The Effect of Property Law on Corporate Financing in China－with Focus on Mortgage
|關鍵字:||抵押權;融資;中華人民共和國物權法;中華人民共和國擔保法;mortgage;financing;Property Law of the People’s Republic of China;Guaranty Law of the People’s Republic of China|
Since the reform and opening up of 1978 and Deng’s tour of the southern provinces of 1992, China has set out on a path to a market economy. China’s society and economy have begun to develop very rapidly; trading and investment exhibit unprecedented prosperity. Consequently, there are daily calls for the establishment of complete and convenient financial channels. Mortgage can be said to be the mode of financing most commonly used by Chinese banks. Prior to the implementation of the Property Law of the People’s Republic of China, mortgage was regulated in the Guaranty Law of the People’s Republic of China. However, mortgage regulations in the Guaranty Law were highly flawed. This factor, combined with the rapid growth of the Chinese economy, has caused rules related to mortgage to fall behind actual realities. Subsequently, to implement the concept of the 2004 Chinese Constitution “Protection of Private Property,” the 2007 Property Law was applied to complete the mortgage, reform and detail existing mortgage resolutions, increase mortgage types, expand the range of mortgage items, and simplify the originally complicated mortgage enforcement procedures, thereby pursuing improvements of the financial difficulties faced by enterprises and increasing opportunities for utilizing mortgage. China is the prime destination for Taiwanese foreign investment, and Taiwanese firms entering the Chinese market inevitably have financial opportunities and needs; the Property Law regulations naturally have an impact on such Taiwanese firms and may lead to adjustments in terms of applicable mortgage. The purpose of mortgage rules in the Chinese Property Law is to expand the goals of financial channels. Whether or not these goals can be attained is not dependent on one or multiple specific provisions, but instead, it requires a holistic consideration which incorporates both mortgage rules of the Guaranty Law and of the Property Law, as well as China’s unique economic system and historical background. Therefore, this paper explores mortgage registration, mortgage right of pursuit. floating charge, and enforcement of mortgage in order to analyze whether the passing of the Property Law has been advantageous to the policy operations and functioning of mortgage, or if the law has constituted legislative backsliding.
|Appears in Collections:||Thesis|
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