债券违约处置的法治逻辑

发布时间：2018-04-04 22:24

本文选题：债券违约　切入点：违约处理　出处：《法律适用》2017年07期

【摘要】：债券市场"刚性兑付"饱受诟病,当前违约事件集中爆发,如何科学有效处置违约事件关涉债券市场的稳定发展。实践中,政府隐性担保问题依然严重,债券违约处置市场化程度较低,投资者保护有待进一步加强。债券交易以契约为基础,债券契约体现出商事债权、金融投资以及公司治理的三重属性。在处置违约事件时,应科学运用多样化的处理规则和处置手段,以民商事规则为核心的金融私法为基础,以金融监管规则为主导的公法指导为保障。具体操作中,应合理界定债券契约条款、发展破产和解制度、建立债券违约先行赔付制度、改造债券受托管理人职责,构建风险处置的信息处理机制和一对一报告制度等。
[Abstract]:The bond market has been criticized for its "rigid payment", and how to deal with it scientifically and effectively is related to the stable development of the bond market.In practice, the problem of government implicit guarantee is still serious, the marketization of bond default disposal is low, and investor protection needs to be further strengthened.Bond trading is based on contract, which embodies the triple attributes of commercial creditor's rights, financial investment and corporate governance.When dealing with breach of contract, we should scientifically apply diversified rules and means of handling, take civil and commercial rules as the core of the financial private law as the basis, and take the financial supervision rules as the dominant guidance of public law as the guarantee.In the concrete operation, we should reasonably define the bond contract clause, develop the bankruptcy settlement system, establish the bond default advance indemnity system, reform the duty of the bond trustee, construct the information processing mechanism and one-to-one reporting system of the risk disposal, and so on.
【作者单位】：武汉大学法学院;武汉大学资本市场法治研究中心;
【基金】：教育部2014年重大攻关项目“我国债券市场建立市场化法制化风险防范体系研究”(14JZD008)阶段性成果
【分类号】：D922.287

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