Research On The Meeting System Of Corporate Bondholders In China

At present,the way of protecting the rights and interests of bondholders in our country adopts the meeting system of bondholders in the civil law system and the trustee system of corporate bonds in the common law system,but there are many problems in the practice of our bond market.For the bond trustee system,there are relatively specific provisions in China’s legislation,while for the bondholders’ meeting system,the provisions are quite vague.There are no specific provisions on the positioning of the bondholders’ meeting system,specific operating procedures,rights relief and other aspects.With the development of bond market in China,China has become the second largest bond market in the world.The existing mechanism is not enough to maintain the sustainable stability and healthy development of the market.Especially since the "11 super day bond" broke the rigid payment,the default rate and the amount of default in China’s bond market have increased significantly,while the legislation of the bondholders’ meeting system,the core system for the protection of bondholders’ interests,has been unsatisfactory.Therefore,from the perspective of bondholders’ meeting system,by drawing on the advanced experience of foreign legislation,combined with the practice of China’s bond market,this paper puts forward suggestions on the improvement of bondholders’ meeting system,so as to protect the legitimate rights and interests of bondholders and ensure the stable development of the bond market.The bondholders’ meeting system is not the original system of our country.As an imported product,it has entered into our country for a short time,and it is not suitable for our national conditions at present.Compared with the development of foreign bondholders’ meeting system for hundreds of years,China’s bondholders’ meeting system appears quite immature and develops slowly.There are many problems in the operation of bondholders’ meeting system in China,such as unclear status,imperfect specific operation mechanism,low effectiveness of resolutions,lack of effective connection with external factors such as bond trustee system,etc.,which greatly hinder bondholders from seeking the way to safeguard their rights.In contrast,the civil law countries represented by Germany,Japan and France have clear and specific provisions in their respective commercial code and bond law,which are of great significance to the construction and improvement of the bondholders’ meeting system in China.So this article on the premise of draws the experiences of Germany and other countries,combined with the actual situation of China’s bond market,to bondholders conference system,specific to run the program(called program,resolution,and voting procedures),resolution effect,set up a bondholder meeting auxiliary mechanism,bond holders meeting right relief,and other protection mechanism(bond trustee system,information disclosure system,the restrictive clause,etc.)effectively put forward their own views,in order to perfect the system of bondholders conference in our country.