Research On The Trust Management System Of China's Bonds

As an important means of direct financing,bonds are an important part of the capital market.It plays an important role in improving enterprise financing,effectively allocating resources,improving the financial system,preventing financial risks and promoting economic development.Therefore,it is of great significance to develop the bond market vigorously,but with the rapid development of the bond market,the bond defaults are increasing in the past two years,the interests of investors are also damaged in succession.So as the protection of investor,the bond trust management system has been widely concerned.This article has carried on the research to our country's bond trust management system from four parts step by step.In the first part,the author first introduces the reason why the author make research on this subject and the research significance of the subject.Then,after consulting a large number of domestic and foreign literatures,this paper makes a comprehensive summary and summarization of the related fields,and puts forward the research ideas and methods.The second part establishes the theory of financial contract and the theory of transaction cost as the theoretical basis of this article,and explains the related concepts involved in the bond management system.The third part analyzes the system design of China's bond management system from the development process of the entrusted management system in our country,and then introduces the other bond management system-bond holder conference system,and then summarizes the advantages of the system of other countries from the aspects of the current situation of legislation,the qualifications of trustees and the obligations of rights and legal liability,and the trust management system of China's bonds.The fourth part introduces the practice of the bond management system in China's bond market from two aspects:scope of application and implementation,and puts forward the following problems:dilemma and negative performance of the trustee,trust crisis of the trustee;and then points out its causes:imperfect legislation,conflicts of interest,lack of motivation and punishment,imperfect bond market supporting system;and put forward targeted improvement measures:clear trust relationship and improve the legal status of bond trustee,prevent conflicts of interest in a variety of ways,improve the remuneration of trustees and clarify the trustee's civil liability for compensation,improve the supporting system of the bond market and foster a market environment that is both rational and honest.