Research On The Legal Protection For The Bondholders' Interests

In the development of modern corporations, the issuing of bond is not only an important financial instrument, but also an important instrument of investment. But after its entrance into China, our bond market does not boom as expected. Compared with the developed countries' security markets, we have lagged behind in the issuance of corporate bonds. What is the reason of this problem? We must admit that our economic system should be partially responsible for the result. But the more important reason is the lack of related legal system to protect the interests of bondholders. So we should perfect our law to make good use of bond .At present, we already have some laws and rules to protect the interests of bondholders. But compared with the legal system of developed countries, it seems insufficient. What's more, so far our scholars have paid little attention to this field. So this paper tries to do some new researches.Besides preface and epilogue, there are four chapters in this paper:Chapter One discusses the basic theoretical problems of the bondholders. First, it introduces the primary rights of bondholders. Second, it analyzes that bondholders are disadvantaged compared with issuer. Third, it presents that bondholder is a kind of special creditor.Chapter Two focuses on legal system of protection of the bondholders which includes bond contract,collective-action mechanism,information disclosure,bond credit rating.Chapter Three probes into the problem that how to protect bondholders under certain circumstances, such as sales of asset,subdivision,combination and dissolution.Chapter Four puts forward some legislative proposals according to analysis of the related legislation in China.