公司债券持有人利益保护制度研究

发布时间：2018-04-21 12:59

本文选题：公司债券持有人 + 债券受托管理人　；参考：《华中师范大学》2017年硕士论文

【摘要】：在我国大力推动发展并规范债券市场的政策扶持之下,作为重要融资手段的公司债券,必将迎来蓬勃发展。公司债券近年来打破刚性兑付,使得投资者在进行投资行为时不再盲目追求高利率,而是更加理性,有利于规范我国的债券市场,确保其能平稳有序发展。公司债券从发行后到兑付完成前面临着非常多的风险,我国当前对公司债券持有人的利益保护还存在很多问题和不足,为维护债券投资者对债券市场的信心,吸引更多的投资者参与其中,为债券市场注入活力,研究和完善我国的公司债券持有人利益保护制度显得尤为重要。本文分为四章,从审视公司债券持有人利益保护制度的基础理论出发,通过对域外法的考察和比较分析,梳理和反思我国目前相关制度的法律规定,提出对完善我国公司债券持有人利益保护制度的构想和建议。第一章介绍了公司债券持有人利益保护制度的基础理论,公司债券因其流动性、公众性、格式化的特点,需要同时考虑股东和公司债券持有人之间风险偏好不一致的违约风险和债券合同不完备性的风险,相关保护制度各自的功能和价值可以有效防范这些风险,维护公司债券持有人的利益。第二章分析了美国、英国、法国、意大利、日本和我国台湾地区的公司债券持有人利益保护制度,其中,以美国、英国为代表的英美法系国家有深厚的信托理论基础,大多采用单一的债券受托管理人制度,以法国、意大利为代表的大陆法系国家大多采用单一的债券持有人会议制度,并辅之以基于委托关系的债券共同代理人制度,而以日本、我国台湾地区为代表的一些亚洲国家或地区则兼采债券受托管理人制度和债券持有人会议制度,只是在具体的制度规则和衔接上有所不同。第三章梳理和分析了我国公司债券持有人利益保护制度的立法现状与缺陷,债券受托管理人制度存在立法层级较低、部分立法有重复和冲突、权利义务规定不够全面、缺少民事赔偿责任规定等问题,债券持有人会议制度存在较多立法空白,信息披露制度存在立法混乱、缺少原则性规定、对持续性的信息披露义务规定不足,缺少民事赔偿责任规定等问题。第四章是对完善我国公司债券持有人利益保护制度的立法构想,在借鉴其他国家或地区的经验基础上,结合我国实情来完善相关制度,确立了以债券受托管理人制度为主,以债券持有人会议制度为辅的交叉保护模式,加上信息披露制度共同构成我国完整的公司债券持有人利益保护制度。
[Abstract]:With the policy support of promoting and standardizing the bond market in China, corporate bonds, as an important means of financing, are bound to flourish. In recent years, corporate bonds break the rigid payment, which makes investors not blindly pursue high interest rate in their investment behavior, but more rational, which is conducive to standardize the bond market in China and ensure its smooth and orderly development. Corporate bonds are facing a lot of risks from the beginning of issue to the completion of payment. There are still many problems and deficiencies in protecting the interests of corporate bondholders in China. In order to maintain the confidence of bond investors in the bond market, In order to attract more investors and inject vitality into the bond market, it is particularly important to study and improve the system of protecting the interests of corporate bondholders in China. This article is divided into four chapters, starting from the basic theory of the protection of the interests of corporate bondholders, through the investigation and comparative analysis of the extraterritorial laws, combing and reflecting on the current legal provisions of the relevant systems in China. This paper puts forward some ideas and suggestions on how to perfect the system of protecting the interests of the bondholders in our country. The first chapter introduces the basic theory of the system of protecting the interests of corporate bondholders, and the characteristics of corporate bonds because of their fluidity, public nature and formatting. The risk of default and the incompleteness of bond contract need to be considered at the same time. The function and value of the relevant protection system can effectively prevent these risks. Protect the interests of corporate bondholders. The second chapter analyzes the system of protecting the interests of corporate bondholders in the United States, Britain, France, Italy, Japan and Taiwan. Among them, the Anglo-American legal system represented by the United States and the United Kingdom has a profound trust theory foundation. Most of them adopt a single bond trustee system, and most of the countries in the continental law system, represented by France and Italy, adopt a single bond holders' meeting system, supplemented by a bond joint agent system based on the principal-relationship, and Japan. Some Asian countries or regions represented by Taiwan adopt the bond trustee system and the bond holder meeting system, but there are some differences in the specific system rules and convergence. The third chapter combs and analyzes the legislation present situation and the flaw of our country company bond holder interest protection system, the bond trustee system has the low legislative level, some legislation has the duplicate and the conflict, the rights and obligations stipulation is not comprehensive. Lack of civil liability provisions, there are more legislative gaps in the bondholders' meeting system, the information disclosure system has legislative confusion, lack of rules of principle, lack of provisions on the continuity of information disclosure obligations, Lack of civil liability provisions and other issues. The fourth chapter is to perfect our country company bond holder interest protection system legislation idea, in the reference other countries or the region experience foundation, unifies our country actual situation to perfect the related system, has established to the bond trustee system primarily, The cross-protection model supplemented by the bondholder meeting system, together with the information disclosure system, constitutes a complete corporate bondholder protection system in China.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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