Research On The Credit Bond Default From The Perspective Of Bondholders' Protection

With the support of the government,the bond market in China has developed rapidly and its scale has grown rapidly.Bonds have become the main channel for the financing of many unlisted companies.However,since 2014,the Chinese credit bond market has begun to break the long-term “rigid payment”,and the government no longer bears consequences for the inefficient operation of some companies.In 2016,the number of credit debt default events reached the highest value.At this point,China's bond market began to gradually become market-oriented.In 2018,the credit bonds will mature on a large scale.At the same time,monetary policies keep tightening,government supervision puts more restrictions on non-standard financing.And under the premise that the company's own operating capacity is difficult to improve rapidly,the probability of default in credit market is higher than 2017.Some companies are still in a state of highly leveraged financing,so the risk from funding chain pressure and external refinancing capability is still high.This dissertation focuses on China's credit debt default events,and uses the credit system data,analysis of the entire country and the construction industry as the background to supplement the relevant systems,and analyzes the process,internal and external factors and the impact of China City Construction Co.'s credit bonds default.Analyze the existing problems in the creditor protection mechanism from the company level,the investor level,the underwriter level,the supervision and the system level.Based on this,combining domestic and international excellent theory and practical experience in perfecting the creditor protection mechanism,the comparative selection is more suitable for China in the four aspects of bond special terms setting,information disclosure mechanism,trustee management system and bondholders meeting system.At this stage,the proposal for perfecting the protection mechanism for bond investors of credit bonds is hoped to be used as reference by relevant regulatory agencies and investors.