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保理的本质是一种债权融资,其最大的特点在于通过保理商对融入资金企业的资产负债管理来实现债权保全,再结合债权让与和债权担保等制度,确保保理商收回融资,因此,保理是一种企业与保理商双赢的现代融资方式。在地方性政府债务规模不断扩大的背景下,BT(建设-移交)项目投资人如何能够顺利收回投资款成为一个重要课题。本文简单介绍了BT项目和保理业务的基本情况,以案例方式深入分析无追索权保理给项目回购带来的法律关系变化,总结归纳了这一融资方式对项目各参与方的积极影响,以期为国内BT业务良好发展提供借鉴意义。
The essence of factoring is a type of debt financing. Its biggest feature is that it realizes the creditor’s rights preservation through the asset-liability management of the factor-in-credit enterprises by the factoring companies, and combined with the systems such as the assignment of creditor’s rights and the guarantee of creditor’s rights, Therefore, factoring is a win-win modern financing method between enterprises and factoring companies. In the context of the growing scale of local government debt, how BT (Construction-Transfer) project investors can successfully recover investment money has become an important issue. This article briefly introduces the basic situation of BT project and factoring business, analyzes the change of legal relationship brought by non-recourse factoring to project repurchase case by case, and summarizes the positive effect of this financing method on each project participant Influence, in order to provide reference for the sound development of domestic BT business.