暨南学报(哲学社会科学版)

作者：李佳敏

单位：华南理工大学法学院。

关键词：每日收入分成,金融创新,跨境监管,法律规制

滴灌通投融资模式是滴灌通公司创设的一种基于每日营业收入分成的新兴投融资模式,兼具股权与债权的双重特征,在实践中面临法律适用、资金跨境监管协调、投资者风险防范等难题。对于法律适用,每日收入分成合同属于类债权合同,适用《民法典》合同编通则的规定并参照适用借款合同的相关规定。投融资模式整体属于以资产证券化产品为投资对象的私募基金业务,适用澳门法有关规定。对于资金跨境监管,应以风险预警为主,今后可由我国证监会与澳门金融管理局、香港金融管理局建立跨区域资金流动协同监管机制。对于投资者风险,澳门金融管理局要加强对滴灌通澳门交易所的信息披露义务及反洗钱义务的履行监管。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"article":{"keywordList_cn":["每日收入分成","金融创新","跨境监管","法律规制"],"juan":"47","zhaiyao_cn":"滴灌通投融资模式是滴灌通公司创设的一种基于每日营业收入分成的新兴投融资模式,兼具股权与债权的双重特征,在实践中面临法律适用、资金跨境监管协调、投资者风险防范等难题。对于法律适用,每日收入分成合同属于类债权合同,适用《民法典》合同编通则的规定并参照适用借款合同的相关规定。投融资模式整体属于以资产证券化产品为投资对象的私募基金业务,适用澳门法有关规定。对于资金跨境监管,应以风险预警为主,今后可由我国证监会与澳门金融管理局、香港金融管理局建立跨区域资金流动协同监管机制。对于投资者风险,澳门金融管理局要加强对滴灌通澳门交易所的信息披露义务及反洗钱义务的履行监管。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=7246","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=7246","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20242628","qi":"7","id":7246,"nian":2025,"bianHao":"1757058997248-40121671","zuoZheEn_L":"LI Jiamin","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2025","shouCiFaBuRiQi":"2025-09-05","qiShiYe":"180","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2025/V47/I7","lanMu_cn":"经济管理","pdfSize":"1713","zuoZhe_CN":"李佳敏","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=7246","title_cn":"滴灌通投融资模式的法律属性及其法律规制路径","doi":"10.11778/j.jnxb.20242628","jieShuYe":"196","keywordList_en":["daily revenue-based financing","financial innovation","cross-border regulation","legal regulation"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=7246","zhaiyao_en":"The micro-connect investment model is an innovative financing framework developed by small and micro enterprises. It is evident that in accordance with daily revenue-based financing arrangements, this model manifests hybrid equity-debt characteristics. This gives rise to fundamental operational challenges, including legal attribute ambiguities, deficiencies in cross-border fund supervision coordination, and investor risk. This paper systematically outlines the model's legal attributes, proposes coordinated cross-border regulatory mechanisms, and formulates investor protection measures, thereby establishing the theoretical basis for the regulation of revenue-based financing innovations.Through the examination of existing laws and cross-border financial regulatory regimes, including financial legislation in Macao, this paper deconstructs the model's contractual architecture and transactional framework. Three critical dimensions are addressed. Firstly, regarding the legal applicability of the Daily Revenue Contract, it is evident that the contract exhibits essential attributes of debt. Consequently, such instruments are considered to be debt-like contracts governed by the General Provisions of the Contracts Section within the Civil Code, with stipulations from the loan contract being applied analogously. About the overall model, the micro-connect investment model has established a Micro Connect Financial Assets Exchange in Macau. The issuance of financial products is conducted through this Exchange, with investments being made by professional investors. The legal framework governing the core aspects of this model, including the fund raising, product issuance, and Exchange operations, is that of Macau's financial laws and regulations. The model can be categorized as a private equity fund business that utilizes asset-based securities as investment instruments. Secondly, with regard to the matter of cross-border regulation of funds, the micro-connect investment model involves financing enterprises in the mainland, the Macao Financial Assets Exchange, and international investors, thereby creating cross-border and cross-jurisdictional flows of funds. The primary focus at present should be on risk identification and the establishment of early warning systems. In the medium to long term, the development of a coordinated regulatory mechanism is essential. Thirdly, investor risk mitigation necessitates enhanced supervision of the Monetary Authority of Macao over the Micro Connect Macao Financial Assets Exchange, specifically mandating rigorous fulfilment of information disclosure protocols and anti-money laundering implementation.The innovation of this paper is evident in the manner in which it resolves core regulatory dilemmas. This is achieved through a tripartite analysis that encompasses the legal characterization of the micro-connect investment model, the implementation of cross-border supervision, and the establishment of investor safeguarding measures. It establishes the debt-like juridical nature of the Daily Revenue Contract, proposes a specific path for a synergistic mechanism among the three regulators, and emphasizes the prevention of investor risks by strengthening the fulfilment of the obligations of the exchanges. The results provide a legal basis and practical guidance for the mainland, Hong Kong, and Macao regulators to regulate financial innovation and safeguard financial stability. The research findings have certain practical value and academic significance in improving the financial regulatory framework of the emerging revenue-based financing model.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=7246","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/10.11778/j.jnxb.20242628","zuoZheCn_L":"李佳敏","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2025","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2025/V47/I7","zuoZhe_EN":"LI Jiamin","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=7246","title_en":"The Legal Attributes of the Micro-connect Investment Model and Its Path of Legal Regulation","hasPdf":"true"},"authorNotes_cn":["李佳敏,华南理工大学法学院。"]};if(window.metaData && (!window.metaData.authorNotesCommon_cn && !window.metaData.authorNotesCorresp_cn && window.metaData.authorNotes_cn)){window.metaData.authorNotesCommon_cn = window.metaData.authorNotes_cn;}if(window.metaData && (!window.metaData.authorNotesCommon_en && !window.metaData.authorNotesCorresp_en && window.metaData.authorNotes_en)){window.metaData.authorNotesCommon_en = window.metaData.authorNotes_en;}var _nlmdtdXml = $("#article_nlmdtdXml").val();var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');window.metaData.magDir = magDir;new mag_vue({ el: '#metaVue', //dataUrl: mag_currentQikanUrl() + '/EN/article/getRichHtmlJson.do?articleId='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); 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来源：2025年第7期

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