Optimization Of Restrictive Clauses Of Chinese Corporate Bonds

In recent years,China's bond market has developed rapidly and the scale of bond financing has also increased significantly.When more and more bonds are exposed to default risk,bond investors begin to pay more attention to the credit risk of bonds.Therefore,as an important means of investor protection,restrictive clauses appear more and more frequently.However,due to the late development of restrictive clauses in China,it is still in the initial stage and there are still many problems.In order to explore how to optimize the restrictive covenants of bonds,Based on incomplete contract,information asymmetry and principal-agent theory,this paper analyzes the current situation of restrictive clauses in China and studies the restrictive clauses in Xinguang group,concludes the main problems existing in the current restrictive clauses,and further proposes optimization measures and Suggestions for them.First of all,based on the past theoretical research,this paper studies the effect of restrictive clauses on the recovery rate,and draws the conclusion that the use of restrictive clauses can improve the recovery rate to some extent,and proves the importance of restrictive clauses with data.Secondly,case analysis is used to study the optimization of restrictive clauses.Then,through the analysis and research on the subject of default and the process of default of Xinguang group,it is concluded that the deterioration of financial indicators is the main reason for the default of Xinguang group.Therefore,the bond contract of Xinguang group is specifically analyzed from the perspective of financial indicators and other restrictive clauses.Finally,the author combines the general problem of restrictive clauses with the problem of restrictive clauses of Xinguang group,proposes specific optimization countermeasures by combining the dialectical thinking of universality and particularity,and puts forward deepening Suggestions for actively protecting the interests of creditors,so as to promote the development of restrictive clauses of bond contracts.