商业保理项下商业汇票债权凭证的法律效力研究  

Research on the Legal Validity of Commercial Bills Creditor's Rights Certificate Under Commercial Factoring

作　　者：赵慈拉[1] ZHAO Cila(Bank and Bill Business Department,China CITIC Bank Shanghai Branch,Shanghai 200126)

机构地区：[1]中信银行上海分行银行及票据业务部,上海200126

出　　处：《上海立信会计金融学院学报》2023年第2期44-56,共13页Journal of Shanghai Lixin University of Accounting and Finance

摘　　要：文章围绕商业汇票能否成为商业保理的标的这一命题进行了论证,认为商业汇票不能成为商业保理的标的资产(光票保理),但可成为商业保理中具有法律效力的债权凭证。文章将现行商业保理以商业汇票与基础交易合同、销售发票、应付账款电子凭证等诸项债权凭证应用做了比较分析。商业保理作为实体经济的一项特殊融资模式,具有逆周期特点,当经济步入下行周期时企业对保理融资的需求将会增大,在应收账款票据化的发展趋势下,商业汇票以其法律关系明确,确权手续简便,便于保理后融资,保理商同时享有票据权利和应收账款权的优势,成为保理商在基础交易合同、销售发票、类票据等多项债权凭证中的占优选择。在厘清商业保理与商业汇票的依存关系基础上,文章对电子商业汇票在商业保理、银行保理的实际应用及保理后银行贴现、标准化票据发行提出了监管政策建议。The author demonstrates whether commercial bills can become the subject matter of commercial factoring,and believes that commercial bills of exchange can not become the subject asset of commercial factoring(bare bill factoring),but can become legally effective debt vouchers in commercial factoring.The author makes a comparative analysis of the application of current commercial factoring,such as commercial bills,basic transaction contracts,sales invoices,accounts payable electronic vouchers and other credit vouchers.As a special financing mode in the real economy,commercial factoring has a countercyclical characteristic.When the economy enters the downward cycle,the demand of enterprises for factoring financing will increase.With the development trend of the securitization of accounts receivable,commercial bills of exchange have clear legal relationships,simple procedures for confirming rights,and are convenient for post-factoring financing.Factoring firms have the advantages of both bill rights and accounts receivable rights,becoming the basis for factoring in basic transaction contracts the dominant choice among multiple debt vouchers such as sales invoices and similar bills.On the basis of clarifying the dependency relationship between commercial factoring and commercial bills,the author puts forward regulatory policy recommendations on the practical application of electronic commercial bills in commercial factoring and bank factoring,as well as bank discount and standardized bill issuance after factoring.

关 键 词：商业保理 商业汇票 类票据 债权凭证 应收账款票据化 

分 类 号：F832.2[经济管理—金融学]