signature=e802156927f601c3ce4c23b9d540f76c,The Legal Relationships of Parties Involved in Mezzanine ...

摘要：

The conflict between the rapid development of the shipping industry and limited sources of financing requires innovation in financing instruments. Mezzanine finance is a type of intermediate capital that features aspects of both equity and debt, which makes it uniquely flexible and compatible. Despite the lack of relevant provisions in China's legal regime, mezzanine finance in the shipping industry still conforms to China's current laws and regulations. This article describes the potential for mezzanine finance to be used as a way to fund the construction of new ships, and ships that are already operational. Mezzanine loans may be applied to ships under construction, where relevant parties are connected through a debtor-creditor relationship and a collateral relationship. The great uncertainty of operating a ship creates considerable investment risks. Mezzanine financing can be conducted through two methods: mezzanine loans and preferred equity. For better operation of ship mezzanine finance, the legal relations of the various involved parties should be defined, mainly pertaining to issues such as the nature of “rights mortgages, ” conflict of interests of stakeholders and definition of “preferred equity.”【注释】* WANG Ruonan, Shanghai Jiao Tong University KoGuan Law School. E-mail: wangruonan33@163.com. Source of topic:“Construction of an International Shipping Center in Shanghai”, a research project of the China Center for International Economic Exchanges directed by Prof. Zhao Jingsong. 　　? THE AUTHOR AND CHINA OCEANS LAW REVIEW 　　{1} State Councirs Opinion on Promoting the Development of a Modem Service Industry, Advanced Manufacturing Industry, and Building an International Financial Center and International Shipping Center in Shanghai (GuoFa [2009] No.19). The overall targets for the construction of the international shipping center are: By 2020,1) basically complete the construction of an international shipping center with global shipping resource allocation capacities, with a high concentration of shipping resources, sound and comprehensive shipping service functions, excellent shipping market environment and efficient modem logistic services;2) basically form an international shipping hub port centering on Shanghai, with Jiangsu and Zhejiang provinces as the two wings and the Yangtze River Basin as the central region, with reasonable division of work and close collaboration with other ports in China;3) basically form a large-scale, intensive, efficient and optimally structured modernized port distribution and transportation system and international aviation hub, realizing integrated development of multiple transportation methods; and 4) basically form a modem shipping service system with high-quality service and comprehensive functions, create a convenient, efficient, safe and secure port environment and modem international shipping service environment governed by the rule of law, enhance the international shipping resource integration ability, and improve comprehensive competitiveness and service capacities. 　　{2} The Municipal Government Issued the “Twelfth Five-Year Plan” for Accelerating the Construction of the International Shipping Center (HuFuFa [2012] No.48). The overall targets are:1) focus on promoting and optimizing shipping competitive industries,2) establish a complete shipping service system,3) form a policy environment conducive to the construction of the international shipping center,4) encourage various market subjects to give full play to their respective functions,5) improve the efficiency of modem logistic services based on modem information technology,6) strengthen interaction and cooperation with major ports of Jiangsu and Zhejiang provinces, and 7) establish a reasonably structured distribution and transportation system covering the Yangtze Delta Region and the Yangtze River Basin. By the end of 2015, basically realize the comprehensive concentration of shipping factors and resources such as cargoes, ships, enterprises, funds, talents, information and technology, preliminarily assume the

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