Research On Investor Rights Protection Of Convertible Corporate Bonds

Since the system of convertible corporate bonds was introduced in the late 1990 s,the system of convertible corporate bonds has achieved both theoretical and practical achievements in the long-term development,but it remains to be improved in institutional construction and practical operation.The research on the convertible bond system,especially on the protection of investors’ rights,has both theoretical and practical value.Apart from the introduction and conclusion,the main structure of this paper is divided into four parts.The first part mainly explains the basic theory of convertible corporate bonds.In this part,firstly,the concept of convertible company is defined theoretically,and on this basis,the research boundary of this paper is defined.Secondly,it proves the great practical significance of this thesis by analyzing the development context and its development history of the convertible bond system.Then,it introduces the rights of investors in convertible corporate bonds.In the emphasis on the particularity of investors in convertible corporate bonds,it introduces the topic of the article.Finally,echoing the theme of this paper,this part explains the necessity of protecting convertible bond investors from three aspects,such as the weak position of convertible bond investors.The second part from the convertible corporate bond investor rights protection from the legislative,regulatory,judicial status of three perspectives.On the basis of introducing the status quo of protection of rights of investors in convertible corporate bonds,this paper analyzes the insufficient protection of rights of investors in convertible corporate bonds under these three dimensions,and summarizes the corresponding problems.The third part,based on the rights protection of convertible investors revealed in the second part,starts from the three basic theories of collective action dilemma,information asymmetry and fiduciary duty,and explores the deep causes of the problems related to the protection system of convertible corporate bonds investors.In the fourth part,it provides theoretical support for the concrete suggestions of perfecting the investor protection system of convertible corporate bonds.The forth part puts forward some targeted suggestions on how to improve the protection system of convertible corporate bond investors in our country.Through data analysis,theoretical discussion and foreign institutional experience,the following suggestions are put forward: first,improve the bondholder meeting system to solve the problem of the collective exercise of convertible bond investors;The second is to enhance the operability of the information disclosure system of information convertible corporate bonds.Specific suggestions are put forward from three aspects:enhancing the function of risk disclosure,strengthening the supervision and standardizing the right of access.The third is to improve the responsibility of directors,from the implementation of the first evil responsibility concept,the implementation of the class action system,the establishment of convertible corporate bonds derivative litigation system three aspects;The fourth is to improve the supporting system of convertible corporate bonds,from improving the credit rating system,strengthening the legislation of anti-dilution measures,perfecting the content of "downward revision clause",strengthening the realization mechanism of convertible corporate bonds investors redemption right put forward concrete suggestions.