Research On The Judicial Application Of The Intermediary’s Civil Liability In The False Statement Of The Corporate Bonds

In recent years,there have been frequent defaults in China’s bond market,and the market risk sentiment has risen and received widespread attention,and there is an undesirable trend that its default risk is transmitted to other financial markets such as stocks.Proper handling of bond disputes is conducive to the protection of investors’ rights and interests,and is also crucial to the stability of the entire financial market.However,the current state of operation of China’s judicial remedy mechanism system in the bond market is not yet satisfactory.The current legal system of corporate bonds in China suffers from the lack of high-level legal provisions,fragmentation of system supply and the lack of special legal provisions for the disposal of corporate bond misrepresentation,which makes it difficult to properly resolve the increasing number of defaults.On the one hand,China’s bond market presents a pattern of multi-headed supervision and fragmented legal basis,resulting in fragmented rules for judicial remedies and unified standards for judicial practice;on the other hand,there are significant differences between “bonds” and “shares” in terms of issuance and transaction,information disclosure,legal relationship,etc.On the other hand,there are significant differences between “debt” and “stock” in terms of issuance and transaction,information disclosure,legal relationship,etc.,and there are difficulties in identifying misrepresentation.To regulate the misrepresentation of intermediaries in the bond market,we should incorporate the special characteristics of the bond market into the reference standard and establish a set of judicial rules that are suitable for the characteristics of corporate bonds and highly operable.This paper is divided into four chapters: Introduction,Main part and Conclusion.In the Introduction,the background and significance of this paper,literature review,research methods,innovations and shortcomings are explained and illustrated;Chapter 1 gives an overview of corporate bond misrepresentation and briefly introduces the connotation and theoretical basis of the concept of “bond market misrepresentation”,specifically including the definition of Chapter 1 provides an overview of corporate bond misrepresentation and briefly introduces the connotation and theoretical basis of “bond market misrepresentation”,including the distinction between the concepts of “corporate bond” “bond misrepresentation”,“bond” and “stock”.Chapter 2 discusses the civil liability of intermediaries and its theoretical basis,including the theory of scope of obligation and the theory of materiality,which is the basis for the discussion in the following section;Chapter 3 uses the empirical analysis method,combining the “Five Ocean Bond” debt,“12 Ningxia Shangling”.The third chapter uses the empirical analysis method and discusses the dilemma of judicial application of misrepresentation by intermediaries in the issuance and transaction of corporate bonds in China,mainly focusing on the identification of civil liability and the assumption of civil liability,taking into account the typical cases such as “Wuyang” Bond,“12 Ningxia Shangling”Bond and “Dalian Machine Tool” Bond.Chapter 4 proposes countermeasures for the determination and allocation of the civil liability of intermediaries for misrepresentation in the corporate bond market.The purpose of this paper is to improve the judicial application mechanism for civil liability of intermediaries,with a view to contributing to the resolution of misrepresentation disputes in the corporate bond market and thus promoting the formation of a sound financial rule of law environment in which penalties are equal and stable.