Research On The Problem Of China's Corporate Bonds Trustee Manager System

In the western mature capital markets, the corporate bond market has nearly 200 years' history, which has become a important part of the capital market。However, the development of China's bond market is evidently lagged behind the development of stock market, especially the corporate bond market, the existence of capital market still got serious structural defects。Therefore, to vigorously develop China's bond market, especially the corporate bond market, is of great significance for improving the capital market system。This paper studies China's corporate bonds trustee manager system, based on the financial contract theory, transaction cost theory and game theory。First, this paper reviews the relevant research literature at home and abroad to conduct a comprehensive grasp of its point of view; second, this paper compares the domestic and International corporate bonds trustee manager system and finds that there are still many defects in our system of corporate bonds trustee manager, such as:the subjects of the corporate bonds trustee manager remain simple; the punishment mechanisms of illegal corporate bonds trustee manager need to be improved; lack of relief measures to the bondholders; corporate bonds trustee manager system and the trust system can not work very well together。On this basis, this paper conducts a more in-depth analysis in the light of these four aspects, at last, this paper discusses the basic ideas to further improve our corporate bonds trustee manager system。...