民法典时代融资融券担保的法律构成——以让与担保为适用进路  

Legal Constitution of Securities Margin Trading in the Civil Code Era:Taking Transferring Guaranty as the Applicable Approach

作　　者：程威 CHENG Wei(Tsinghua University,Beijing 100089,China)

机构地区：[1]清华大学法学院,北京100089

出　　处：《江西财经大学学报》2022年第1期136-148,共13页Journal of Jiangxi University of Finance and Economics

基　　金：国家社会科学基金青年项目“关联企业实质合并破产规则的制度化进路研究”(17CFX030);安徽大学经济法制研究中心招标课题“股权让与担保在破产程序中的权利实现”(pcs2021yjs-6)。

摘　　要：融资融券担保交易制度是金融法制基础设施的重要构成部分。从私法层面对融资融券担保的准确描述有利于廓清当事人权利义务边界,并在私人执法中提供请求权基础,以减轻公共执法的监管负担。目前的学理分析尚未厘定融资融券担保的法律构成。《民法典》引入功能主义担保观,令让与担保以非典型担保方式获得合法性认可,继而为融资融券担保的法律构成提供充实的适用依据。在解释论上,让与担保可以证立融资融券担保的账户体系与担保物范围等规范构成,但登记规则的阙如会影响强制平仓的效力。法政策上,为配合《民法典》统一担保登记的要求,立法者应规定融资融券经过登记方具有优先效力,从而促进实现法学理论与商事实践的衔接。The securities margin trading guarantee system is an important part of financial legal infrastructure. The accurate description of the securities margin trading guarantee from the perspective of private law can help to clarify the boundary of rights and obligations of the parties, and provides the basis of claim in private law enforcement, so as to reduce the regulatory burden of public law enforcement. The present academic analysis has not determined the legal constitution of the securities margin trading guarantee. The Civil Code has introduced the functionalist guarantee concept, by which the transferring guarantee obtains the legitimacy recognition in the way of atypical guarantee, thus substantial applicable evidences are provided for the legal constitution of the securities margin trading guarantee. In terms of interpretation, the transferring guarantee can establish the account system of the securities margin trading guarantee, the scope of collateral and other specifications, but the absence of registration rules will affect the effectiveness of the forced liquidation. In terms of laws and policies,in order to meet the requirements of unified guarantee registration by the Civil Code, legislators should stipulate that the party registered in securities margin trading has the prefer efficiency, so as to promote the connection between the legal theory and the business practice.

关 键 词：融资融券担保 信托构造 最高额质权 让与担保 强制平仓 

分 类 号：D912.29[政治法律—民商法学]