:小额信贷组织(MFI)、未经注册的金融公司、非职业放贷者、各种各样的租赁公司、投资公司、ROSCA等。非洲部分国家的民间融资制度也取得了长足的发展;我国台湾地区的民间融资在合会制度方面可称作典型,具备相对详尽的立法,注重发挥合会对经济发展的促进作用。显而易见,民间融资制度本身并非罪恶之源,相反,只要善加利用,不论发展中国家还是发达国家都可以通过这种形式推动金融市场的活跃。我国的民间借贷虽由来已久,但是其形式一直随着周遭经济、政治、法制因素的变化而不断推陈出新。由于原有立法缺乏充分预见和规制,在实践中民间融资制度的运转与实施还存在着不少问题,传统的管理一直以压制为主要手法。时至今日,鉴于融资需求膨胀而立法缺位,对国外已有的治理经验进行分析参照,探索一种更有效率、更为合理的管理模式,来引导和促进民间金融的良性发展,将民间融资从压制性管理转变为扶持性管理,创设出符合我国国情的民间融资制度,从而更好的为我国的经济服务为当下务实之策、可行之策。进行专门立法就企业的借贷问题进行调整,对一些确实具备一定的注册资本金、能够依法经营、履约率较高的私人钱庄等“非法”金融机构,允许其在一定期限内转为合法的民间金融机构越加具有现实意义。基于此种考虑我国在一些地区已开展了小额信贷的试点,只贷不存,民间借贷公司在国家的允许与鼓励下开始进入金融市场,发挥着越来越大的作用。为此我们就需要做到以下几点:首先界定合法民间融资的形式,明确民间融资概念;其次就是做好民间融资的监管工作,建立民间融资监管机制,完善民间金融监管体系;再次完善融资相关立法,比如反洗钱法与反垄断法;完善与民间融资有关的制度,比如建立征信制度。更多还原

【Abstract】 Because modern legislation’s ignorance and lacking of foresight, informal finance has not get proper legal growing environment in china. However, it grows increasingly strong in the small room between limited formal finance supply and large fund demands. During the Two Sessions in 2007, the legalization of informal finance and the difficulties in small and medium scope companies collecting money became hot topics. To establish a set of effective regulations in a short period, studying the history and legislation of informal finance in other countries is a valuable means.Informal finance is defined in various ways in different scholars’works, because their investigate angles are different. These definitions of informal finance sound similar to a large extent, because they are commonly made by comparing with formal finance. Informal finance is usually defined as a kind of financing activity that beyond the government policy control, corresponding with the formal finance and aiming for raising money. Informal finance exists mainly in such forms as informal money-lending, Rotating Savings and Credit Associations (ROSCAs), illegal bank, privately offered funds, mortgage and collecting money openly from public etc. It is necessary to distinguish Informal finance from collecting money illegally. Informal finance in this thesis is a legitimate way to collect money, and the illegal ways are commonly not authorized by law or the related governmental departments. Illegal financing is different form the informal finance. The prime emergence of informal finance is helping people get enough money in their daily life when they need finance suddenly, helping enlarge the production scope of small and medium-sized companies. Such effective way of raising money satisfies the non-public companies’demands, supports the progress of GDP, improve our finance system.The emergency of the informal finance is related with the limitation of formal finance, the booming development in nongovernmental businesses objectively promotes enormous demand of financing. But the tradition that formal finance would not like providing loans for persons or small and medium scope companies, whose credit is not perfect, promote the informal finance enlarged increasingly. The informal finance in the developed countries appeared earlier, legislations and institutions about it are comparatively complete. In 1850, Herman Schulze-Delitzsch and Friedrich Raiffeisen established the relatively complete informal finance system mode——credit union system in Germany. After that, such systems are established continuously in its neighbor countries. Britain is the birthplace of the modern cooperation cause (its credit union system emerged later than Germany).The representative informal finance forms in England primarily include the Cooperation Wholesale Association (CWS), which became the special cooperative bank later, Trust Savings Bank ( TSB), and Home Loan Association. In about 1920s, credit cooperatives in US obtained developed rapidly, and many organs to supports the works of credit cooperatives established, craft guilds included. In 1934, the Congress adopted the "Federal Credit Union Act", established subsequently the special nationwide credit union association (NCUA), set up supervisory organs or hire full-time officials in every state. In addition, the credit guarantee system and the subsidize policy in US is comparatively characteristic .The traditional informal finance organization in Japan is Mujin, which was reorganized to the commercial bank in 1980s. At the same time, the informal finance system has made a great progress in developing countries. For example, Indian government pays attention to various financing methods , their informal finance organizations primarily include the Minimum Financing Institution (MFI), financial companies without registering, nonprofessional money lenders, all kinds of leasehold companies, investment companies, ROSCAs and so on. In some African countries, the informal finance system has also developed. The informal finance system in Taiwan region of China manifests as ROSCA, which has been provided with mature legislation, and the system promotes economy increase.Obviously, informal finance itself is not bad, if only be used properly, the financial markets will benefit from it, whether in the developed countries or in the developing ones. Informal finance in china has a long history, but its forms never stop changing with the change of economics, policies and laws. Because lacking of legislation, there are many problems exist in it. The government’s traditional basic attitude to the informal finance was to suppress its development. Today, facing financing demands’ enlarging and weakness of legislation, investigating and analyzing different informal finance systems, find a more efficient and reasonable management mode in order to guide and promote the informal finance expand to the positive directions. We need to change our management style from the suppressible to the supportable, and establish a system according to our conditions, consequently it will serve the economy better. Therefore we should legislate to adjust issues on financing, allow the“illegal”financing institutions such as the private banks turn to legal financing institutions in a given time, which have registration funds, operate by law and perform the contract well. Now central government support some new forms of inform financing organizations work in some provinces, it’s a good beginning. Meanwhile we need to pay enough attention on the following problems: (1)Define the legal informal finance specifically.(2) Establish and consummate supervisory mechanism to help the informal finance develops healthy.(3) Constitute laws concerning the informal finance, such as anti-monopoly law and anti-money-laundering law;(4) consummate systems concerning the informal finance, for instance ,to constitute the credit system ,etc.更多还原