【導(dǎo)讀】實施，廣大企業(yè)逐漸認識到股權(quán)質(zhì)押作為融資方式的重要作用。紛，股權(quán)質(zhì)押制度法律規(guī)定的不足也相應(yīng)暴露了出來。中小企業(yè)又亟需利用該方式貸款以解決資金缺乏的問題。從質(zhì)權(quán)人利益保護的角度對非上市公司股權(quán)質(zhì)押的風(fēng)險防范進行研究。主要分析股權(quán)質(zhì)押過程中可能存在的風(fēng)險及防范。質(zhì)押相關(guān)的法律制度開始出現(xiàn)在不同法系國家的法典和公司制度立法中。的形式有可以分為法定按揭與股票的衡平法按揭。市場經(jīng)濟發(fā)展的必然條件，也是進一步發(fā)展商品貿(mào)易的重要因素。出其債權(quán)擔(dān)保與資金融通的功能。義、與其他擔(dān)保區(qū)別、設(shè)質(zhì)的方式等做了闡述?！段餀?quán)法》頒布之前，其中介紹的立法不足很多已經(jīng)被現(xiàn)行立法所完善，

　　

【正文】 the mortgaged property towards the series or the mortgagecredit institution in general,” in the event that Homebuyers default, mortgage credit institutions remain obliged to pay mortgage bond holders. If a mercial bank originally services the loan, it must also provide a guarantee to the mortgage credit institution should Homebuyers default。 the “l(fā)ink” between the lender and the risk holder in cases of default prevents irresponsible lending. Roskilde Bank?s avoidance of guaranteeing mortgages to credit institutions shattered the paymentreinforcement mechanism that is central to Denmark?s mortgage market system. How was it possible for a bank, within a tightly regulated, highly regarded mortgage system, to face liquidity problems and ultimately insolvency? If the Danish mortgage system is considered the best in the world, what are its weaknesses? Understanding the weaknesses of the“best” mortgage system could help identify similar, latent weaknesses in other nations? mortgage systems. Analyzing the Danish government?s solutions to those weaknesses, and determining whether such actions translate to viable longterm solutions, will allow other systems to take more intelligent steps in safeguarding themselves from system failure. Answering these questions first requires an understanding of the history of the Danish mortgage system, including the evolution of its mortgage laws and regulations, and their operation on the mortgage system itself. The Danish mortgage system is largely financed by bonds, which are issued based on a“balance principle”—a 1:1 ratio of bonds to debt. This system has been adjusted over time to acmodate the various needs of investors and the health 山東科技大學(xué)本科畢業(yè)論文 28 of the Danish economy in times of recession. Next, within this historical framework, this Note will analyze the current regulations. Further, this Note will discuss the significant areas of change and how these changes have affected the enviable stability of the Danish mortgage system relative to other investment options for global investors. Then, this Note will examine the burst of the Danish housing bubble through the lens of these new regulatory changes. 山東科技大學(xué)本科畢業(yè)論文 29 II. HISTORY OF THE DANISH MORTGAGE SYSTEM The Danish mortgage system is traceable to 1795. That year, a large fire engulfed “many districts in the old town” of Copenhagen, the home of the Danish Parliament. The fire consumed over nine hundred properties, which was over onefourth of the homes in Copenhagen. The fire caused over million dollars in damage, only half of which was recoverable from Kobenhavns Brandforsikring, the only fire insurance pany in the city. The tremendous amount of destruction was partly due to the fact that streets in the older part of town were too narrow to allow adequate access to firefighters. The vast destruction prompted a need for a massive increase in lending to fund new construction. Traditionally, lending had been given on an unsecured basis with interest capped at four percent. Both of these factors limited the supply of credit because of limitations placed on incentives for lenders to offer loans. Because of the unsecured basis of loans, lenders were given no option to collect on an unpaid loan because no collateral had been exchanged in return for the loan. In Copenhagen, with interest rates capped at four percent, the risk involved in lending was not adequately pensated for by interest returns, and therefore there was a limited supply of such loans offered on the market. Yet the devastation caused by the fire called for some kind of action. In this case, it was the general public who came up with a solution to the crisis. By 1797, a group of wealthy citizens created the first Danish mortgage institution: Kreditkassen for Husejerne i Kobenhavn(“Kreditkassen”). These loans were secured by a mortgage on real property with joint and several liability. Owners 山東科技大學(xué)本科畢業(yè)論文 30 pooled their land assets to form “credit societies”, or “credit associations.” Against the bined collateral, loans were granted to the group instead of to individual borrowers. This worked in favor of the owners because the association?s loan rates were lower than rates obtained by owners individually. Not only was more land mortgaged, thus increasing fore closable assets in the event of default, but each ownermember of a credit association was also jointly and severally liable for the entirety of the mortgage. Thus, there was pressure by the association for an individual owner to keep up with his payments. In addition, there was the guarantee that in the case of some defaulters, it did not mean that the entire association would default. Thus, the lenders had greater incentive to offer mortgages on an associational, rather than on an individual, basis. All financing for the loans came in the form of bonds, or negotiable debt securities. This is the root of the Danish balance principle, which demands that the amount of bonds sold be equivalent to the amount of loans distributed. The pooling of the properties occurred before associations were legally recognized in Danish law in 1849, but its prevalent use to obtain mortgages is arguably one of the reasons why associations became legally recognized by 1850. In 1849, Denmark became a constitutional monarchy. While the king had the “final” decision of whether the acts of Parliament, the Folketing, would be implemented, the monarch was essentially limited to a“symbolic and representative” role as opposed to a political one. Thus, the people, through the Folketing, had mand over their governance. The new Folketing quickly passed the Danish Mortgage Act of 1850. For 山東科技大學(xué)本科畢業(yè)論文 31 the first time, the Danish mortgage system became codified with legal rules. This codification was designed to limit the risk inv