摘要
从本质上看,场外配资是一种借钱炒股的行为,其法律关系复杂。场外配资合同类型的划分有不同的标准,根据合同架构,可将场外配资合同分为融配资双方直接交易的配资合同、P2P互联网配资合同、伞型结构化信托配资合同等几种类型。在实务中,主流观点倾向于认为场外配资违反融资融券特许经营制度,出借账户违反证券账户实名制要求,违背社会公共利益,并由此认定场外配资合同无效,深圳市中级人民法院在此基础上提出了合同效力与合同效果分离的创新观点,而《九民会议纪要》则正式确立了场外配资合同的无效性。但是,由于国家特许经营制度不能成为判定合同无效的依据,出借账户并不违反账户实名制的初衷,社会公共利益条款也很难适用于场外配资合同,认定场外配资合同无效的理由并非必然成立。因此,为更好地认定场外配资合同效力,应当直面杠杆化市场风险,本着注重私权保护、尊重意思自治、保护金融创新的理念,有条件地赋予场外配资合同以合法性,允许场外配资中的账户出借,设定准入标准并建立事先备案制度,提高监管部门与司法机关处理问题的能力,推动场外配资阳光化、规范化运行,在规制层面平等对待场内与场外融资行为,在司法环节坚持个案认定原则,针对无效或部分无效合同通过构建统一规则来处理当事人的责任承担问题。
In essence,off-market financing is the behavior of speculating in the stock market with the borrowed money,and the legal relation is complex.There are different standards that can be used to determine the types of related contracts,and according to contract framework,the contracts can be divided into different types,such as the direct transaction between the two parties of the financing,P2P internet financing,and the umbrella structural trust financing.In practice,the main stream viewpoints tent to believe that the off-market financing is the violation of the national franchise regulations for it includes the violation of the real-name system for borrowing securities accounts and the violation of social public interests.So,the off-market financing contract is determined as invalid.Based on this,Shenzhen Intermediate People’s Court puts out the innovative viewpoints,namely the separation of contract validity and contract effect.With the release of the Minutes of Ninth National Courts’Civil and Commercial Judicial Work Conference,the off-market financing contract has been thoroughly determined as invalid.But because the national franchise regulations cannot be used as the basis to determine the invalidity of contract,the borrowing security account is not the violation of the real-name system,and the related terms of social public interests are not suitable to offmarket financing.So,the invalidation of off-market financing contract is hard to be tenable.To better determine the validity of off-market financing contract,we should face directly the leveraged market risk,adhere to the basic idea of focusing on privacy protection,respecting autonomy of will,and protecting financial innovation,conditionally determine the validity of off-market financing contract,allow the borrowing of security account,set up the accessing standard and the recording mechanism,improve the capability of supervisors and judiciary authorities,promote the transparency and standardization of off-market financing,treat fairly with financing i
作者
陆宸
LU Chen(Law School,Nanjing University,Nanjing 210093,Jiangsu,China)
出处
《中国流通经济》
CSSCI
北大核心
2021年第6期115-126,共12页
China Business and Market
关键词
场外配资
合同效力
私权保护
意思自治
金融创新
off-market financing
contract validity
privacy protection
autonomy of will
financial innovation
