利用擔(dān)保交易法完善信貸市場

1、1利用擔(dān)保交易法完善信貸市場Improving lending markets with secured transaction lawCaralee McLiesh世界銀行集團2005 年元月25日World Bank GroupJanuary 25th 20052中國金融市場面臨的壓力Pressure in Chinas financial marketsl銀行業(yè)商業(yè)化改革Commercialization of the banking sectorl信貸膨脹 （國有企業(yè))Credit boom (SOEs)l信貸不足 (中小企業(yè)，農(nóng)業(yè)部門)Credit crunch (SMEs, rur

2、al sector)l高壞帳率High non performing loansl加入WTOWTO accessionl缺乏綜合的信貸登記體系No comprehensive credit reporting system315.9 萬億沉淀資金15.9 Trillion RMB in Dead Capital所有企業(yè)所有企業(yè) Total Enterprise Sector(人民幣人民幣10億元億元)(Billion RMB)中小企業(yè)中小企業(yè) SMEs(人民幣人民幣10億元億元)(Billion RMB)農(nóng)戶農(nóng)戶Farmers(人民幣人民幣10億元億元)(Billion RMB)不動產(chǎn)Immo

3、vables8856.74108.74209.2存貨 Inventories5139.43032.61024.0應(yīng)收帳款A(yù) c c o u n t s Receivable5551.93276.0資料來源：國民收入帳戶和統(tǒng)計年鑒Source: National Accounts and statistical yearbook4擔(dān)保交易法的經(jīng)濟分析An economic view of secured transactions lawl世界銀行國際金融公司合作出版的“全球企業(yè)經(jīng)營環(huán)境報告”的內(nèi)容之一就是對145個國家進行橫向比較Part of World Bank-IFC Doing Busi

4、ness study to benchmark business regulation in 145 countriesl重點在于擔(dān)保交易法規(guī)的經(jīng)濟影響力 Focus on economic impact of secured transactions lawsl除了破產(chǎn)清算以外幾乎沒有現(xiàn)成的實驗證據(jù)Little existing empirical evidence outside insolvencyl國際合作伙伴：國際律師協(xié)會，歐洲復(fù)興開發(fā)銀行，聯(lián)合國貿(mào)易法委員會，經(jīng)濟分析與法律中心International partners: IBA, EBRD, UNCITRAL, CEALl對本地

5、法律專家進行詳盡的調(diào)研Detailed survey of local legal expertsl范圍 Scopel實現(xiàn) Perfectionl優(yōu)先權(quán) Priorityl執(zhí)行 Enforcementl量化的指標(biāo)，分析對金融市場的造成的結(jié)果Quantitative indicators, analysis with financial market outcomes5指標(biāo)的建立Building the indicators變量變量 Variable中國中國China美國美國USA德國德國Germany1. 允許對財產(chǎn)的一般性描述General description of assets per

6、mitted否No是Yes否No2. 允許對債務(wù)的一般性描述General description of debt permitted否No是Yes是Yes3. 任何法人或自然人都可以毫無限制地接受或提供擔(dān)保物權(quán) Any legal or natural person may take or grant security without restriction否No是Yes是Yes4. 一個統(tǒng)一的登記機構(gòu)負責(zé)對動產(chǎn)上的擔(dān)保物權(quán)進行登記 A unified registry including charges over movable property operates否No否No否No5. 能

7、夠通過網(wǎng)絡(luò)進行登記Online access to the registry否No是Yes否No6. 擔(dān)保債權(quán)人享有優(yōu)先受償權(quán)The secured creditor has priority否No是Yes是Yes7. 合約當(dāng)事人可以通過合約協(xié)商執(zhí)行的步驟Parties may agree on enforcement procedures by contract否No是Yes是Yes8. 債權(quán)人可以不通過法庭占有和出售擔(dān)保物The creditor may seize and sell collateral out of court否No是Yes是Yes得分得分 （答（答“是是”“的答案數(shù)總

8、和的答案數(shù)總和)Score (sum of “yes” responses)07568.85.35.13.93.02.62.01.11.00.80.30.20.20.10.10.00.00.00.00.0奧地利奧地利 Austria新西蘭新西蘭 New Zealand荷蘭荷蘭 Netherlands美國美國 United States新加坡新加坡 Singapore泰國泰國 Thailand波蘭波蘭 Poland越南越南 Vietnam玻茨瓦那玻茨瓦那 Botswana印尼印尼 Indonesia韓國韓國 Korea, Rep.葡萄牙葡萄牙 Portugal印度印度 India土耳其土耳其 T

9、urkey墨西哥墨西哥 Mexico格魯及亞格魯及亞 Georgia馬達加斯加馬達加斯加 Madagascar玻利維亞玻利維亞 Bolivia埃及埃及 Egypt, Arab Rep.喀麥隆喀麥隆 Cameroon設(shè)立和登記的成本(動產(chǎn)，占債權(quán)的百分比)Cost to create and register (movables, %debt)數(shù)據(jù)來源：2005年全球企業(yè)經(jīng)營環(huán)境報告Source: Doing Business in 2005低收入國家平均值 = 2.4%Low-income average = 2.4%高收入國家平均值 = 0.4%High-income average = 0

10、.4%7哪些國家在鼓勵信貸的獲得？Who encourages access to credit?l愛爾蘭 Irelandl新加坡 Singaporel斯洛伐克 Slovakial英國 United Kingdoml澳大利亞 Australial加拿大 Canadal中國香港 Hong Kong, Chinal拉托維亞 Latvial荷蘭 Netherlandsl新西蘭 New Zealandl美國 USAl阿爾巴尼亞 Albania最高 Highest說明：本指數(shù)的計算來自六項因素，涉及對財產(chǎn)和債權(quán)的具體描述，登記機構(gòu)的地區(qū)間聯(lián)網(wǎng)和電子化，對稅收債權(quán)的優(yōu)先權(quán)和法庭外執(zhí)行等。資料來源： 200

11、5年全球企業(yè)經(jīng)營環(huán)境報告Note: Index based on eight factors relating to the requirement for specific descriptions of assets and debt, geographically linked and electronic registry, priority over taxes and out of court enforcement.Source: Doing Business in 2005擔(dān)保指數(shù)Collateral Indexl安哥拉 Angolal巴西 Brazill克羅地亞 Croati

12、al希臘 Greecel黎巴嫩 Lebanonl摩洛哥 Moroccol尼加拉瓜 Nicaragual委內(nèi)瑞拉 Venezuelal中國 Chinal埃及 Egyptl海地 Haitil土耳其 Turkey最低 Lowest82.93.63.75.05.5北歐傳統(tǒng)北歐傳統(tǒng) Nordic英國傳統(tǒng)英國傳統(tǒng) English德國傳統(tǒng)德國傳統(tǒng) German社會主義社會主義 Socialist法國傳統(tǒng)法國傳統(tǒng) French經(jīng)濟合作與發(fā)展組織和普通法國家得分較高OECD and common law countries score higher資料來源： 2005年全球企業(yè)經(jīng)營環(huán)境報告 Source: Do

13、ing Business in 20052.62.72.83.43.73.85.2經(jīng)合組織經(jīng)合組織 OECD東亞東亞 East Asia東歐東歐 Eastern Europe非洲非洲 Africa南亞南亞 South Asia中東中東 Middle East拉丁美洲拉丁美洲Latin America9更好的擔(dān)保法律更多的信貸Better collateral laws = More credit說明：相關(guān)性的統(tǒng)計顯著性在1有效。私營信貸分析剔除了國民收入，增長率和執(zhí)行的因素。信貸獲得的分析剔除了國民收入的因素。Note: Relationships are statistically sign

14、ificant at the 1% level. Private credit analysis controls for country income, growth, and enforcement. Access to loans analysis controls for income per capita 資料來源： 2005年全球企業(yè)經(jīng)營環(huán)境報告Source: Doing Business in 2005TUKEGYBRAHTIHRVNICRUSLBNCHLMEXARGGRCGINCIVPRYYEMVENESPDZALKAURYDOMTHABIHBOLIRNARMMOZINDMAR

15、ITATGOAZEAUTKWTAGOPAKOMNTUNKHMSLVMDGECUFRACRIPOLJPNSENIDNSYRLTUAREUGAKORGHAKAZCOGSAUTZABGDZARCZEMWIPANDNKMLIZWEPERVNMNPLPNGPHLSVNBLRMKDBDIISRETHROMNORDEUGTMHUNJAMBWACOLHNDTWNSLEBENSWEBFAMDACHECMRFINNERZAFBELJORPRTUKRGEOZMBBGRNLDNGAMYSKGZTCDNZLKENALBUSAHKGMNGAUSSGPCANGBRLVAIRLSVK私人貸款與人均國民收入之比 Private

16、 Credit to GDP-4-2024擔(dān)保指數(shù) Collateral Index私人貸款與人均國民收入 Private Credit to GDP6HRVHTIEGYTUKBRANICURYGRCMEXVENARGCHLRUSLKACHNDOMPRYDZABOLAGOESPCRIITAAUTPOLMOZSENSLVINDPAKTHAMARECULTUFRASVNCZEPANJPNMDGMKDZWEYUGNAMIDNPERGTMBGDDNKISRHUNKORCHENORTZAETHMWIUGAMLIGHAHNDCOLCMRPHLROMTUNJAMVNMTWNSWEPRTFINBELDEUBG

17、RZMBJORUKRZAFBWAMYSUSATCDNGAKENAUSLVANLDCANHKGNZLSGPIRLSVKGBR貸款的獲取 Access to loans-4-2024擔(dān)保指數(shù) Collateral Index貸款的獲取 企業(yè)的看法Access to loans- firm perceptions10好的擔(dān)保法律能夠減少違約，降低利率差Better collateral laws.fewer defaults, lower spreadsLBNHRVEGYHTIBRATUKNICGRCMEXVENCHLURYARGDZAPRYCIVLKARUSDOMYEMCHNBOLAGOGINCR

18、IAREPOLKWTAUTITAESPOMNTGOMOZIRNCOGSYRPAKSLVMARTHAINDSENECUAZEBIHARMSAUCZESVNPANFRALTUKHMZARMDGJPNYUGPERIDNLSOKAZZWEGTMNAMBGDMKDPNGISRHUNDNKKORPRIETHMLINPLBDIUGALAOGHAMRTMWICAFTZANORCHEBENPHLBLRMDACOLTUNHNDJAMCMRROMVNMDEUBELPRTSWEFINTWNBFANERUZBSLEBGRUKRZAFBWAZMBGEOJORMYSTCDKGZNGARWAUSAALBMNGKENAUSNL

19、DLVANZLCANHKGSGPSVKIRLGBR利息差 Interest rate spread-4-2024擔(dān)保指數(shù) Collateral Index借貸利息差Spread between lending and deposit rates說明：相關(guān)性的統(tǒng)計顯著性在1有效。分析剔除了國民收入的因素 Note: Relationships are statistically significant at the 1% level. Analysis controls for income per capita 資料來源： 2005年全球企業(yè)經(jīng)營環(huán)境報告 Source: Doing Busin

20、ess in 2005HRVLBNBRATUKCHLVENMEXURYARGDOMBOLRUSLKAPRYDZACHNCRIITAPOLOMNKWTESPAUTARMMARTHAECUINDPAKLTUCZESAUSVNFRAJPNMKDZWEPERIDNBGDHUNKORDNKISRNORCHETZAUGAGHAJAMHNDPHLTUNCOLSWEBELFINPRTDEUUKRZAFJORBGRMYSUSAKGZNGAMNGKENAUSHKGLVACANNLDSGPSVKIRLGBR壞帳 NPLs-4-2024擔(dān)保指數(shù) Collateral Index壞帳 Non Performing Lo

21、ans11過度的保護會適得其反Protections can backfirel變量與信貸獲得成反相關(guān)Variables negatively correlated with access to credit:l上訴： 非正審，使程序暫停Appeals: interlocutory, suspend proceedingsl某些財產(chǎn)免于償付 (例如：基本住宅特例，“交易手段”特例等)Exemptions on collection of certain assets (e.g. homestead exemptions, tools of trade exemptions)l保護借款人的善意措

22、施可能反而使想保護的對象受害Well intended borrower protections can hurt the very people they are designed to protectl美國的基本住宅特例 減少了對低財產(chǎn)家庭的信貸供給 (Gropp, Scholz and White)USA homestead exemptions reduced availability of credit to low-asset households (Gropp, Scholz and White)12斯洛伐克在改革前Slovakia before reforms斯洛伐克：改革前擔(dān)

23、保合同的執(zhí)行斯洛伐克：改革前擔(dān)保合同的執(zhí)行Enforcing security agreements in Slovakia before reforms01002003004005006001234567891011121314步驟 Procedure時間 (天)Time, daysl執(zhí)行需要 560天，14個步驟560 days, 14 steps to enforcel不存在對動產(chǎn)的非占有性擔(dān)保，沒有登記機關(guān)No non-possessory pledge of movable assets, no registryl國家債權(quán)優(yōu)先State claims had priority13改革

24、之后and after the reforms斯洛伐克：改革后的擔(dān)保合同執(zhí)行斯洛伐克：改革后的擔(dān)保合同執(zhí)行Enforcing security agreements in Slovakia afterreforms0100200300400500600123456步驟 Procedure時間()Time, daysl執(zhí)行需要6個步驟，45天6 procedures, 45 days to enforcel70的新增企業(yè)貸款由應(yīng)收帳款和動產(chǎn)擔(dān)保70% of all new business credit secured by receivables and movablesl對私營部門的信貸增長

25、了10 10% increase in credit to the private sectorl銀行滿意程度提高Banks report high levels of satisfaction14其它改革者緊隨其后Other reformers follow the trendl拓寬范圍：例如，轉(zhuǎn)型國家，墨西哥，烏拉圭Expanded scope: e.g. transition, Mexico, Uruguayl建立擔(dān)保物登記機關(guān)：例如，印尼，西班牙Collateral registries: e.g. Indonesia, Spainl明確優(yōu)先權(quán)：例如，羅馬尼亞，巴西(待實施)，俄羅斯C

26、larifying priority: e.g. Romania, Brazil (pending), Russial簡化執(zhí)行程序：例如，印度，摩洛多瓦， 西班牙Streamlined enforcement: e.g. India, Moldova, Spainl頒布動產(chǎn)擔(dān)保的單一法律：例如，轉(zhuǎn)型國家，新西蘭Single laws on movable collateral: e.g. transition countries, New Zealand15中國的貸款人同樣需要這樣的改革L(fēng)enders in China need the same幾個初步的研究發(fā)現(xiàn)Sample prelimin

27、ary findingsl98的銀行支持建立統(tǒng)一的動產(chǎn)擔(dān)保物登記機關(guān)98% of banks agree with the establishment of a unified registry for security over movablesl98的銀行贊成法律應(yīng)當(dāng)規(guī)定大宗的應(yīng)收帳款融資；92的銀行認可應(yīng)收帳款的庭外執(zhí)行98% of banks agree that laws should provide for bulk receivables financing; 92% agree with out of court enforcement on receivables financin