债券违约刚性兑付的形成机理与破解法门

发布时间：2018-03-31 21:51

本文选题：债券违约　切入点：刚性兑付　出处：《河北法学》2017年11期

【摘要】：我国债券市场陷入刚性兑付迷阵越来越深,以至于其中的市场主体明知其危害,却已找不到或不想找破解逃生之门。有人说这是市场绑架了政府,实乃债券发行人、中介机构、投资人以及政府等几方法律主体交互作为、交互影响而形成的困局。表面看,信用的弱化和缺失,是刚性兑付预期形成的社会基础;实质上,基于债券持有人利益保护原点的债市法治供给不足,导致债券投资者无法预判投资行为的风险底线,从而越界要求刚性兑付。打破刚性兑付,必须加强债市法治,明确不同债券的法律性质和责任主体,夯实债券持有人的请求权基础,建立和完善以债券持有人会议制度、债券受托管理人制度及破产偿债制度等为中心的债券违约救济机制。让刚性兑付从"权利"状态回归至"义务"本质,此乃破解债市刚性兑付迷阵的不二法门。
[Abstract]:The bond market of our country is getting deeper and deeper into the rigid payment maze, so that the main body of the market knows its harm, but it can't find or do not want to find the escape door.Some people say that this is the market kidnap the government, in fact, bond issuers, intermediaries, investors and the government and other legal subjects interaction, interaction and the formation of the dilemma.On the face of it, the weakening and lack of credit is the social foundation of rigid repayment expectation. In essence, the legal supply of debt market based on the interest of bondholders to protect the origin is insufficient, resulting in bond investors unable to predict the risk bottom line of investment behavior.Thus cross the border to demand rigid payment.To break the rigid payment, we must strengthen the rule of law in the bond market, clarify the legal nature and the subject of responsibility of different bonds, consolidate the basis of the bondholders' right of claim, and establish and perfect the meeting system of the bondholders.Bond trustee system and bankruptcy system as the center of bond default relief mechanism.Let rigid payment return from "right" state to "obligation" essence, this is the only way to solve the debt market rigid payment puzzle.
【作者单位】：上海大学法学院;
【基金】：上海市教委科研创新重点项目《城镇化视域下城投债偿付风险之法律研究》(14ZS090) 上海市哲社规划一般课题《城镇化建设债券的发行规制与监管》(2014BFX011)的阶段性研究成果
【分类号】：D922.287

【相似文献】