供应链票据融资的制度证成及法律建构  

Institutional Certification and Legal Construction of Supply Chain Bill Financing

作　　者：叶力铭 Ye Liming(School of law,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学法学院,湖北武汉430073

出　　处：《中南财经政法大学研究生论丛》2023年第3期134-142,共9页Journal of the Postgraduates of Zhongnan University of Economics and Law

摘　　要：“健全资本市场功能,提高直接融资比重”是党的二十大报告为适应新形势下资本市场改革与发展而提出的重大任务。供应链票据兼具票据固有性质与供应链金融创新特征,能够作为承载商业信用的直接融资工具,在资本市场上发挥巨大的融资效能。与传统票据融资、应收账款融资、信贷融资、债券及股票融资等其他融资方式相比,具有灵活性、安全性、效率性、便捷性等诸多优势。然而,供应链票据融资目前面临诸多制度障碍,包括融资应用中的法律错位、融资制度上的法律缺位、融资监管下的制度缺位,亟待法律回应。可见,不论从理论层面,还是价值层面,抑或实践应对层面来看,供应链票据融资都顺应了时代要求,并已具备制度化条件。至于制度设计,应着眼于厘清供应链票据融资的立法思路、细化责任主体与权利主体的责权分配、以及构建精准的监管体系,以完善供应链票据融资的风险防范与后续保障机制。The report to the 20th National Congress of the Communist Party of China required that the function of the capital market should be improved and the proportion of direct financing should be increased.Supply chain bill has both the inherent nature of bills and the innovative characteristics of supply chain finance.It can be used as a direct financing tool carrying commercial credit and huge financing efficiency in the capital market.Compared with other financing methods such as traditional bill financing,accounts receivable financing,credit financing,bonds,and stock financing,supply chain bill has many advantages such as flexibility,security,efficiency and convenience.However,supply chain bill financing is currently facing many institutional obstacles,including legal dislocation in financing applications,lack of laws in the financing system,and lack of systems under financing supervision,which urgently requires legal response.It can be seen that supply chain bill financing has been institutionalized from the perspective of theory,value,or problem alleviation.The focus of legal construction is to clarify the legislative ideas of supply chain bill financing,refine the distribution of responsibilities and right between responsible subjects and right subjects,and build a precise regulatory system to improve the risk prevention and follow-up guarantee mechanism of supply chain bill financing.

关 键 词：供应链票据 票据融资 功能优势 制度障碍 制度设计 

分 类 号：F274[经济管理—企业管理]