Research On The Protection Of Warehouse Receipt Pledge Right Under The Financing Mode Of Warehouse Receipt Pledge

In recent years,government has issued vigorously the regulations many times about strengthening supply chain finance,and has also formulated a number of related policies to promote its development.Warehouse receipt hypothecating,as one of the most popular and important funding models of supply chain finance,has gained a new opportunity of development.The central issue in the strategy of promoting depot bill pledge is by actively protecting the warehouse receipt pledge right and lessening its business risk,so as to provide safety guarantee for the credit funds.Warehouse receipt,as a right warrant can be hypothecated,belongs to property rights securities in essence,while warehouse receipt pledge belongs to a type of pledge of rights in legal level.The pledge right of warehouse receipt is a civil right which is protected by law.The protection of pledge right of warehouse receipt not only needs to adjust the legal relationship between relevant subjects in the aspect of legislation,but also needs to set up the corresponding protection mechanism in the aspect of administration,which are complementary to each other.Due to the complex risks and challenges faced by the warehouse receipt pledge right protection and the relative lag of system construction,there are certain limitations in the protection of warehouse receipt pledge right,which hinder the development of warehouse receipt pledge financing business.Namely,the establishment and realization standards of warehouse receipt pledge right are inadequate;the effect of warehouse receipt pledge registration publicity is not ideal;the custodian has insufficient support for the protection of pledge right of warehouse receipt.In order to protect the pledge right of warehouse receipt more effectively,it is necessary to improve the existing legal norms and systems.First of all,we should improve the establishment and realization standards of the pledge right of warehouse receipt,clarify the verification rules and pledge endorsement rules of its content,improve the efficiency of the realization of pledge rights,ensure the guarantee effect of the pledge right of warehouse receipt on obligatory rights.Secondly,we can also perfect the warehouse receipt pledge registration system,solve the information asymmetry problem between economic entities,and actively prevent the risk of repeated pledge of warehouse receipt.More importantly,the role of the custodian in the protection of pledge right of warehouse receipt should be accurately positioned,its rights and obligations should be standardized,and the supervision and management mechanism of the custodian should be established,so as to give full play to the supporting role of the custodian in the protection.Lastly,by way of establishing systematic warehouse receipt pledge protection mechanism,we can create a better legal environment for the development of warehouse receipt hypothecation business.