The Study On Corporate Bond Trust System

Currently, the debenture market of our country is confronted with good development opportunity and substantial development space. But under the restriction of realistic condition, the actuality of debenture market of our country does not satisfy the inside demand of the economic development. The corporate bond trust plays an important role in the corporate debt market. It has undergone the development of more than one hundred years in the United States of America. A lot of countries and regions besides the United States use corporate bond trust in their debenture management, such as Japan, Korea, and Taiwan and so on. Intensive study on corporate bond trust is conducive to the development of the debenture trustee system and the debenture market of our country.This paper chooses corporate bond trust system as study object. The first part of this paper made a definition for corporate bond trust and summarized the characters and functions of it. Then it introduced the developing process and practical experience of corporate bond trust in United States of America, in Japan and in Taiwan. The second part is of much importance. It discussed several important issues of corporate bond trust, such as duties and entitlements of the trustee, rights of the bondholders, elementary procedure, trust instrument and illegal acts in corporate bond trust. The challenge that corporate bond trust system met in Taiwan and supertrustee system were also introduced. The third part summarized the debenture trustee system of our country and indicated its deficiencies. The fourth part pointed out that we should use the experience of corporate bond trust of other countries for reference properly, and then presented concrete proposals for improvement.