Research On The System Of Protecting The Interests Of Bondholders

Under the policy support of vigorously promoting the development and standardizing the bond market, corporate bonds, as an important means of financing, are bound to flourish. Corporate bonds in recent years, breaking the rigid payment, investors in the investment behavior is not the blind pursuit of high interest rates, but more rational,to standardize the bond market in China, to ensure a smooth and orderly development From the issue of corporate bonds after the payment is completed before to face the risk of very much, at present in our country to protect the interests of bondholders there are still many problems and shortcomings, in order to maintain the bond investor confidence in the bond market, attract more investors to participate, to inject vitality into the bond market, study and improve our system of protection bondholders are particularly important.This paper is divided into four chapters, starting from the basic theory on bondholders protection system, through the study of foreign law and comparative analysis of relevant laws and regulations, analyzing and reflecting the current system in China, and puts forward suggestions on perfecting the bondholders protection system.The first chapter introduces the basic theory of bondholders protection system, corporate bonds because of its liquidity, public, formatted, need to consider the risk of default risk and bond contract incompleteness risk preference inconsistency between shareholders and bondholders, related to the protection system of their respective functions and values can effectively prevent these risk, maintain the interests of bondholders. The second chapter is the analysis of the United States, Britain, France, Italy, Japan and Taiwan of China's system of protecting bondholders, to the United States and the United Kingdom as the representative of the common law countries trust the profound theoretical basis,most of the single bond managed management system represented by France and Italy,law countries mostly adopt the single bond holder meeting system, supplemented by the common bond agent system based on principal-agent relationship, but in Japan and Taiwan of China as the representative of some Asian countries or regions and the mining system of bond trustee system and the bondholders meeting, but differ in specific rules and cohesion on. The third chapter summarizes and analyzes the legislative status and defects of China's corporate bond holders' interests protection system, the bond trustee system has lower level of legislation, legislative overlaps and conflicts, rights and obligations is not comprehensive enough, the lack of civil liability provisions and other issues, the bondholders'meeting system exists many legislative gaps, information disclosure system of legislation and the lack of the principle provisions, provisions of the obligation of information disclosure on persistent deficiencies, the lack of civil liability provisions and other issues. The fourth chapter is about the legislative conception of perfecting our system of protection of bondholders, learn the experience from other countries or regions, to improve the relevant system combined with the actual situation of our country, in order to establish the bond trustee system, with cross protection mode supplemented by the bondholders meeting system, and the information disclosure system of joint China's complete system to protect bondholders.