Research On The Portection Mechanism Of The Rights Of Bondholders In Chaina

With the reform of the financial system,Enterprise financing channels are becoming diverse.As a way of direct financing,corporate bonds more and more get the favour of the enterprise because of its low cost of financing,the bond market is rapid development.Because our country administrative's supervisory dynamics is big in the bond market,there is rare default happened during the long time.,even if the default happens,the intervention by the government also can get a proper solution.However,The bond market in our country has broken out bond defaults since 2016,The risk prevention of bond market cannot be ignored.The rights of the bondholders shall be protected and the laws or regulations shall be clearly defined.In the existing laws,regulations and regulatory documents only refers to the rights of the bondholders should be protected and gave some institutional guarantee,but what this power is also not too clear,protected based on what has been the lack of a clear basis.The bond market has become equally important financing market and the stock market,bond market risk prevention can not be ignored,bondholders as bond market participants,their rights should be protected and their interests should be maintained.China has formed a unified and hierarchical market system with three sub-markets of interbank market,exchange market and commercial bank counter market.The interbank market is the main body of the bond market,and the stock of bonds accounts for about 95% of the total market.It is typical to study the rights and protection of bondholders from the perspective of interbank market.The bond holders have the right to know,the right to appeal and the right to vote,and the exercise and application of these rights are to protect their own rights and interests.For a variety of reasons,even if the bondholders have a lot of rights,sometimes they can't,even if there are a lot of systems to protect them,but the effect may not be satisfactory.The lack of integrity of bond issuing companies makes the bond market call for a transparent information disclosure system.The lack of professional bond holders,the improvement of credit rating system is particularly important;The risk spirit of the bond issuing company requires the bondholder meeting system and the bond trustee system to restrict it.With the administration of economic regulation,the increase of restrictive clauses in bond contracts makes the issuance of bonds return to the market.This paper will consist of three parts: introduction,text and conclusion.The text will discuss the rights and protection of bondholders from four parts.The first part is to study the connotation and fundamental rights of the bondholders,namely,what is the right of the bondholders,the holders of the bonds,and why the bondholders enjoy these rights.Second part helps bondholders rights protection,and probes into the basic system,namely how to make use of the existing system of protecting the rights of bondholders have,analysis the bondholders' right to know the information disclosure system and credit rating system,voting rights,security right,litigation right of the bondholders conference system and trustee system,restrictive clauses.In the third part,the author analyzes the current situation of the protection of the rights of bondholders and the defects in the existing system,so as to show the importance of the protection of the rights of bondholders through the above analysis.The fourth part,separately from the information disclosure system,credit rating system,bondholders meeting system,trustee system,restrictive clauses and other aspects put forward the perfect Suggestions to protect the rights of bondholders.