水利经济2026，Vol.44Issue(3)：9-18,10.DOI:10.3880/j.issn.1003-9511.2026.03.002
取水权不动产化抵押融资的实践障碍与优化路径
Practical obstacles and optimization paths for mortgage financing of water withdrawal rights as immovable property:a case study of the"Hubei Model"
摘要
Abstract
The Civil Code of the People's Republic of China has established the status of water withdrawal rights as usufructuary rights,providing a legal basis for their transformation into mortgageable financial assets.However,given the contradiction between the dynamic nature of administrative control and the stability of financial assets in the mortgage financing of water withdrawal rights as immovable property,financial institutions still face the dilemma of"dare not lend"in practice.Taking the"Hubei Model"as a case study,this paper analyzes the bottlenecks in this kind of financing in the evolution from confirmation and access to risk management and control by combining the previous experience of its standardized confirmation and registration system and the coordination mechanism of"government-enterprise-bank".This paper finds that the current Model is subject to macro institutional constraints,and there are bottlenecks in value assessment,ownership stability,risk quantification,and mortgage realization.Given the above bottlenecks,this study constructs an optimization path compatible with public law constraints and financial risk control:locking value through the income method that internalizes positive externalities,supplemented by binary registration and subrogation compensation rules to stabilize mortgage expectations;the risk pricing model based on hydrological probability is utilized to quantify physical risks stemming from water resource randomness.In the stage of mortgage realization,asset exit channels are facilitated by leveraging secondary markets and storage-and-purchase mechanisms.关键词
取水权/不动产登记/抵押融资/用益物权/"湖北模式"Key words
water withdrawal rights/immovable property registration/mortgage financing/usufructuary rights/the"Hubei Model"引用本文复制引用
郭家力,夏宗浩,佘必容,文豪,周召红,孔阳..取水权不动产化抵押融资的实践障碍与优化路径[J].水利经济,2026,44(3):9-18,10.基金项目
国家自然科学基金青年科学基金(72404169) （72404169）
