摘要
结构化金融的优先劣后权益配置蕴含了类别投资者之间的双重民事法律关系,一是收益请求权行使顺位关系,二是单向风险补偿关系。前者属于先取特权的约定,后者不仅具有事实上的担保功能,在风险补偿关系构造上也独具特色,应适时将其纳入非典型担保之列。优先劣后投资模式具有正当的私法基础和积极的市场功能,不属于刚性兑付,并未导致类别投资者之间权利义务显著失衡,也不必然产生损害公共利益的外溢风险。对优先劣后权益结构的监管不能僵化强求“同亏同盈”,应妥当界定对象范围,推动监管政策与司法裁判规则双向协同发展。
The prioritization of equity interests in structured finance entails a dual civil legal relationship between different classes of investors;first,the sequential order in exercising claims to returns,and second,a unilateral risk compensation mechanism.The former constitutes an agreement of preferential entitlement,while the latter not only serves a de facto guarantee function but also exhibits unique features in its risk compensation structure,warranting its timely recognition as an atypical form of guarantee.The senior-subordinated investment model is grounded in legitimate private law principles and fulfills positive market functions.It does not constitute rigid redemption,nor does it create a significant imbalance of rights and obligations between investor classes or necessarily generate spillover risks that harm public interests.Regulatory approaches to the senior-subordinated equity structure should avoid rigid insistence on"equal gains and losses"and instead appropriately define its scope,promoting synergistic development between regulatory policies and judicial adjudication rules.
出处
《法律科学(西北政法大学学报)》
北大核心
2025年第6期177-188,共12页
Science of Law:Journal of Northwest University of Political Science and Law
基金
国家社会科学基金重点项目(23AJY008)“经济低碳转型对金融体系的结构性冲击及风险缓释策略构建研究”
河南省社科规划重大项目“数智强省中企业数据资本化的制度保障研究”。
关键词
结构化金融
私法关系
先取特权
非典型担保
监管逻辑
structured finance
private law relationships
first gained privilege
atypical guarantee
regulatory logic
