Study On Protection Of Interests Of Corporate Bondholders

For a long time,the formulation of China's securities market rules has shown the characteristics of "heavy stocks light debts".Compared with the stock market,the bond market is not well-developed,and regulatory rules are inadequate and lacking in targeting.The bond market is one of the most important securities markets in a country.It is of great value for corporate financing and the promotion of interest rate liberalization.Desolation of China's bond market rules directly leads to insufficient supply of interest protection rules for bondholders in China.At present,most of the bond defaults that have occurred in China have been resolved by "rigid payments" by companies under the pressure of governments or government agencies.The interest protection of bondholders does not rely on market-oriented solutions and legalized resolution procedures.Studying the interest protection of corporate bond holders is based on the background that our bond market is trying to break the "rigidity payment".Through discussing the model and specific system of interest protection for bondholders,it provides advice and suggestions on the protection of corporate bondholders in China.This article starts with the current rules for protecting the interests of corporate bondholders in China.Through the analysis of the legal principles and functions of existing rules,the model and specific system for protecting the interests of corporate bondholders should be proposed.Advocate that a system for the protection of bondholders' interests should be established at the "Company Law","Securities Law"and other regulatory laws and regulations.This article does not include an introduction and consists of five parts:The first part:The analysis of the theoretical basis of the protection of corporate bondholders' interests.In order to protect the interests of corporate bondholders,we should first seek the fulcrum from the theory of corporate creditor protection.Secondly,because the holders of corporate bonds are the basic participants in the bond market and have the status of investors,investor protection theory should be applied.The second part:Corporate bondholder interest protection department law perspective analysis.This section analyzes the positioning and security model of corporate bondholder protection in the perspective of the three branches of law,and believes that China adopts the investor protection-based model.The third part:The functional analysis of the existing rules of interest protection for corporate bond holders.This section divides the existing corporate bondholder protection rules into organizational rules and functional rules,and classifies and explores its existing problems and deficiencies.The fourth part::Reshaping the rules for the protection of corporate bondholders'interests.On the basis of reviewing the existing regulatory deficiencies,this section advocates that the basic system for the protection of corporate bondholders should be clearly defined in the Company Law and the Securities Act.Secondly,it should improve on specific regulations and protection rules,and introduce "group lawsuits"to protect corporate bond holders.The fifth part:The author thinks in the conclusion that "investor education"should be the most basic system for investor protection,and measures should be taken to enable investors to establish the concept of "buyer's self-conceit" so as to improve risk identification and risk bearing capacity.