Study Of Corporate Bonds Entrusted With The Management System

Comparing with the active stock market, the bond market can be called a short board of the capital markets in China, meanwhile is of great potential. "To accelerate the improvement of bond market system" has been included by the State Council in the list of the top eight tasks in recent finance reform, which manifests the important status of the bond market in national economy. There is no doubt that trustworthiness from investors is the lifeblood of the bond market, so a mature bond market will be built only if great attention has been attached to the investors protection. Enforcement of, which established the corporate bond trusted management system as the approach of corporate bond management, has filled the vacancy of laws and regulations in the investors protection for corporate bonds in China. However, amid all the laws and regulations of investors protection, there are many defects such as, the legislative system is disordered, the legal hierarchy of these regulations is too low and so on. The reason why this paper is completed is to solve the practical problems and do good to the related legal system, via researches on both corporate bond trusted system and experienced legislative practice of foreign districts.There are four chapters in this paper. The first chapter is the basic theory of corporate bond trusted management system. The legal value of the corporate bond trusted management system is presented on the basis of the analysis of concepts of corporate bond, trust, approach of corporate bond management. Meanwhile, this chapter gives a simple introduction of the corporate bondholder meeting, which is the other corporate bond management system.The second chapter is the legislative research on corporate bond trusted management system in foreign districts. American style and Japanese style, respectively as the typical example of common law system countries and continental law system countries, are hereby introduced and analyzed with great emphasis in the hope of providing useful experiences and lessons to China's legislative work.The third chapter is about the legislative process of corporate bond trusted management legislative system in China, which covers the background, content and practical problems of the recent legal system.The fourth chapter offers advices on establishing completed legal system for corporate bond trusted management on the basis of comparative analysis of foreign developed countries' practices. The jurisprudence should be investor-protection oriented. The legal system should be assorted, harmonious and unified integrity, consisting of corporate law and regulations issued by CRSC, in which the jurisdiction, obligation and responsibility of the corporate bond trustee are detailed.