The Legal Resolving System Of Corporate Bond Default Risk

As China's economy has entered a new normal,the phenomenon of default risk events in bonds has become more prominent.Before that,China's bond market always showed the appearance of zero default.This "rigid payment" does not result from the issuer's real capacity to pay off debts.It is an unconventional and unsustainable result reached by the government in using its good offices among relevant departments.However,the government thoroughly solved the useless for the formation of a real market.The past bond regulation ideas will be unsustainable.In this paper,corporate bonds as the research object,the selection of the bond market is one of the most representative types of bonds.First of all,the definition of the scope of corporate bonds,by comparing the theoretical features and essence,will be issued by the company "corporate bonds" and corporate bonds collectively referred to as corporate bonds.In turn,the default risk of corporate bonds is defined as the probability that the bond issuer will be in default due to various reasons,such as unwillingness or inability to fulfill the conditions of the contract.Through combing the legal regulation of default risk of corporate bonds at the present stage,we can find out the problems existing in our country's risk regulation in the existing mode.First,it is the "heavy debt and light debt" on the legal level.The bond rules are attached to Stocks,bond-related ratings,information disclosure,guarantees,defaultor protection,etc.did not make specific provisions that fit the characteristics of the bonds.At the same time,the supervision system shows the situation of long supervision and regulatory competition,resulting in the uncoordination of supervision and risk regulation and laying the hidden dangers of default risk.Second,the government has long offered hidden guarantees behind the bonds,violating the rules of the market economy,deepening investors' misunderstanding of "risk-free bonds" and because the market lacks real default risk cases,the relevant institutions can not be correct It is inevitable to assess the level of corporate default,to reasonably price the bonds,and because it can not effectively differentiate the default risk and determine the risk premium,and can not measure the risk-free rate of return,thus leading to the gradual accumulation of risk,which will inevitably undermine the sustained and healthy development of the market.There are also many deficiencies in the regulatory mechanism of default risk.There are no rules and standards in the information disclosure system that fit the characteristics of the bonds and the true default risk of the company can not be disclosed to the bondholders.The default rating system,bond trustee system and bondholders' meeting system are also "nominal" and can not exert the effect of preventing and resolving default risks.The essence of the bond is the debt and debt relationship between the bondholder and the issuer,which is a contract signed by both parties.Bond contracts constitute the core of bond transactions,both civil claims and financial investment attributes.On the one hand,the bond contract has the essential nature of the contract,on the other hand,it has both the investment attributes and the special nature of the business.In resolving the crisis of default risk in the bond market,we must not only realize the legal logic of the civil and commercial rules,but also clarify the market logic based on the traits of commercial transactions.By analyzing the essence of the bond contract theory and discussing the conclusion and significance of bond contract terms,it is helpful to further improve the legal regulation of default risk.After a long period of "sharpening",the US bond market has matured,its risk regulation experience is abundant and its regulatory system is perfect.As the largest corporate bond market in the world,the U.S.bond market can provide abundant institutional resources for the regulation of the corporate bond market in China.And the bond market in the United States has undergone a period from laissez-faire market autonomy to government moderate intervention.The mechanism of settling the default risk has gone from the civil and commercial regulations to the perfection of the securities law of the securities law.All of these experiences deserve that our country is in the process of developing The transition period of corporate bond market reference.Finally,by drawing lessons from the mature default risk supervision experience of the United States,under the premise of recognizing the essential nature of the bonds and the legal basis of the risk regulation-contract theory,in view of the various problems of our country's current regulatory system,from the regulatory legal system As well as the regulatory mechanism to establish a legal mechanism suitable for the default risk resolution in China's market.