【作者】 范锡琴；

【导师】 李泳；

【作者基本信息】 华东政法学院 ， 国际法学， 2003， 硕士

【摘要】 浮动担保制度起源于英国十九世纪的衡平法。所谓浮动担保,是指以借款人现有的和将来的所有财产或某一类财产为担保,借款人在其正常经营过程中仍有权自由处分担保项下的财产的一种担保制度。相对于固定担保制度而言,浮动担保制度最大的优点是借款人在其企业正常的生产经营过程中具有自由处分其担保财产的权利,直至浮动担保结晶。但任何事物都具有两面性。这一特点在促进了借款人的企业迅速高效的运转的同时,也使得贷款人无法控制对这些担保财产的处置,因此无法预测其能用于清偿债务的资产的数量和规模,贷款人的利益无法得到可靠的保障。浮动担保制度的这一缺陷直接影响了浮动担保这一担保工具在国际融资实践中的使用和推广。如果不能有效克服,那么将是浮动担保制度发展的一大致命的障碍。日本引入浮动担保制度的经验即是一例。在国际融资实践中,克服这种缺点主要有两种方法,一是在浮动担保之外另就某些重要财产设立固定担保,二是在浮动担保协议中订入限制性条款,禁止借款人在生产经营过程中为某些行为。特别是禁止借款人未经贷款人的书面同意,设立优先于该浮动担保得到清偿或和与该浮动担保按比例同时受偿的固定担保。其中以后者运用较多。本文主要借鉴英联邦国家的经验和实践,对该限制性条款进行了初步研究,重点探讨浮动担保协议中的限制性条款对第三人效力。最后对我国未来引进<WP=4>浮动担保制度时设计限制性条款的制度构架提出了一些设想。本文正文约三万六千字。除前言和结语外,共分为四章:第一章:浮动担保制度的概念和特征。主要介绍了浮动担保制度在英国的起源及其社会经济背景。以法院判决中的论述为基础,分析了浮动担保的概念,并揭示了浮动担保区别于固定担保制度的特征。第二章:限制性条款 ─ 浮动担保的局限性之克服。本章从分析浮动担保固有的缺点入手,通过比较国际融资实践中对此采取的两种克服方法,认为采用限制性条款既能合理的保护浮动担保权人的利益,同时也能保留浮动担保制度的优点。由此进一步分析了限制性条款的概念、功能及性质。第三章:限制性条款对第三人的效力。这是本篇文章的重点。本章首先分析了限制性条款对随后的固定担保权人的效力,分析确定第三人是否知晓的标准、优先权的权源、及经常与限制性条款配套使用的自动结晶条款,提出应该严格解释限制性条款的适用。其次分析了限制性条款对执行程序中的债权人的效力,认为限制性条款限制的仅仅是借款人主动创设的抵押或担保,而对借款人的财产的执行不属于此类,因此限制性条款不能限制其他债权人根据法院判决或行政命令执行借款人的财产。第四章:重视对限制性条款的理论研究和立法。本章分析了我国经济建设对引入浮动担保制度的需求,认为加强限制性条款理论研究和制度建设将有利于我国成功引入并实施浮动担保制度。同时提出我国研究限制性条款的时候所必须重视的理论问题,并对我国未来的限制性条款的法律制度规定提出了自己的构想。更多还原

【Abstract】 Floating charges were invented by the British equity in the nineteenth century. The said floating charge means a kind of security that covers all or certain type of the borrower’s current and future assets with the borrower’s freedom to dispose of the secured assets during the ordinary course of its business. Comparing with a fixed charge, a floating charge shows its most distinctive advantage in that the borrower is free to dispose of the secured assets during the ordinary course of its business until the floating charge crystallizes. However, every coin has two sides. Although the advantage is helpful to promote the quick and efficient operation of the borrower’s enterprise, it also makes the lender unable to control the disposal of the secured assets, thus has no way to predict the amount and size of the assets available to pay the debt. As a result, the lender’s interest cannot be fully protected. The deficiency has a negative influence on the application and popularization of the floating charge in the international financial practice. The deficiency, if not be successfully overcome, is possible to be a fatal obstacle to the development of floating charge system. One example is the experience of floating charges’ introduction into Japan.There are two ways in the international financial practice to overcome the deficiency. One is to create, in addition to a floating charge, a fixed charge over some important <WP=6>assets. The other is to include restrictive terms in the floating charge agreement to prohibit the borrower from taking some actions during the ordinary course of its business, especially to prevent the borrower, without the prior written consent of the lender, from creating a fixed charge which will rank prior to or pari passu with the floating charge. Comparatively, the restrictive terms are used more often in the practice. The author has carried out some fundamental research in this dissertation on the basis of the experience and practice in Commonwealth countries and has focused on the effect of the restrictive terms to a third party. At the end of the dissertation, the author proposed some suggestions on the legal framework of restrictive terms for the introduction of floating charge into China in the future.This dissertation includes four chapters with approximately 36000 Chinese characters:Chapter One: The Concept and Features of A Floating Charge. In this chapter the author mainly illustrates how the floating charge originated and the relevant social economic background. The concept of a floating charge is analyzed based on the statements in the judicial decisions in Britain. Besides, the unique features of a floating charge which make it different from a fixed charge are also specified.Chapter Two: Restrictive Terms – Overcome the Deficiency of Floating Charges. By analyzing the inherent deficiency of the floating charge, and by comparing the two ways adopted in the international financial practice to overcome the deficiency, the author holds the view that the adoption of restrictive terms can not only reasonably protect the chargee’s interests, but also reserve the advantages of the floating charge. Then the author further analyses the concept, function and nature of the floating charge.Chapter Three: The Effect of Restrictive Terms to A Third Party. This is a key point of this dissertation. The author firstly analyzes the effect of restrictive terms to a <WP=7>subsequent fixed chargee and specifies the standard of a third party’s knowledge, the source of the priority and the automatic crystallization clauses that often accompany with the restrictive terms. The author then provides that we should strictly interpret the application of the restrictive terms. Secondly, by analyzing the effect of the restrictive terms to a creditor in an execution, the author holds the opinion that the restrictive terms only cover the mortgage or charge that is positively created by the borrower, in which the execution on the borrower’s assets is excluded. Therefore, the restrictive term更多还原