第三方物流企业仓单质押融资模式与风险分析.pdf

第三方物流企业仓单质押融资模式与风险分析 第三方物流企业仓单质押融资模式 与风险分析 物流活动不仅伴随着资金的活动，而且受到资金流的制约。从某种程度上说，资金流决定着社会资源的配置效率和经济运行效率。如何突破资金“瓶颈”，促进第三方物流企业，特别是中小型第三方物流企业的发展，不仅是物流企业界关注的焦点，也是金融业热衷的话题。虽然“现代物流与金融创新”现在来看还是个比较前瞻的话题，但是市场上已经有了这份期待，一些企业也开始了这方面的尝试，比如有些企业开展“融通仓”、“银行保理”、“仓单质押”等业务。但是目前市场上通行的物流融资模式都具有一定的局限性，使物流融资服务并没有能够被广泛接受，这就给物流融资服务提出了更高的要求，仓单质押融资就是这样一种全新的物流融资模式。仓单的概念 仓单是仓库经理人或者仓库公司在收存货主交来的货物时出据给货主的收据。即是一种货物所有权的凭证。既能证明收到货物，又能作为提货的根据。仓单不象提单那样可以通过背书流通转让。合同法第三百八十七条规定:“仓单是提取仓储物的凭证。存货人或者仓单持有人在仓单上背书并经保管人签字或者盖章的，可以转让提取仓储物的权利。”因而仓单持有人将仓单转让给第三人时，必须办理过户手续，第三人才能取得货物的所有权。仓单的性质 1、仓单为有价证券 合同法第 387 条规定:“仓单是提取仓储物的凭证。存货人或者仓单持有人在仓单上背书并经保管人签字或者盖章的，可以转让提取仓储物的权利.”由此可见，仓单能表明存货人或者仓单持有人对仓储物的交付请求权，因而为有价证券。2 仓单为要式证券 合同法第 386 条规定:“仓单须经保管人签名或者盖章，且须具备一定的法定记载事项。”如所列记载事项缺少则无法律效力。因此仓单为要式证券。Ellipticity of elbow pipes with diameters less than or equal to 150 mm must be not greater than 8%diameter of 200 mm or less shall not be greater than 6%.Wall thickness of the pipe wall thinning rate must not exceed the original 15%.Crease roughness:diameter 125 mm or less,shall not exceed 3 mm diameter less than or equal to 200 mm,not more than 4 mm.7.3.9 simmering bending production of square steel tube extension,to use the whole tube bending.Interface if necessary,the welding position should be located in the middle of the vertical arm.7.3.10 install expansion joints should be done.If design is not required,pipe compensator lengthen should conform to the requirements in the following table:square scale length x is equal to 1/2.Pre stretch tolerance:casing+5 mm,+10 mm.7.3.11 pipe form,location,spacing shall meet the design and specifications.7.3.12 piping on back or return pipe at higher levels of the upper to automatic valve to install a drain valve below the horizontal parts.7.3.13 supports and hangers of checks and the number 1)hanger installed must be checked before installation of supports and hangers part models,specifications of springs setting values,whether the materials meet the requirements of drawings and documents;2)supports and hangers of material,size and accuracy shall conform to the provisions of the design drawings,material technical requirements should be consistent with national standards,industry standards and technical requirements related to the alloy spectrum review should be carried out;3)pipe supports and hangers part plant product quality certificate for each variable spring supports,constant support hangers,dampers,damper function,there should be factory calibrated test 3、仓单为物权证券 仓单上所载仓储物的移转，必须自移转仓单开始发生所有权转移，故仓单为物权证券，即谁手持仓单谁就对货物拥有所有权。4、仓单为文义证券 所谓文义证券是指证券上权利义务仅依证券的文义记载为依据的证券。仓单的记载事项决定当事人的权利义务，当事人必须依据仓单上的记载行使权利义务，故仓单为文义证券。5、仓单为自付证券 仓单是由保管人自己填发的，又由自己负担给付义务，因而仓单为自付证券。仓单生效的条件 1 保管人须在仓单上签字或者盖章 保管人在仓单上签字或者盖章表明保管人对收到存货人交付仓储物的事实进行确认。保管人未签字或者盖章的仓单说明保管人还没有收到存货人交付的仓储物，故该仓单不具有法律效力。当保管人为法人时，由其法定代表人或其授权的代理人签字或者盖章;当保管人为其他经济组织时，由其主要负责人签字或者盖章;当保管人为个体工商户时，由其经营者签字或者盖章。盖章指加盖保管人单位公章。签字或者盖章由保管人选择其一即可。2 仓单须包括一定的法定必要记载事项 依合同法第 386 条的规定，仓单的法定必要记载事项共有八项:其中，存货人的名称或者姓名和住所，仓储物的品种、数量、质量、包装、件数和标记，储存场所，填发人、填发地和填发日期四项为绝对必要记载事项，不记载则不产生相应的证券效力。仓储物的损耗标准，储存期间，仓储费，仓储物已经办理保险的，其保险金额、期间以及保险人的名称四项属于相对必要记载事项，如当事人不记载则按法律的规定来处理。仓单质押融资业务 1、仓单质押融资产生的背景及概念 作为一种新的物流融资模式，仓单质押贷款已越来越引起人们的关注。国内学者从 1997 年就开始对仓单质押做学术上的探讨，在商业界最早由中国物资储运总公司于 1999 年开展仓单质押业务。仓单质押业务的开展使得中储这个传统的仓Ellipticity of elbow pipes with diameters less than or equal to 150 mm must be not greater than 8%diameter of 200 mm or less shall not be greater than 6%.Wall thickness of the pipe wall thinning rate must not exceed the original 15%.Crease roughness:diameter 125 mm or less,shall not exceed 3 mm diameter less than or equal to 200 mm,not more than 4 mm.7.3.9 simmering bending production of square steel tube extension,to use the whole tube bending.Interface if necessary,the welding position should be located in the middle of the vertical arm.7.3.10 install expansion joints should be done.If design is not required,pipe compensator lengthen should conform to the requirements in the following table:square scale length x is equal to 1/2.Pre stretch tolerance:casing+5 mm,+10 mm.7.3.11 pipe form,location,spacing shall meet the design and specifications.7.3.12 piping on back or return pipe at higher levels of the upper to automatic valve to install a drain valve below the horizontal parts.7.3.13 supports and hangers of checks and the number 1)hanger installed must be checked before installation of supports and hangers part models,specifications of springs setting values,whether the materials meet the requirements of drawings and documents;2)supports and hangers of material,size and accuracy shall conform to the provisions of the design drawings,material technical requirements should be consistent with national standards,industry standards and technical requirements related to the alloy spectrum review should be carried out;3)pipe supports and hangers part plant product quality certificate for each variable spring supports,constant support hangers,dampers,damper function,there should be factory calibrated test 储公司实现了向新型储运公司的成功转型，但是目前第三方物流公司开展这项业务的却只是凤毛麟角。2006 年中储的仓单质押业务收入已达到 2098 万元，预计其 5 年内的仓单质押业务将保持年均 100,的增长。可见，国内仓单质押业务需求越来越多，而且随着企业对此业务的深入了解和银行对此业务重视程度的加深，这种需求仍会保持稳定的增长。2007 年 3 月 16 日第十届全国人民代表大会第五次会议通过了中华人民共和国物权法，对仓单出质的登记做了规定，为仓单质押业务的开展提供了法律保障。这在一定程度上刺激了仓单质押业务的增长，也为第三方物流公司开展仓单质押业务创造了良好的环境。仓单质押融资(warehouse receipt financing)是以仓单为标的物而成立的一种质权，多为债权实现的一种担保手段，是指申请人将其拥有完全所有权的在库动产(如钢材、矿产、轮胎、酒类等原材料或产成品等)存放在物流企业仓库中，并以物流企业出具的仓单在银行进行质押，作为融资担保，该物流企业在经过银行的审核授权后以第三方的身份承担监管责任，对质押物进行质押监管。银行依据质押仓单向申请人提供的用于经营与仓单货物同类商品的专项贸易的短期融资业务。2 开展仓单质押融资的原则 开展仓单质押融资业务对提高市场资源的使用效率，加快资金周转，扩大企业生产规模具有重要作用，但是进行质押融资必须遵守以下几个原则:(1)首先要合乎国家的法律、法规。开展仓单质押融资业务要做到合法经营，贷款业务符合国家信贷政策。同时，贷款的程序要合法，对借款人的资信审查，还贷能力，信贷资金使用状况，借款手续是否完备，借款人的业务量及商品来源的合法性等有关事项必须事先审核，事中跟踪，确保每个环节不出现纰漏。(2)风险防范原则。仓单质押融资业务是质押贷款的一种形式，由于借款人向贷款人出质的是在期货市场中流通的标准仓单，所以，其风险系数相对较小。但是银行质押贷款可能面临以下的风险:商品的市场价格始终处于不断涨跌过程中，对应仓单的价值也处于不断变化当中，如果银行对质押物评估过高，就可能造成借款人还贷不积极;在质押商品的监管方面，由于仓库同银行之间的信息不对称、信息失真或信息滞后都会导致任何一方决策的失误，造成质押商品的监管风险等等。-3-Ellipticity of elbow pipes with diameters less than or equal to 150 mm must be not greater than 8%diameter of 200 mm or less shall not be greater than 6%.Wall thickness of the pipe wall thinning rate must not exceed the original 15%.Crease roughness:diameter 125 mm or less,shall not exceed 3 mm diameter less than or equal to 200 mm,not more than 4 mm.7.3.9 simmering bending production of square steel tube extension,to use the whole tube bending.Interface if necessary,the welding position should be located in the middle of the vertical arm.7.3.10 install expansion joints should be done.If design is not required,pipe compensator lengthen should conform to the requirements in the following table:square scale length x is equal to 1/2.Pre stretch tolerance:casing+5 mm,+10 mm.7.3.11 pipe form,location,spacing shall meet the design and specifications.7.3.12 piping on back or return pipe at higher levels of the upper to automatic valve to install a drain valve below the horizontal parts.7.3.13 supports and hangers of checks and the number 1)hanger installed must be checked before installation of supports and hangers part models,specifications of springs setting values,whether the materials meet the requirements of drawings and documents;2)supports and hangers of material,size and accuracy shall conform to the provisions of the design drawings,material technical requirements should be consistent with national standards,industry standards and technical requirements related to the alloy spectrum review should be carried out;3)pipe supports and hangers part plant product quality certificate for each variable spring supports,constant support hangers,dampers,damper function,there should be factory calibrated test(3)对借款人进行严格的资格审查原则。质押贷款是商业银行的常规贷款业务之一，也是商业银行获取盈利的一个途径。银行开展质押贷款要讲究安全性、流动性，更要注重盈利性。仓单质押贷款经济风险偏低，可银行在办理贷款之前也须慎重选择和审核贷款对象。3 仓单质押融资的模式 (1)现有存货质押融资模式 现有存货质押融资是指货主企业把质押品存储在第三方物流公司的仓库中，然后凭借仓单向银行申请贷款，银行根据质押品的价值和其他相关因素向客户企业提供一定比例的贷款的业务模式。(2)异地仓库监管质押融资模式 异地仓库监管质押融资是在仓单质押的基本模式上，在地理位置上的一种拓展。物流公司根据客户不同，可以整合社会仓库资源，也可以利用遍布全国的仓储网络，甚至是客户自己的仓库，就近进行质押监管，这一过程中物流公司受银行委托，对贷款企业存放在物流公司或其认可的仓库、货场，码头的货物进行监管，并对监管质押货物开具仓单，贷款企业将物流公司开出的仓单质押给银行，银行审核后对贷款企业发放贷款。这种方式节省了许多不必要的手续极大地降低了客户的质押成本。(3)买方信贷或保兑仓融资模式 买方信贷(保兑仓)是银行以客户与厂家(供货方)签订贸易合同的金额为依据，为客户提供专项用于向合同的厂家(供货方)支付货款的融资授信方式。它是针对买卖合同的买方要买的未来货物进行仓单质押，即银行在客户(买方)交纳一定的保证金后开出承兑汇票，收票人为生产企业，生产企业在收到银行承兑汇票后按银行指定的仓库发货，货到仓库后由第三方物流公司签发仓单，然后将仓单质押给银行。保兑仓业务有效地放大了仓单质押业务量，更大程度上满足客户对资金的需求，银行资金的安全性也得到了有效保障，达到买方、卖方(生产企业)、银行、物流公司四方共赢。4 仓单质押融资的优势 作为一种新的物流业务模式的延伸，仓单质押既可以解决中小企业流动资金紧张的困难，同时又保证银行放贷安全，降低担保公司担保风险，还能拓展第三方物流企业仓库服务功能，增加货源，提高效益，可谓“一举多得”。Ellipticity of elbow pipes with diameters less than or equal to 150 mm must be not greater than 8%diameter of 200 mm or less shall not be greater than 6%.Wall thickness of the pipe wall thinning rate must not exceed the original 15%.Crease roughness:diameter 125 mm or less,shall not exceed 3 mm diameter less than or equal to 200 mm,not more than 4 mm.7.3.9 simmering bending production of square steel tube extension,to use the whole tube bending.Interface if necessary,the welding position should be located in the middle of the vertical arm.7.3.10 install expansion joints should be done.If design is not required,pipe compensator lengthen should conform to the requirements in the following table:square scale length x is equal to 1/2.Pre stretch tolerance:casing+5 mm,+10 mm.7.3.11 pipe form,location,spacing shall meet the design and specifications.7.3.12 piping on back or return pipe at higher levels of the upper to automatic valve to install a drain valve below the horizontal parts.7.3.13 supports and hangers of checks and the number 1)hanger installed must be checked before installation of supports and hangers part models,specifications of springs setting values,whether the materials meet the requirements of drawings and documents;2)supports and hangers of material,size and accuracy shall conform to the provisions of the design drawings,material technical requirements should be consistent with national standards,industry standards and technical requirements related to the alloy spectrum review should be carried out;3)pipe supports and hangers part plant product quality certificate for each variable spring supports,constant support hangers,dampers,damper function,there should be factory calibrated test (1)开展仓单质押融资业务可以解决部分中小企业自身资金短缺问题。由于规模较小，固定资产少，中小企业普遍存在贷款难和融资难的问题。利用仓单质押向银行贷款，可以缓解并解决中小企业贷款难和融资难的问题，争取更多的流动资金周转，达到实现经营规模扩大和发展，提高经济效益的目的。(2)开展仓单质押融资业务有利于银行规避贷款风险并拓展新的经济增长点。对于银行而言，开展仓单质押业务可以帮助金融机构吸引和稳定客户，增加放贷机会，培育新的经济增长点。(3)开展仓单质押融资业务对担保公司而言降低了没有实物抵押保障的担保风险，拓展了新业务，从而增加可担保客户数量，扩大担保业务。(4)开展仓单质押融资业务对第三方物流企业而言，一方面可以利用能够为货主企业办理仓单质押贷款的优势，吸引更多的货主企业进驻，保有稳定的货物存储数量，提高仓库空间的利用率，同时促进仓储企业不断加强基础设施的建设，完善各项配套服务，提升企业的综合竞争力;另一方面又可以通过收取手续费、提供场所以及信息等形式增加企业的经济收益。(5)开展仓单质押融资业务可在一定程度上促进社会经济健康发展。一方面，由于我国信用体系发育程度低，商业银行不良资产不断增加，企业之间资金相互拖欠、三角债盛行。市场交易中因信用缺失、经济秩序问题造成的无效成本巨大。社会信用体系的建立是一个庞大的社会系统工程，质押监管是目前信用体系尚未成熟情况下促进经济健康发展的有效途径之一。另一方面，仓单质押融资业务把静态的库存变成资金，将会促进经济的良性循环，提高经济运行质量。以原材料或产成品等资产质押方式融资，将有利于建立银行与企业间的融资纽带，疏通企业筹集资金的管道，改变中小企业贷款难和融资难的问题。5 仓单质押融资的前景 对于物流企业而言，开展仓单质押业务，替银行监管货主在银行质押货款的商品，一方面，可以利用能够为货主企业办理仓单质押贷款的优势，吸引更多的货主企业与其合作，保有稳定的货物存储数量，提高仓库空间的利用率;另一方面又会促进物流企业不断加强基础设施的建设，完善各项配套服务，提升企业的综合实力增强竞争力;再一方面，物流企业作为银行和客户都相互信任的第三方，可以更好地融入到客户的商品产销供应链中，同时也加强了同银行的业务联盟。-5-Ellipticity of elbow pipes with diameters less than or equal to 150 mm must be not greater than 8%diameter of 200 mm or less shall not be greater than 6%.Wall thickness of the pipe wall thinning rate must not exceed the original 15%.Crease roughness:diameter 125 mm or less,shall not exceed 3 mm diameter less than or equal to 200 mm,not more than 4 mm.7.3.9 simmering bending production of square steel tube extension,to use the whole tube bending.Interface if necessary,the welding position should be located in the middle of the vertical arm.7.3.10 install expansion joints should be done.If design is not required,pipe compensator lengthen should conform to the requirements in the following table:square scale length x is equal to 1/2.Pre stretch tolerance:casing+5 mm,+10 mm.7.3.11 pipe form,location,spacing shall meet the design and specifications.7.3.12 piping on back or return pipe at higher levels of the upper to automatic valve to install a drain valve below the horizontal parts.7.3.13 supports and hangers of checks and the number 1)hanger installed must be checked before installation of supports and hangers part models,specifications of springs setting values,whether the materials meet the requirements of drawings and documents;2)supports and hangers of material,size and accuracy shall conform to the provisions of the design drawings,material technical requirements should be consistent with national standards,industry standards and technical requirements related to the alloy spectrum review should be carried out;3)pipe supports and hangers part plant product quality certificate for each variable spring supports,constant support hangers,dampers,damper function,there should be factory calibrated test 因此，仓单质押业务会在物流企业寻求发展的过程中进一步发展。6 交易仓单质押操作流程 以借款人使用自身在库动产仓单质押融资为例，基本流程如下图:(图自新浪财经)(1)借款人与物流企业签订仓储协议，明确货物的入库验收和保护要求，并据此向物流企业仓库交付货物，经物流企业审核确认接收后，物流企业向借款人开具专用仓单。借款人同时向指定保险公司申请办理仓储货物保险，并指定第一受益人为银行。(2)借款人持物流企业开出的仓单向银行申请贷款，银行接到申请后向物流企业核实仓单内容(主要包括货物的品种、规格、数量、质量等)。(3)银行审核通过后，借款人、银行、物流企业三方签订仓单质押贷款Ellipticity of elbow pipes with diameters less than or equal to 150 mm must be not greater than 8%diameter of 200 mm or less shall not be greater than 6%.Wall thickness of the pipe wall thinning rate must not exceed the original 15%.Crease roughness:diameter 125 mm or less,shall not exceed 3 mm diameter less than or equal to 200 mm,not more than 4 mm.7.3.9 simmering bending production of square steel tube extension,to use the whole tube bending.Interface if necessary,the welding position should be located in the middle of the vertical arm.7.3.10 install expansion joints should be done.If design is not required,pipe compensator lengthen should conform to the requirements in the following table:square scale length x is equal to 1/2.Pre stretch tolerance:casing+5 mm,+10 mm.7.3.11 pipe form,location,spacing shall meet the design and specifications.7.3.12 piping on back or return pipe at higher levels of the upper to automatic valve to install a drain valve below the horizontal parts.7.3.13 supports and hangers of checks and the number 1)hanger installed must be checked before installation of supports and hangers part models,specifications of springs setting values,whether the materials meet the requirements of drawings and documents;2)supports and hangers of material,size and accuracy shall conform to the provisions of the design drawings,material technical requirements should be consistent with national standards,industry standards and technical requirements related to the alloy spectrum review should be carried out;3)pipe supports and hangers part plant product quality certificate for each variable spring supports,constant support hangers,dampers,damper function,there should be factory calibrated test 三方合作协议书。仓单出质背书交银行。(4)物流企业与银行签订不可撤销的协助银行行使质押权保证书，确定双方在合作中各自应履行的责任。(5)借款人与银行签订银企合作协议、账户监管协议，规定双方在合同中应履行的责任。借款人