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A Study On The Legal Issues Of Corporate Bond Default Disposal

Posted on:2020-04-08Degree:MasterType:Thesis
Country:ChinaCandidate:Q S WangFull Text:PDF
GTID:2416330578951058Subject:legal
Abstract/Summary:PDF Full Text Request
With the concentrated outbreak and even normalization of corporate bond default events,it is urgent to build a bond default disposal path based on marketization and rule of law.Although,since the break of the “Zero default” phenomenon break in China's bond market in 2014,investors have started to realize the guarantee right of bonds with enhanced credit,and realize the return of principle and interest of bonds through legalized means such as bankruptcy reorganization and liquidation of bonds without enhanced credit.However,as the legal level has not yet formed a systematic bond default disposal system,bondholders can only seek protection according to the relevant rules of general creditor's rights,in fact,the effect of principle and interest recovery is not ideal.In the “new normal”,where the proportion and amount of default events in the bond market are increasing year by year,it is extremely urgent to establish a scientific and effective method for the disposal of corporate bond default.This paper takes the existing bond default disposal methods as research object,classifies and summarizes the existing bond default disposal methods in China through data analysis,induction and summary,comparative demonstration and other research methods.Specifically as follows: First,I have in the of corporate bonds default classified standards,father way,summarize different default debt principal and interest recovery height difference disposal way,this is conductive to the bond market each participation main body in the bond default disposal scheme horizon contrast,improve the market value of bond defaults disposition.Second,the paper summarizes the government's “rigid payment” and the failure of guarantee and credit enhancement measures in default disposal methods,independent consultation mechanism ineffective credit promotion measures failure and existing problems of litigation claims procedure is multifarious,draw lessons from the United States,Japan other relevant system of the mature bond market,securities regulators,investor in the disposal of default interest representative offices of the bondholder meeting system and the bond trustee,the judicial relief way some suggestions are put forward.In my opinion the implicit guarantee of the government should be gradually withdraw in the post-default disposal of corporate bonds,so as to make the bond market return to the nature of “investment has risks and risk must be borne by oneself.” Under this premise the debt repayment guarantee measures should be further improved,the normative guidance of restrictive clauses should be strengthened,the theory of special authorization and general authorization should be introduced,and the interaction and connection between the bondholders' meeting system and the bond trustee system in default disposal should be enhanced,so as to better exert its institutional effect.At the same time,optimize the judicial proceedings and improve the efficiency of bond default disposal.Explore the marketization and legalization of investors' principal and interest recovery path after bond default,in order to benefit the long-term development of bond market.
Keywords/Search Tags:Corporate Bond Default, Disposition of Default, Bond Yield, Bondholders' Interests Protection
PDF Full Text Request
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