利用担保交易法完善信贷市场

1、1利用担保交易法完善信贷市场Improving lending markets with secured transaction lawCaralee McLiesh世界银行集团2005 年元月25日World Bank GroupJanuary 25th 20052中国金融市场面临的压力Pressure in Chinas financial marketsl银行业商业化改革Commercialization of the banking sectorl信贷膨胀 （国有企业)Credit boom (SOEs)l信贷不足 (中小企业，农业部门)Credit crunch (SMEs, rur

2、al sector)l高坏帐率High non performing loansl加入WTOWTO accessionl缺乏综合的信贷登记体系No comprehensive credit reporting system315.9 万亿沉淀资金15.9 Trillion RMB in Dead Capital所有企业所有企业 Total Enterprise Sector(人民币人民币10亿元亿元)(Billion RMB)中小企业中小企业 SMEs(人民币人民币10亿元亿元)(Billion RMB)农户农户Farmers(人民币人民币10亿元亿元)(Billion RMB)不动产Immo

3、vables8856.74108.74209.2存货 Inventories5139.43032.61024.0应收帐款A c c o u n t s Receivable5551.93276.0资料来源：国民收入帐户和统计年鉴Source: National Accounts and statistical yearbook4担保交易法的经济分析An economic view of secured transactions lawl世界银行国际金融公司合作出版的“全球企业经营环境报告”的内容之一就是对145个国家进行横向比较Part of World Bank-IFC Doing Busi

4、ness study to benchmark business regulation in 145 countriesl重点在于担保交易法规的经济影响力 Focus on economic impact of secured transactions lawsl除了破产清算以外几乎没有现成的实验证据Little existing empirical evidence outside insolvencyl国际合作伙伴：国际律师协会，欧洲复兴开发银行，联合国贸易法委员会，经济分析与法律中心International partners: IBA, EBRD, UNCITRAL, CEALl对本地

5、法律专家进行详尽的调研Detailed survey of local legal expertsl范围 Scopel实现 Perfectionl优先权 Priorityl执行 Enforcementl量化的指标，分析对金融市场的造成的结果Quantitative indicators, analysis with financial market outcomes5指标的建立Building the indicators变量变量 Variable中国中国China美国美国USA德国德国Germany1. 允许对财产的一般性描述General description of assets per

6、mitted否No是Yes否No2. 允许对债务的一般性描述General description of debt permitted否No是Yes是Yes3. 任何法人或自然人都可以毫无限制地接受或提供担保物权 Any legal or natural person may take or grant security without restriction否No是Yes是Yes4. 一个统一的登记机构负责对动产上的担保物权进行登记 A unified registry including charges over movable property operates否No否No否No5. 能

7、够通过网络进行登记Online access to the registry否No是Yes否No6. 担保债权人享有优先受偿权The secured creditor has priority否No是Yes是Yes7. 合约当事人可以通过合约协商执行的步骤Parties may agree on enforcement procedures by contract否No是Yes是Yes8. 债权人可以不通过法庭占有和出售担保物The creditor may seize and sell collateral out of court否No是Yes是Yes得分得分 （答（答“是是”“的答案数总

8、和的答案数总和)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奥地利奥地利 Austria新西兰新西兰 New Zealand荷兰荷兰 Netherlands美国美国 United States新加坡新加坡 Singapore泰国泰国 Thailand波兰波兰 Poland越南越南 Vietnam玻茨瓦那玻茨瓦那 Botswana印尼印尼 Indonesia韩国韩国 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格鲁及亚格鲁及亚 Georgia马达加斯加马达加斯加 Madagascar玻利维亚玻利维亚 Bolivia埃及埃及 Egypt, Arab Rep.喀麦隆喀麦隆 Cameroon设立和登记的成本(动产，占债权的百分比)Cost to create and register (movables, %debt)数据来源：2005年全球企业经营环境报告Source: Doing Business in 2005低收入国家平均值 = 2.4%Low-income average = 2.4%高收入国家平均值 = 0.4%High-income average = 0

10、.4%7哪些国家在鼓励信贷的获得？Who encourages access to credit?l爱尔兰 Irelandl新加坡 Singaporel斯洛伐克 Slovakial英国 United Kingdoml澳大利亚 Australial加拿大 Canadal中国香港 Hong Kong, Chinal拉托维亚 Latvial荷兰 Netherlandsl新西兰 New Zealandl美国 USAl阿尔巴尼亚 Albania最高 Highest说明：本指数的计算来自六项因素，涉及对财产和债权的具体描述，登记机构的地区间联网和电子化，对税收债权的优先权和法庭外执行等。资料来源： 200

11、5年全球企业经营环境报告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担保指数Collateral Indexl安哥拉 Angolal巴西 Brazill克罗地亚 Croati

12、al希腊 Greecel黎巴嫩 Lebanonl摩洛哥 Moroccol尼加拉瓜 Nicaragual委内瑞拉 Venezuelal中国 Chinal埃及 Egyptl海地 Haitil土耳其 Turkey最低 Lowest82.93.63.75.05.5北欧传统北欧传统 Nordic英国传统英国传统 English德国传统德国传统 German社会主义社会主义 Socialist法国传统法国传统 French经济合作与发展组织和普通法国家得分较高OECD and common law countries score higher资料来源： 2005年全球企业经营环境报告 Source: Do

13、ing Business in 20052.62.72.83.43.73.85.2经合组织经合组织 OECD东亚东亚 East Asia东欧东欧 Eastern Europe非洲非洲 Africa南亚南亚 South Asia中东中东 Middle East拉丁美洲拉丁美洲Latin America9更好的担保法律更多的信贷Better collateral laws = More credit说明：相关性的统计显著性在1有效。私营信贷分析剔除了国民收入，增长率和执行的因素。信贷获得的分析剔除了国民收入的因素。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 资料来源： 2005年全球企业经营环境报告Source: Doing Business in 2005TUKEGYBRAHTIHRVNICRUSLBNCHLMEXARGGRCGINCIVPRYYEMVENESPDZALKAURYDOMTHABIHBOLIRNARMMOZINDMAR

15、ITATGOAZEAUTKWTAGOPAKOMNTUNKHMSLVMDGECUFRACRIPOLJPNSENIDNSYRLTUAREUGAKORGHAKAZCOGSAUTZABGDZARCZEMWIPANDNKMLIZWEPERVNMNPLPNGPHLSVNBLRMKDBDIISRETHROMNORDEUGTMHUNJAMBWACOLHNDTWNSLEBENSWEBFAMDACHECMRFINNERZAFBELJORPRTUKRGEOZMBBGRNLDNGAMYSKGZTCDNZLKENALBUSAHKGMNGAUSSGPCANGBRLVAIRLSVK私人贷款与人均国民收入之比 Private

16、 Credit to GDP-4-2024担保指数 Collateral Index私人贷款与人均国民收入 Private Credit to GDP6HRVHTIEGYTUKBRANICURYGRCMEXVENARGCHLRUSLKACHNDOMPRYDZABOLAGOESPCRIITAAUTPOLMOZSENSLVINDPAKTHAMARECULTUFRASVNCZEPANJPNMDGMKDZWEYUGNAMIDNPERGTMBGDDNKISRHUNKORCHENORTZAETHMWIUGAMLIGHAHNDCOLCMRPHLROMTUNJAMVNMTWNSWEPRTFINBELDEUBG

17、RZMBJORUKRZAFBWAMYSUSATCDNGAKENAUSLVANLDCANHKGNZLSGPIRLSVKGBR贷款的获取 Access to loans-4-2024担保指数 Collateral Index贷款的获取 企业的看法Access to loans- firm perceptions10好的担保法律能够减少违约，降低利率差Better collateral laws.fewer defaults, lower spreadsLBNHRVEGYHTIBRATUKNICGRCMEXVENCHLURYARGDZAPRYCIVLKARUSDOMYEMCHNBOLAGOGINCR

18、IAREPOLKWTAUTITAESPOMNTGOMOZIRNCOGSYRPAKSLVMARTHAINDSENECUAZEBIHARMSAUCZESVNPANFRALTUKHMZARMDGJPNYUGPERIDNLSOKAZZWEGTMNAMBGDMKDPNGISRHUNDNKKORPRIETHMLINPLBDIUGALAOGHAMRTMWICAFTZANORCHEBENPHLBLRMDACOLTUNHNDJAMCMRROMVNMDEUBELPRTSWEFINTWNBFANERUZBSLEBGRUKRZAFBWAZMBGEOJORMYSTCDKGZNGARWAUSAALBMNGKENAUSNL

19、DLVANZLCANHKGSGPSVKIRLGBR利息差 Interest rate spread-4-2024担保指数 Collateral Index借贷利息差Spread between lending and deposit rates说明：相关性的统计显著性在1有效。分析剔除了国民收入的因素 Note: Relationships are statistically significant at the 1% level. Analysis controls for income per capita 资料来源： 2005年全球企业经营环境报告 Source: Doing Busin

20、ess in 2005HRVLBNBRATUKCHLVENMEXURYARGDOMBOLRUSLKAPRYDZACHNCRIITAPOLOMNKWTESPAUTARMMARTHAECUINDPAKLTUCZESAUSVNFRAJPNMKDZWEPERIDNBGDHUNKORDNKISRNORCHETZAUGAGHAJAMHNDPHLTUNCOLSWEBELFINPRTDEUUKRZAFJORBGRMYSUSAKGZNGAMNGKENAUSHKGLVACANNLDSGPSVKIRLGBR坏帐 NPLs-4-2024担保指数 Collateral Index坏帐 Non Performing Lo

21、ans11过度的保护会适得其反Protections can backfirel变量与信贷获得成反相关Variables negatively correlated with access to credit:l上诉： 非正审，使程序暂停Appeals: interlocutory, suspend proceedingsl某些财产免于偿付 (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保护借款人的善意措

22、施可能反而使想保护的对象受害Well intended borrower protections can hurt the very people they are designed to protectl美国的基本住宅特例 减少了对低财产家庭的信贷供给 (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：改革前担

23、保合同的执行斯洛伐克：改革前担保合同的执行Enforcing security agreements in Slovakia before reforms01002003004005006001234567891011121314步骤 Procedure时间 (天)Time, daysl执行需要 560天，14个步骤560 days, 14 steps to enforcel不存在对动产的非占有性担保，没有登记机关No non-possessory pledge of movable assets, no registryl国家债权优先State claims had priority13改革

24、之后and after the reforms斯洛伐克：改革后的担保合同执行斯洛伐克：改革后的担保合同执行Enforcing security agreements in Slovakia afterreforms0100200300400500600123456步骤 Procedure时间()Time, daysl执行需要6个步骤，45天6 procedures, 45 days to enforcel70的新增企业贷款由应收帐款和动产担保70% of all new business credit secured by receivables and movablesl对私营部门的信贷增长

25、了10 10% increase in credit to the private sectorl银行满意程度提高Banks report high levels of satisfaction14其它改革者紧随其后Other reformers follow the trendl拓宽范围：例如，转型国家，墨西哥，乌拉圭Expanded scope: e.g. transition, Mexico, Uruguayl建立担保物登记机关：例如，印尼，西班牙Collateral registries: e.g. Indonesia, Spainl明确优先权：例如，罗马尼亚，巴西(待实施)，俄罗斯C

26、larifying priority: e.g. Romania, Brazil (pending), Russial简化执行程序：例如，印度，摩洛多瓦， 西班牙Streamlined enforcement: e.g. India, Moldova, Spainl颁布动产担保的单一法律：例如，转型国家，新西兰Single laws on movable collateral: e.g. transition countries, New Zealand15中国的贷款人同样需要这样的改革Lenders in China need the same几个初步的研究发现Sample prelimin

27、ary findingsl98的银行支持建立统一的动产担保物登记机关98% of banks agree with the establishment of a unified registry for security over movablesl98的银行赞成法律应当规定大宗的应收帐款融资；92的银行认可应收帐款的庭外执行98% of banks agree that laws should provide for bulk receivables financing; 92% agree with out of court enforcement on receivables financin