论债券限制性条款及其对债券持有人利益之保护

发布时间：2018-05-04 09:14

本文选题：限制性条款 + 债券合同　；参考：《现代法学》2017年04期

【摘要】：公司债券的本质是债权债务关系,债券限制性条款通过债券发行契约等合同机制事先约定了对公司特定行为的限制,以确保发行人的财务状况,实现发行公司股东和债权人之间的利益平衡并约束债券违约风险。限制性条款设置的背后体现了市场化的运行逻辑。尽管其设置并非发行人出于保护持有人的目的,但在市场逻辑主导下,以增信为目的的限制性条款切实发挥着持有人利益保护的功能,是债券市场最为基础和最为市场化的保护手段。随着我国债券市场从行政主导走向市场深化,建立在以往行政化的风险管制基础上的债券持有人保护制度亟待重塑,限制性条款应当得以充分重视和运用,当务之急是加强对限制性条款设置的规范化引导,并注重组织化保护制度的配套完善。
[Abstract]:The essence of corporate bonds is the relationship between creditor's rights and debts. The restrictive terms of bonds, through contractual mechanisms such as bond issuance contracts, have agreed in advance to restrict the specific behavior of the company in order to ensure the financial position of the issuer. To achieve the balance of interests between shareholders and creditors of the issuing company and constrain the default risk of bonds. The setting of restrictive clause reflects the operation logic of marketization. Although its setting is not for the purpose of protecting the holder, but under the market logic, the restrictive clause with the aim of increasing credit effectively plays the function of protecting the interests of the holder. Bond market is the most basic and the most market-oriented means of protection. With the deepening of the bond market from the administrative leading to the market, the bond holder protection system based on the former administrative risk control needs to be reshaped, and the restrictive clauses should be fully valued and applied. The urgent task is to strengthen the standardized guidance of restrictive clause setting, and pay attention to the systematic protection system.
【作者单位】：武汉大学法学院;
【基金】：2014年度教育部哲学社会科学研究重大课题攻关项目“我国债券市场建立市场化法制化风险防范体系研究”(14JZD008)
【分类号】：D922.287

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