船舶夹层融资之法律问题研究-法学专业论文.docx

摘要 摘要 上海交通大学法律硕士论文 上海交通大学法律硕士论文 万方数据 万方数据 万方数据 万方数据 船舶夹层融资之法律问题研究 摘 要 面对当前资金供需失衡的现状，船舶融资途径迫切需要创新。夹层 融资是位阶于股权与债权之间的“夹层”，兼具两者性质特征，具有独特 的灵活性及契合性。尽管我国现行的法律法规并无相关的专门规定，但 现有的法律框架基本能够支撑船舶夹层融资的运行。 针对不同阶段的具体情形，船舶夹层融资可以采用不同的运行方式。 船舶运营本身有着很大的不确定性，投资风险随之变化，可以采取 夹层贷款或优先股模式开展夹层融资，本文对由此引出的法律问题进行 了探讨。从标的方面来说，作为抵押的股权不仅包括财产权，还包括相 应的非财产权利。从主体关系来说，为避免股权转让导致的其他债权人 利益减损的情况发生，当事人可以签订债权人协议约定具体明细。在优 先股问题方面，现有法律规范对“优先股”这一概念规定得非常模糊， 给以优先股模式运行夹层融资带来了不确定之处，所以当事人在约定时 应尤为注意合理设置优先股与普通股的比例。 与营运船相比，建造中船舶具有明显的特殊性，其使用价值和价值 都随建造进度的变化而变化，因此对建造中船舶的理解应当关注自安放 龙骨（处于相似建造阶段）起至船舶完工这一建造的整个动态过程。船 I 舶建造阶段可以融合适用夹层贷款模式，各方当事人以借贷关系和抵押 担保关系维系利益。无论是运营还是建造船舶，都非常复杂、专业性很 强。由此带来的信息不对称潜伏着很多风险。故而当事人可以向船舶经 纪人和行业协会多多咨询，提高融资信息的可预期性，预防风险。 关键词：夹层融资，船舶融资，法律问题 II Ab Abstract 上海交通大学法律硕士论文 上海交通大学法律硕士论文 A STUDY ON THE LEGAL ISSUES OF MEZZANINE FINANCE IN SHIP FINANCE ABSTRACT Facing the conflict between the rapid development and limited funding sources, shipping industry needs to find new means of financing. Mezzanine finance is a kind of financing method which is different from senior debt and equity. It has higher interest rate than debt and lower risk than equity; and meanwhile it can be transferred to debt or equity in certain conditions. It is such a new financing technique and the present law has not special articles supporting the legal operation. However, it seems that china law may assimilate it into its own legal system by adoption of existing law to the new complex legal problems involved in Mezzanine finance. According to the corresponding circumstances, different legal framework of Mezzanine finance can be constructed at different stages. Shipping industry is full of uncertainty and investment risks. When the vessel has been completed, both the method of mezzanine loan and preferred equity can be applied to financing. By signing the conditional contracts, I parties can consult the content of stock equity, which should contain both property rights and non-property rights. The ship has been given as a security to the secu