| At present,out of the critical period of economic transformation,China needs to find new economic growth points.Under the concept of sustainable development,the state adjusts traditional industries for economic structure upgrading,increases support for emerging industries,and expands the demand for financing.The guiding opinions on building a green financial system issued by seven ministries and commissions including the people’s Bank of China also clearly requires that social capital be mobilized to participate in the development of green industry through the cooperation mode between the government and social capital.Due to the characteristics of long cycle,low income and large investment in the early stage,green industry projects require high financing conditions.The establishment of the pledge financing system of franchise income right is of great value to improve the green guarantee system,broaden the green financing channels of enterprises,attract private capital to join the green project construction,enrich the green financial market system,and improve the green financial legal system.However,there are still many problems to be solved.The most prominent challenges are as follows: Firstly,as a new type of special assets,franchise income right needs to be further defined in legislation in terms of legal nature,especially the establishment of security interest.Secondly,in the aspect of supervision,the management of pledge financing of franchise income right involves many industry competent departments and financial supervision departments.How to establish a cross sector collaborative supervision system remains to be studied.The main body of this paper is divided into five parts: first,the study of franchise revenue right,combing the practice and legislative status of franchise revenue right,using the method of comparative analysis to compare the franchise revenue right with the similar concepts,and combining with cases to analyze the concept and Judicial Dilemma of franchise revenue right.The second is the study of pledge.From the perspective of public law and private law,this paper discusses the legal nature of the franchise income right and the related issues related to the guarantee nature,focusing on the analysis of the applicability of the franchise income right as the guarantee asset in the aspect of pledge.Thirdly,based on the guidance case No.53,this paper analyzes the dispute focus of the case and the judge’s point of view,so as to provide reference for the establishment of the financing management system of franchise income pledge.Finally,for the policy research,focusing on the formulation of the financing management method of the future franchise income pledge,focusing on the analysis of the main contents that should be covered by the management method,answering the main problems that the financing management method of the future franchise income pledge will face from the technical level,and putting forward their own suggestions on the improvement of the guarantee system and risk prevention and control.The core point of this paper is: franchise income right is a kind of special property right,which neither belongs to creditor’s rights nor real rights.Franchise income right can bring and produce economic benefits.Its value is easy to be measured in currency and the range of income is specific.It meets the characteristics of property,transferability and publicity of the right pledge and belongs to the category of pledge.In addition,the author focuses on the guidance case No.53,and explores the attitude of the judicial practice to the pledge and guarantee of the franchise income right.The author thinks that the viewpoint of "future claim theory" adopted by the judge can not be applied to all income rights without difference.In practice,we should comprehensively consider the assets involved,the types of contracts for future income rights,the scope of future income rights,the existence of claims and the stability of cash flow. |
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