浅议增信措施的法律性质识别与规则适用

A Brief Discussion on the Legal Nature Identification and Rule Application of Credit Enhancement Measures

摘要: 企业在金融市场中获得融资增信支持的手段主要有保证、抵押、质押。金融市场根据实际需求，差额补足、流动性支持、安慰函等非典型担保交易模式不断出现。但目前我国法律法规中，仅对前述模式原则性规定，未对其内涵、法律性质等进行明确。司法实践中对于前述增信措施的认定存在分歧，通常有保证合同、债务加入、无名合同等三种裁判结果，不同结果直接影响增信措施的效力、债务承担方式和范围。对于企业而言，拒绝提供增信将导致融资无法落地；盲目提供增信措施，则可能被认定为加入债务或提供担保，加重企业负担，特别对于国有企业将导致合规性风险。因此应当识别增信措施法律性质，明晰适用规则，使企业对其所提供或接收的增信措施有相明确认识，便于企业决策。

Abstract: The main means for enterprises to obtain financing and credit enhancement support in the financial market include guarantees, mortgages, and pledges. In the financial market, atypical guaranteed transaction models such as balance replenishment, liquidity support, and letters of comfort continue to emerge based on actual needs. However, Chinese legislations and regulations only stipulate the aforementioned model in principle, without clarifying its connotation, legal nature, etc. In judicial practice, there are differences in the identification of the aforementioned credit enhancement measures. There are usually three types of judgment results, such as guarantee contracts, debt additions, and unnamed contracts. Different results directly affect the effectiveness of the credit enhancement measures, the method and scope of debt assumption. For enterprises, refusing to provide credit enhancement will result in the failure of financing; blindly providing credit enhancement measures may be deemed to be adding debt or providing guarantees, which will increase the burden on those enterprise, especially for state-owned enterprises, which will lead to compliance risks. Therefore, the legal nature of credit enhancement measures should be identified and the applicable rules should be clarified so that enterprises have a clear understanding of the credit enhancement measures they provide or receive and facilitate corporate decision-making.