An Analysis Of The Legal Issues In The Pledge Financing Of Supply Chain Finance Accounts Receivable

Supply chain finance is based on the strong corporate strength of the core enterprises and the real trade relationship between the enterprises in the supply chain.It provides guarantee for the small and medium-sized enterprises in the upstream and downstream of the chain.It solves the problem of capital shortage in the production and operation of small and micro enterprises.At the same time,small and mediumsized enterprises use the receivables of the core enterprises as debtors to apply for financial loans from commercial banks The main way of financing is to carry out enterprise financing by means of pledge of accounts receivable,which brings a great test to the system of pledge of accounts receivable in China.Different from the establishment and Realization of other real rights for security,as accounts receivable belong to money creditor's rights and do not have any entity,the guarantee function and final realization of the pledge depend on the debtor's repayment,and the publicity method at the time of establishment also determines the effectiveness of the pledge.Whether the pledge system of accounts receivable is perfect or not is related to whether the rights of small and medium-sized enterprises,commercial banks and core enterprises can be guaranteed in the financing process.The research on the publicity and Realization of the pledge right is of great importance.The property law provides the legal basis for the pledge of accounts receivable,but there are some problems in the system design.The "registration procedures" specifically stipulates the publicity and related issues of the pledge of accounts receivable,but it is controversial due to the imperfect system design,conflict with the provisions of the property law and low legal effect.The validity of the registration,the way of examination,the unclear rules of the realization of the pledge right and the backwardness of the realization way should be solved.This paper starts from the legal definition of accounts receivable,through the study of the relevant laws and regulations of foreign countries,analyzes the finalization of the pledge of accounts receivable and the legal relationship between the subjects.On this basis,this paper makes a comparative analysis of the effectiveness of registration and the way of publicity in the establishment of the pledge of accounts receivable in China and other countries,and points out that the design of the pledge system of accounts receivable in China only stipulates the unilateral application of the pledgee,the lack of the duty of the registration authority to examine the application materials,and the lack of the notice method when applying for registration.At the same time,through the legal provisions of the way to realize the pledge of receivables,the attitude of the court towards the way to realize the pledge in practice,and the comparison of the way to realize the pledge outside the domain,it shows that the existing way to realize the pledge is not adaptable to the legal provisions and the way to realize the pledge in practice is lack of legal basis.In view of the above problems,combined with the framework of China's property law and with reference to the experience of other countries and regions in the publicity and Realization of the pledge of accounts receivable,the problems faced in the process of the pledge financing of accounts receivable are solved by improving the mode of the establishment of the pledge,clarifying the responsibility of the registration authority to review and clarifying the way of the realization of the pledge.