融资性担保公司以保证金形式为主债务人提供质押担保，因其可连续操作和具有杠杆效应，并通过债务人组合方式分散风险，广为银企接受并迅速扩张。但作为一种融资担保创新业务，因该形式法律依据缺位、风控考量不足以及司法实践的分歧，常造成此类质押被司法认定为无效，商业银行的合法债权得不到优先受偿，从而推增金融风险。保证金应当如何经过“特定化”设立金钱质权，既需要立法上进一步明确规定，又需要司法上均衡质权人和第三方的利益，当务之急是商业银行应当建立和完善融资性保证金质押法律风控体系。%The financial guarantee corporations provide pledge guarantee for principal debtor in form of margin. Because of its continuous operation and the leverage effect, diversification of risk by the combination of debtor at the same time, it has been very popular and spread fast these years. However, as an innovation in financial guaran-tee business, due to lack of legal basis and risk control as well as the judicial interpretation conflicts, this kind of pledge may beinvalid in judicial identification. Then the creditor's rights of compensation cannot have a hig hpriori-ty, which will increase the financial hazards. Therefore, how to set up the money pledge by specialization needs not only a further definition in legislation,but also a interest balance between the pledge and third party. And a press-ing matter of the moment for commercial banks is to establish and perfect the legal system of risk control in financial margin pledge.
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