做实业需“牧场”，玩资本需“猎枪”

在创业界，从大的范围上可以分为三类人：一类是玩资本的人，一类是做实业的人，另一类人是政客。

我们可以形象地把玩资本的人称为“猎人”，这种人是用子弹换猎物，收获如何靠的是眼光；我们将做实业的人称为“牧人”，这种人早出晚归，一天天让牧场草长羊肥，靠的是辛勤和汗水，而政客只需要一张带有刀子的嘴就能通吃了所有的羊。

随着“猎人”越来越时髦，账面的数字像火箭般暴起暴落的刺激，总是让人心动，一部分“牧人”在去放羊的同时，也带上了“猎枪”，有意无意地加入了“猎人”的队伍。那么， “牧人”和“猎人”有什么不同？主要有三个方面，然而政客只需要等待收获。

As the “hunters” become more fashionable, the numbers on the books, like rocket surges, are always moving, with some of the “herders” carrying “hunters” as they go for sheep, deliberately and unintentionally joining the “hunters.” So, what is the difference between the “herders” and the “hunters”?

做实业大多是以生产产品为主，靠利润支持，逐年增长，不过有点慢。这就需要有坚定的耐心与毅力，有十年磨一剑的精神。

Business is mostly based on production, supported by profits, growing year by year, albeit slowly. This requires firm patience and perseverance, with a ten-year stamina.

所以，通常情况下，牧人式企业家主要关注产品创新、技术创新，而猎人式企业家却不这样，他会以市场创新、模式创新为主，政客理由嘴里的政策不断所压缩猎人和牧民的供给。

So, normally, pastoralists focus on product innovation, technological innovation, , unlike hunter entrepreneurs, who focus on market innovation, model innovation, and the politicians' arguments continue to squeeze the supply of hunters and herders.

说做实业要体力好，很多人就犯嘀咕了，怎么做实业和体力还能搭上边呢？其实，此体力非彼体力。一般说一个人体力好，主要是说他身体的力量大，很能干，而我们这里所讲的体力主要是说一个企业能够长期专注一件事，并且还能做好，要的是持久、专注。

玩资本就不一样了，他需要的是眼力精准，当然你说做实业不需要眼力吗？需要，但是相对来说, 他的体力用的时间更长，这是最基本的特征，他一次看对了进入一个行业这就对了。但做资本是一次看对了不行，要次次看对才行，有一次看错了就不行了。所以，作为猎人，要有灵敏的视觉与嗅觉。

What he needs is an accurate eye, of course you don't need an eye for business. Yes, but relatively, his strength is longer, which is the most basic feature, and he's right to see the right way into a business. But capital is right at once, right at once, wrong at once. So, as a hunter, strang's eyes and smell.

什么是时间感？不是说时间观念，而是有一个先后次序。就像钟表一样，从第一秒走到第六十秒，中间的每一秒都不能少，要是少了一秒，这个时间就不能成为准确的时间。有人说，把指针调一调行不行，也行，但时间就变了，该是60 秒的时段就变成了30 秒，如果是考试，争分夺秒的时候那可就麻烦了。

What's the sense of time? Not the notion of time.

实业也是如此，需要一步一个脚印儿，脚踏实地的做一件事，中间的任何一个环节都不能少，少了就会有问题，所以，不积跬步无以至千里说的就是这个道理。

The same is true of business. > takes a step, one step, one step, one step on the ground, one step on the other, one step on the other. >, so that's the truth.

做猎人就不一样，他不会只打羊，为什么？猎人的目标就是猎物。至于猎物是什么，不是他所考虑的，他考虑的只是这个猎物能不能给他带来什么。

It's not the same to be a hunter, he's not just a sheep hunter, why? > strong > the hunter's target is a prey. /span as to what the prey is, not what he's thinking, he's only thinking of what it can bring him. /span >

做资本也一样，他的目的只有一个，那就是赚钱。什么赚钱做什么，他不会停留在一个方面，而是多角度、多方位的投资，他可以做房地产，他可以从“蒜你狠”到“豆你玩”再到“棉花掌”、“姜你军”、“油你涨”、“苹什么”、“棉里针”、“糖高宗”……对于那些“资本家”而言，只要能挣钱，农产品也能变成黄金。所以，做资本，要有空间感，从不同的角度入手，而不是一条道走到黑。

The same is true of capital. >, he has only one purpose: to make money. , he will not stay on one side, but rather to invest in many angles and angles. He can make real estate. He can make real estate. He can go from “spook you” to “peas you play” and then to “cotton palms”, “King army”, “oil you up”, “single what”, “smelt needles” and “sugar highs” for “capitalists.” So, > capital, with a sense of space, starting from different angles, rather than a path to the dark.

有些人既做猎人又做牧人，又想做实业又想玩资本，这是有高难度的。它比做猎人难，比做牧人更难。所以，你必须承认自己是天才，你觉得自己没那个天才，做一头比做两头好。但还是有人做好了，这是要看水平的。市场就像是一只狡猾的狐狸，只有好猎手才能斗得过它。有的企业家会选择赌一把，但不管赌技有多么好，少了一条原则，你就是最后的输家。是什么原则呢？

So, you must admit that you're a genius, and you think you don't have that genius, and you're doing a better job than doing two. But somebody does it. The market is like a sly fox, and only a good hunter can fight it. Some entrepreneurs choose to gamble, but no matter how good they are, there is a principle that you are the last loser. What is the principle that ?

安全边际原则，用巴菲特的话来说就是：用4 毛钱的价格去购买价值1 元钱的股票。也就是说，用比实际价值更便宜的价格买入好股票，而一旦用4 毛钱买到了价值1元钱的股票, 你就有了“6 毛钱”的“安全边际”。所以，巴菲特的导师格雷厄姆说：“我把投资成功，永不亏损的秘诀精炼成四个字——安全边际。”巴菲特50年的投资经验也告诉大家：“安全边际原则仍然非常正确，非常有效，永远是投资成功的基石”。

/span> security margin principle, , in the words of Buffett: buy good stocks at a price of 4 gross dollars. That is to say, buy good stocks at a price cheaper than in real terms, and once a stock worth 1 dollar has been purchased at a price of 4 cents, you have a “security margin” of 6 cents. So Buffet's mentor Graham said, “I have succeeded in making the safe margin of four words, never lost.” 50 years of Buffett's investment experience also said: “The security margin principle remains very valid and is always the cornerstone of investment success.”

资本市场和集市的实物市场是不同的，它是代表一种信用，也是一种强制发行的信用等价物的一种。犹如一个国家的纸币，需要这个国家的信用做保证，不然一文不值。

The capital market and the market are different in kind, representing a credit and a mandatory credit equivalent. Like a country's banknotes, the credit of that country needs to be guaranteed, otherwise it's worthless.

那么这就顺其自然的要求从法律上保证这种信用不会被践踏，也需要从法律上规范和完善它的规则而不被操纵，否则将对投资者来说是不公平和不安全的。

It would then be a natural demand for legal guarantees that such credibility would not be trampled upon and that legal regulation and refinement of its rules would be required without manipulation, otherwise it would be unfair and unsafe for investors.

人类资本市场发展到今天已经相对来说比较完善了，为了增加市场的公平、公正和透明一般都实行了市场的定价机制，买多和卖空机制，也实现了T+0操作规则，有的实行股票上市全流通有的实行部分流通逐步解禁制，资本市场不同于一般市场对公开透明的要求更高，所以注册制是其必然，不然就会阻碍市场的发展进而影响经济的发展。更重要的就是审核制下审核部门面临法律上的风险，一旦公司和审计部门造假审核部门将不可避免的面临法律上风险，这是法理上的基本常识，逃避是没有用的。

Human capital markets are now relatively well developed. In order to increase equity, fairness and transparency in the market, market pricing mechanisms have generally been introduced, buy-and-sale mechanisms have been implemented, the T+0 operational rules have been achieved, some of which have been partially liberalized from stock-marketing, and some of which require a greater degree of openness and transparency in the capital market than in the general market, so registration is inevitable, otherwise it will impede the development of markets and thus affect economic development. What is more important is that the audited sector faces legal risks, and once firms and audit firms fabricate legal risks, this is the basic common sense of the law, evading is useless.

资本市场业务具有借助通道、权利义务交叉、交易结构复杂、金额巨大、涉及主体多等特点，一旦发生风险，将对银行经营产生重大影响。因此，在当前强监管的形势下，掌握银行现有资本市场业务模式、认清其潜在的风险显得尤为重要。

Capital market operations, characterized by access, intersection of rights and obligations, complex transaction structures, large sums of money, and multiplicity of subjects, will have a significant impact on banks’ operations in the event of risk. In the current context of strong regulation, it is therefore particularly important to capture the existing capital market business models of banks and to identify their potential risks.

（一）担保措施设置有问题

(i) Problems in the setting of security measures

有些业务模式设计的担保措施所对应的主合同非债权请求权。但根据《物权法》及《担保法》相关规定，担保的主合同应为债权。股权、信托、资管、合伙企业出资份额等非债权性质的权利设定担保，存在无效的风险。目前，所有的差额补足协议如在法律性质上认定为担保，则均存在此类问题。如若认定为并存的债务负担，则没有影响。但在实践中，差额补足协议的条款让两者的法律性质难以区分。

Some business models design security measures that correspond to non-claim claims for main contracts. However, under the relevant provisions of the In rem Act and the Security Act, the main contract of security should be a claim. There is a risk that non-claimed rights, such as equity, trust, equity, and the share of the financing of a partnership, may be created with an invalid security. At present, all differences-filling agreements have such problems if they are considered to be security by their legal nature. If they are considered to be a concurrent debt burden, there is no impact. In practice, however, the difference-filling terms make it difficult to distinguish between the legal nature of the two.

（二）合伙企业内部保底可能无效

(ii) Possible ineffectiveness of the internal security of the partnership

所谓内部保底，是指为保障优先级有限合伙人（直接控制方为银行）的利益，由合伙企业的普通合伙人或劣后级有限合伙人作出的保底承诺。

, known as , internal security , refers to a warranty commitment made by an ordinary or inferior limited partner of the partnership to safeguard the interests of a limited number of privileged partners (the directly controlling party is the bank).

根据《合伙企业法》第三十三条第二款规定，“合伙协议不得约定将全部利润分配给部分合伙人或者由部分合伙人承担全部亏损。”因此，合伙企业不得约定排除风险共担原则。有限合伙人的内部保底，因违反《合伙企业法》关于风险共担原则的强制性规定，可能会被认定为无效。

Under article 33, paragraph 2, of the Partnership Act, “a partnership agreement may not agree to allocate the entire profit to some partners or to charge the total loss to some partners.” Therefore, a partnership may not agree on the principle of shared risk.

（三） 差额补足协议的效力存在合法合规风险

(iii) There is a risk of legitimate compliance with the validity of the difference-filling agreement

首先，差额补足从法律性质上来讲，或被认为保证担保，或被认为并存的债务负担，或构成债关系的原始产生。在签订差额补足协议时，并没有要求所有差额补足义务人提供经过内部决策的融资决议、担保决议等，特别是当差额补足义务人为上市公司时，缺乏内部决策程序的差额补足协议极有可能因侵犯公共利益而被认定无效。

First, the difference is either legal in nature, considered to guarantee security, or a co-exist debt burden, or the original creation of the debt relationship. At the time the difference is concluded, there is no requirement that all the difference is covered by an internal decision-making financing resolution, a guarantee resolution, etc., especially when the difference is made up of listed companies, the difference is highly likely to be invalidated by a breach of the public interest.

其次，差额补足协议的条款不够明确。一是差额付款承诺的范围不够全面，并没有覆盖诉讼费、律师费等实现债权的费用。二是履行期限约定不明，表述为：“乙方作为差额付款人，其所承担的差额付款义务至基金清算完毕且甲方获得基金的出资本金及优先级有限合伙人投资收益率计算的预期投资收益、管理人获得全部管理费、托管人获得全部托管费和乙方应为甲方退出基金承担的相关税款为止。”而根据最高人民法院关于适用《中华人民共和国担保法》若干问题的解释第三十二条第二款规定，“保证合同约定保证人承担保证责任直至主债务本息还清时为止等类似内容的，视为约定不明，保证期间为主债务履行期届满之日起二年。”

Second, the terms of the agreement to make up the difference are not clear. > is the incompleteness of the commitment to pay the difference and does not cover the costs of realizing claims such as litigation fees, attorney fees, etc. > II is the uncertainty of the period of performance of > as follows: “B, as the payer of the difference, has an obligation to pay the difference until such time as the Fund is liquidated and the Fund's capital and priority partner's investment returns are received by A, the trustee receives the full management fee, the trustee receives the full trustee's fee and the second party shall receive the relevant tax on A's withdrawal from the Fund.” In accordance with Article 32, paragraph 2, of the interpretation of the People's Supreme People's Court on the application of certain issues of the Guarantee Law of the People's Republic of China, “the guarantee that the guarantor bears responsibility until such time that the principal's debt is settled shall be deemed to be unknown, two years from the date of completion of the principal debt during the guarantee period.”

第三，资管业务中差额补足存在合规风险。根据《证券期货经营机构私募资产管理业务运作管理暂行规定》第四条规定：“证券期货经营机构设立结构化资产管理计划，不得违背利益共享、风险共担、风险与收益相匹配的原则，不得存在以下情形：（一）直接或者间接对优先级份额认购者提供保本保收益安排，包括但不限于在机构化资产管理计划合同中约定计提优先级份额收益、提前终止罚息、劣后级或第三方机构差额补足优先级收益、计提风险保证金补足优先级收益等。”由此，证券公司、基金管理公司、期货公司及其从事私募资产管理业务的子公司以及私募证券投资基金管理人设立结构化资产管理计划的，劣后级委托人或第三人对优先级提供差额补足的行为违规。目前存量业务中暂无此类情况。

Third, there is a risk of compliance with the difference in management operations. According to article IV of the Provisional Rules for the Management of Private Asset Management Operations of Securities Futures Operators, “Standard Futures Operators set up structured asset management plans that do not contradict the principles of benefit sharing, risk sharing, risk-to-benefit matching, and the following circumstances shall not exist: (i) Insurance proceeds arrangements for those who subscribe to priority shares, either directly or indirectly, including, but not limited to, the agreement in the institutionalized asset management plan contract to account for priority share gains, early termination of interest penalties, replacement of lower or third-party agency balances, recovery of priority proceeds from risk guarantee, etc..” As a result, securities companies, fund management companies, future companies and their subsidiaries engaged in private equity management operations, as well as private equity fund managers, set up structured asset management plans, and there are no irregularities in the provision of differentials to priority levels by lower-level principals or third-persons.

（四）争议解决条款约定混乱

(iv) Disagreement in dispute settlement clauses

1、从合同与从合同约定不一致，如《权利质押合同》约定在南京仲裁，《保证合同》约定在北京仲裁。

1. Inconsistencies between the contract and the contract, as in the case of the pledge contract, which provided for arbitration in Nanjing, and the guarantee contract, which provided for arbitration in Beijing.

2、主合同与从合同约定不一致，如《合伙企业份额转让协议》约定向受让人（融资人）住所地法院起诉，《保证合同》、《质押合同》约定向债权人住所地法院起诉。

The main contract is inconsistent with the contractual agreement, as in the case of an agreement on the assignment of shares in a partnership, to be sued before the court of the place of residence of the assignee (financer), and the guarantee contract, the pledge contract, to be sued before the court of the place of domicile of the creditor.

3、有的协议约定仲裁，有的主从合同则约定为向有管辖权的人民法院起诉。

3. Some have agreed to arbitrate, while others have agreed from the contract to bring suit before a competent people's court.

4、协议约定向合同签订地法院起诉，但实际签订合同中合同签订地并未填写。

4. The agreement agreed to sue the court of the place where the contract was signed, but the place where the contract was actually concluded was not completed.

5、信托合同、资管合同、基金合同、差额补足协议、信托贷款合同、从合同对争议解决条款约定均不一致。

Trust contracts, capital contracts, fund contracts, balance-filling agreements, trust loan contracts, contractual agreement on dispute resolution clauses are not consistent.

（五）通过通道开展业务固有的隐患

(v) Risks inherent in operating through corridors

资本市场业务基本需要借助信托公司、证券公司等（以下简称“通道”）来开展，涉及信托合同、资产管理合同等（以下简称“通道合同”）多种合同文本，甚至存在多层嵌套现象。

The basic needs of capital market operations are carried out through trust companies, securities companies, etc. (hereinafter referred to as “channels”), involving various contract texts such as trust contracts, asset management contracts, etc. (hereinafter referred to as “passage contracts”), and even multiple layers of mosaics.

隐患一：有关合同权利、担保权利均设置在通道名下，根据合同的相对性，银行要实现自身的权益必须通过通道主张。通道怠于行使权利，必定使银行权利受损。

One is that the relevant contractual and security rights are set in the name of the channel, which, depending on the relative nature of the contract, must be claimed by the bank in order to realize its rights.

隐患二：通道在以自己名义起诉时，相关诉讼费、收据等抬头必是开给通道，而这些费用实际上又是银行支付，对银行做账造成困难。

Second, when the passage is prosecuted in its own name, the related charges, receipts, etc., are bound to be opened, whereas they are actually paid by the bank, making it difficult for the bank to do its business.

隐患三：通道以原状返还的方式将资产交予银行缺乏相关配套机制，可能难以操作。如抵质押登记可能无法及时、有效地由受托人变更为银行。

Risk three: The lack of an accompanying mechanism to hand over assets to banks in the form of a return in their original form may make it difficult to operate.

隐患四：由于通道合同都是通道提供的格式文本，对通道应承担的职责（如追索、原状返还）缺少约束性条款，即使违约也没有相应惩罚措施。一是违约责任仅约定违约方赔偿守约方全部损失，但该损失具体是多少又必须由守约方来承担举证责任。二是有的合同未约定原状返还条款，；有的合同未约定通道追索责任，；有的合同既无原状返还条款，又无追索责任。三是时间不确定，如：“本合同终止时，及时将委托资产清算后的剩余资产返还给委托人”，及时究竟是多久无法衡量。四是将接受原状返还资产作为委托人的义务，却丝毫没有提及管理人的义务。

. Since the route contract is a formal text provided by the route, there are no binding provisions on the route's duties (e.g. recourse, original return) and no corresponding penalties for breach of contract. is the default obligation of the defaulting party to compensate only the breaching party for the full loss, but the loss is specific and must be borne by the compliance party. is the contract of [span > span > > > ; there is no contractual obligation to return the assets in the original condition, and no reference is made to the manager's obligation at all times. strong > III is the time of termination of this contract, for example: the timely return of the assets remaining after the liquidation of the entrusted assets to the trustee, etc.

（六）担保条线互相交织

(vi) Intersection of security lines

首先，很多业务都是同时以远期回购和差额补足作为主债权，在此之上再设定担保。但在实际诉讼中，上述两个主债权及其所形成的担保条线只能二选一，在当时条件下选择最有利的一个条线进行追索。《合伙企业转让协议》有违约金的约定；而《差额补足协议》则包含了基金托管人的托管费和税费。

First, many operations are secured by both forward repurchases and balance-filling as principal claims. However, in the actual proceedings, the two principal claims and the line of security they form can only be pursued by choosing the most advantageous line under the prevailing conditions. There is a default agreement in the partnership assignment agreement; and the difference-filling agreement includes trust and tax charges for the trustee of the fund.

其次，在设置担保条款时，目标公司股权既是收购或增资的标的，又同时为主债权提供质押担保，担保作用被削弱。

Second, when the security clause is created, the role of the target company's equity is weakened by the fact that it is the object of both the acquisition or the replenishment, while at the same time providing pledge security for the main claim.

总而言之，做实业还是做投资，做猎人还是做牧人，必须要弄明白两个前提条件：一是看自己的风险偏好，是偏风险还是好稳健；二是看自己的资源能力，是有猎枪还是有牧场。一旦前提搞清楚，决策其实很简单。

In short, business or investment, hunter or shepherd, two prerequisites must be understood: > as a matter of risk preference, ; as a matter of resource capacity , as a hunting gun or pasture. Once the premise is clear, decision-making is simple.