公司债受托人法律责任研究

发布时间：2018-10-13 15:16

【摘要】：近年来，我国公司债市场发展的基础条件显著改善，大力发展各类公司债等直接融资已被列为金融发展重要的政策优先目标。但是保护公司债券持有人利益的法律并没有得到同步完善，债券投资者仍对我国公司债券市场的信心不足。而理论界的探讨多集中于如何完善公司债受托人的权利义务，对受托人的法律责任只是简单提及，很少有学者做深入研究。本文立足于此，以我国《公司债券发行试点办法》对公司债受托人法律责任的立法不完善为切入点，对公司债受托人的法律责任进行研究。本文除导言外，分为四章。第一章介绍公司债受托管理的基本理论。首先对公司债的概念及公司债管理的模式进行介绍，笔者认为我国应选择公司债受托管理与公司债券持有人会议相结合的模式；其次，结合国内外立法例，从受托人的资格、权利、义务与法律责任四个方面对公司债受托管理制度进行了阐述。最后，介绍了我国公司债受托管理制度的立法现状。笔者认为我国现行《公司债券发行试点办法》对受托人法律责任仅规定行政处罚不能从根本上保护债券持有人的利益。这也是本文论述的切入点所在。第二章对公司债受托管理制度的法律关系进行了厘清。笔者认为，信托法律关系比委托代理关系更适合解释公司债受托管理制度，并且这种信托关系存在于公司债券持有人与受托人之间，公司债券持有人既是委托人又是受益人，发行公司只是代理未来公司债券持有人签订受托管理协议，一旦债券投资者购买了公司债券，发行公司就脱身而出，完全成为公司债券持有人和受托人的监督对象。第三章从民事、行政、刑事三个方面对公司债受托人的法律责任进行了详细分析，着重于对民事责任的分析。首先论述了实务中受托人最常出现的几种典型的不履行义务行为。然后从性质、归责原则、承担方式与免责事由几个方面对受托人的民事责任进行了深入分析。最后对受托人的行政责任与刑事责任进行了简单介绍。第四章对我国公司债受托人法律责任的立法完善提出若干建议。笔者认为，在未来公司债受托管理的立法中应明确公司债受托管理的信托关系，完善受托人的义务，确立切实保护债券持有人利益的立法原则，构建以民事责任为中心的受托人法律责任体系。（1）民事责任方面，，公司债受托人民事责任应兼采债务不履行及侵权的性质，适用过错推定原则，采取举证责任倒置，责任承担形式以损害赔偿为主。（2）行政责任方面，增设罚款的内容。（3）刑事责任方面，不能仅仅处罚受托人及其高级管理人员，还应连同其实际控制人一并处罚。
[Abstract]:In recent years, the basic conditions for the development of the corporate bond market in China have been greatly improved, and the development of direct financing such as all kinds of corporate bonds has been listed as an important policy priority in the financial development. However, the laws to protect the interests of corporate bondholders have not been improved simultaneously, and bond investors still lack confidence in our country's corporate bond market. The theoretical circle focuses on how to improve the rights and obligations of the trustee of corporate debt, the legal responsibility of the trustee is simply mentioned, few scholars do in-depth research. Based on this, this paper makes a research on the legal liability of corporate bond trustees from the point of view of the imperfect legislation on the legal liability of corporate bond trustees in China. In addition to the introduction, this article is divided into four chapters. The first chapter introduces the basic theory of corporate debt management. Firstly, the concept of corporate debt and the mode of corporate debt management are introduced. The author thinks that our country should choose the mode of combination of corporate bond fiduciary management and corporate bond holder meeting, secondly, combine domestic and foreign legislation, from the qualification of trustee. The rights, obligations and legal liabilities of corporate debt management system are elaborated. At last, it introduces the legislative status of the trust management system of corporate debt in our country. The author thinks that only administrative punishment on the legal liability of trustees can not fundamentally protect the interests of bondholders. This is also the entry point of this article. The second chapter clarifies the legal relationship of corporate bond management system. The author thinks that the legal relationship of trust is more suitable than principal-agent relationship to explain the fiduciary management system of corporate debt, and this kind of fiduciary relationship exists between the bondholders of companies and the trustees, and the bondholders of companies are both the trustor and the beneficiary. The issuing company only signs the fiduciary management agreement on behalf of the future bondholders. Once the bond investors buy the corporate bonds, the issuing company will get out and become the supervising object of the bondholders and trustees. The third chapter analyzes the legal liability of corporate debt trustee from three aspects of civil, administrative and criminal, focusing on the analysis of civil liability. First of all, it discusses the typical nonperformance behavior of trustee in practice. Then it analyzes the trustee's civil liability from the aspects of nature, principle of imputation, way of undertaking and reason of exemption. Finally, the administrative responsibility and criminal responsibility of the trustee are briefly introduced. Chapter four puts forward some suggestions on the legislative perfection of the legal liability of corporate debt trustees in China. The author thinks that in the future legislation of corporate bond trust management, the trust relationship of corporate bond fiduciary management should be clarified, the duty of trustee should be perfected, and the legislative principle of protecting the interests of bondholders should be established. In the aspect of civil liability, the civil liability of corporate debt trustee should be combined with the nature of non-performance of debt and tort, the principle of presumption of fault should be applied, and the burden of proof should be reversed. The main form of liability is compensation for damages. (2) in the aspect of administrative liability, the content of fine is added. (3) in the aspect of criminal liability, the trustee and its senior management should not only be punished, but also should be punished with their actual controller.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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