This time，Discussion on the social integration mode is boiling，It has aroused widespread attention from the financial industry and the legal industry。In this mode，Investors first obtain investment from individual investors from the social level，Then invest in high -quality small individuals in a connected manner，Small and micro enterprises in the old -fashioned catering industry are usually used。Investors do not interfere with the daily operation of the investors，Daily draw a fixed proportion amount in its revenue，and immediately divide the individual investors who subscribe to the company's share。This method has a fixed period，Under the expiration of the period, immediately withdraw from a small micro -enterprise。Someone labels "non -stock non -debt" labels for this model，There are also a large number of financial media that have the characteristics of "Youshen and debt"。With this financing model, the large -scale development of business in my country，How to define this mode in the complicated financial world and rigorous legal system，Become a confusing problem。

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In the financial field，"Stock" and "debt" represent equity financing and debt financing，They are defined in the law、Relations of equity、Investment risks and income methods are different。But，In real investment and financing activities，The border of the two may become blurred，If the scene of "Ming stocks real debt"。"Ming stock real debt" refers to the existence of equity in the form of equity，But the investment behavior that essentially pursues fixed income。The key feature is that investors do not perform substantial management of the company，and expected to get a fixed or guaranteed revenue。bet365 best casino games I have a point of view，Social Rong Association model is similar to "Ming stocks real debt"，But this article believes that the two are not completely consistent。On the one hand，In the social finance joint mode，Investors' income is not fixed income，Instead of operating performance related to the investor。On the other hand，"Ming stock real debt" has the appearance of equity investment，It must be held in the legal sense，In the Social Finance Communication Mode。other，Although some characteristics of this model are similar to debt investment (do not participate in daily operations、There is a fixed investment period)，But it cannot be briefly understood as a creditor investment，Because there is no fixed interest rate in this mode，Investors do not enjoy the right of substitution、Rights of creditors such as the right to revoke，Its risk is higher than ordinary debt investment。

That seems to，The social integration joint model does not seem to find a clear definition in my country's legal system。But does this mean it is an isolated existence? Not so。Some scholars think，Under the influence of factors such as financial innovation，The distinction between equity and creditor's rights is becoming increasingly difficult，The trend of the integration of stocks and bonds becomes more and more obvious，Its specific samples mainly include mezzanine financing、Category stock、Tie Fund、Structural Asset Management Plan、Asset income right products, etc.。Social Federation Commander Model is undoubtedly a sample of the integration of stock bonds。A major challenge brought by the integration of stock bonds is a risk standard for the distinction of stock bonds in the traditional sense、Control Standard、Xinyi Volunteer Standard is no longer effective。So，Instead of entangled whether a financing model is a stock or a debt，It is better to analyze its operating mechanism and main characteristics，To bet365 Play online games solve the risk control of this mode operation、profit allocation、Rights and obligations, etc.。

Actually，Debt usually refers to the relationship between "claims" and "debt" in the civil law system，Is a vast concept，Including contract relationship、Improper gain、No reason management, etc.。Debt investment in the narrow sense pointing to the loan contract relationship，It is just a part of the debt law specification system。Social Rong Association model is not in the traditional sense of debt investment，But many parties still form a broad -debt relationship based on the contract，Adjust the contract method。Of course，There are also certain organizational factors in this mode，Therefore, it should be constrained by the organizational law。essentially，Social Rong Association model is a product of financial innovation and interaction between contract law and commercial organization law，More like a "civil partners" based on a partnership agreement。

　The partnership mode of the fixed period of analogy

Generally speaking，Civil partnership is based on common purposes，cooperative relationship with risks。Most features of the social finite link mode，If it is linked to the income of the investor、Do not participate in actual business、Have a fixed period, etc.，All consistent with civil partners。First，Partnership income fluctuates with the business status of partnerships，Laws give civil partners a relatively loose profit distribution method，Partners enjoy the freedom of agreed partnership income a day。Second，Partners can entrust one or several partners to perform partnerships，Other partners will no longer perform partnership，Only supervise the implementation。Last，The law allows setting a fixed period partnership or no fixed term partnership，Fixed period of partnership will dissolve automatically after expiration，Unless the partner reaches the bet365 Play online games intention of renewal。These characteristics have common places with the social finite link。

Social Federation Association model as a financing model similar to a fixed period of partnership，Compared with creditor financing，You can enjoy more benefits with the development of the invested project; compared to equity financing，Convenience that can be withdrawn from the expiration of the period。The key to the operation of this mode is "daily revenue divided into contracts" (Daily Revenue Contract，DRC)，Investors invest in physical stores，Through digital "store sub -automatic repayment system" (ARM)，Daily divide the fixed proportions from the revenue of the store。It is worth noting that，Social Federation Commandment Mode，The income shared by the investor and the invested store is not based on profit as the benchmark，Instead, the income of this store is the benchmark。Not only in the profitability of profitability，Even if this store loses losses, it needs to be paid to the investor in accordance with the agreed plan。In this mode，Stores do not need to return the principal to the investor，Investors only have the right to obtain division in accordance with the agreed manner within the contract period，Automatically terminate after the contract expires，Investors automatically withdraw from the store。

　　Daily distribution income reduces investment risk

Daily distribution income is the most significant difference between the social integration model and the controversial P2P model。Investors in P2P models need to gain benefits when the investing company is profitable，Then the upstream investors can get benefits and redeem the principal。Losses of investing companies will lead to breaks of interest chain，Upstream investors cannot recover the principal，Treatment of "Blasting Thunder" storm。P2P objects，Most of them are companies that cannot be approved in risk assessment of Bet365 app download financial institutions such as banks，This is a high -risk state。P2P also uses equity investment as the main way，It is even facing the problem that it is difficult to withdraw investment when the company loses money。

Social Federation Communication Model solves this problem very well。Although the Social Financial Union Mode is also looking for small and micro enterprises that are not recognized by Bet365 app download financial institutions for financing，Like the P2P mode, facing the problem of high risk of investors，But it uses the daily distribution mode to resolve this risk。The process of daily distribution income is the process of investor recovering principal，There is no P2P mode, although the profit is allocated，But the situation of not receiving the principal。In addition，Investors can analyze and monitor the benefits of the invested stores based on the daily amount of allocation，If the benefits have fallen sharply, you can lift the contract in time for stop loss，Suddenly found that the investing company lost money in the P2P mode，The situation that cannot be recovered。

Law allows civil partners to freely determine the profit distribution method，This category push is suitable for social integration mode。Under this relatively free meaning of autonomy，Daily income distribution method can be recognized and protected by the legal firm。other，Class stipulated by the relevant laws of civil partnerships to push for，It also provides convenience for the recovery of the social financing joint model。In the equity investment model，Investors need to withdraw the investment need to be reduced by capital reduction，Relatively cumbersome and complicated，It takes a lot of time。Under the civil partnership system，Investors withdrew investment, they have greater flexibility，Just need all partners to be consistent。If the daily distribution income is regarded as the act of withdrawing the contribution bet365 live casino games in stages，It is also legal in law -similar to a daily partners meeting，Resolution Investors withdraw capital，Because after all, there is no real partnership，Therefore, this meeting does not need to be held，The intention to form a resolution can be replaced by the contract of the contract。

but but，It is because of the special income distribution method，The industry field that can invest in social finance joint models is limited，Can't run smoothly in the industry with a longer account period。For example，In the construction engineering industry，A project may go through a long cycle，Daily distribution income cannot be achieved;，Repair a part of the amount daily，It deviates from the original intention of the social finite link，It is no different from ordinary debt investment。So，Social Rong Association mode can usually only be in the catering industry、Cinema and other service industries running，Because only such industries can ensure that there are daily income for distribution。

To sum up，Social Federation Commandment Model can be regarded as the old and new buds in the civil partnership system，But it breaks the stereotype of civil partners usually only involved in natural persons，Realized institutional innovation in the sense of interdisciplinary。The civil partnership system provides a framework for this new financing model，​​Push the relevant legal system of civil partners through a class，It can be initially solved by the income distribution in its operation、Risk burden and other questions。This model fully reflects the linkage of finance and law，A designed to reduce transaction risks through institutional design、Improve the participation of social capital，It provides a new model for the realization of inclusive finance、New choice，It helps small and micro enterprises to solve the problem of financing difficulties，It can make financial instruments better play the role of reasonable bet365 best casino games allocation of resources。But at the same time，Social Rong Association model is not a real civil partner，How to further respond to the new challenge brought by the integration of stock bonds，How to realize the concept of contract law and organizational law in modern business society and adjustment，Then we need to study and discuss more deeply。

　(Author is an associate researcher at the China Law Research Center of the University of St. Louis in the United States)