公司债券内部增信的规则构建——以限制条款为核心

发布时间：2018-03-14 15:29

本文选题：债券违约　切入点：内部增信　出处：《法商研究》2017年06期 　论文类型：期刊论文

【摘要】：在预防债券违约的过程中,担保权的管理和使用乱象表明传统外部增信措施已失灵,而临时报告制度的适用则进一步证实信息规制已失效。在债券领域,外部增信的失灵与信息规制的失效使发行人自我限制其风险行为的限制条款应运而生。限制条款作为内部增信措施,其增信基础为防范股东有限责任为基础的机会主义行为;增信路径为侧重发行人行为规范,将传统的"披露即免责"上升至"禁止实施"的范畴,以发行人丧失期限利益的效果实现增信功能;增信边界受制于格式条款的约束,不得通过权利、义务、责任的不当配置约定免除一方责任、加重对方责任、排除对方主要权利的特殊性内容。
[Abstract]:In the process of preventing bond defaults, the mismanagement and use of security rights indicate that traditional external credit enhancement measures have failed, while the application of the interim reporting system further confirms that information regulation has failed. In the field of bonds, The failure of external credit enhancement and the failure of information regulation make the issuer limit its risk behavior by itself. As an internal credit enhancement measure, the restriction clause is based on the opportunistic behavior of preventing the limited liability of shareholders. The credit enhancement path focuses on the issuer's behavior standard, which elevates the traditional "disclosure as exemption" to the category of "prohibited implementation", realizes the credit enhancement function with the effect of the issuer losing the benefit of the term, and the credit enhancement boundary is restricted by the form clause. It shall not exempt one party from liability, aggravate the other party's responsibility, and exclude the particularity of the other party's main right by improper allocation of rights, obligations and responsibilities.
【作者单位】：武汉大学法学院;
【基金】：教育部哲学社会科学重大课题攻关项目(14JZD008);教育部人文社会科学研究青年基金项目(17YJC820039) 中国法学会部级法学研究课题[CLS(2016)C29]
【分类号】：D922.287

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