Research On The System Of Corporate Bond Holders’ Meeting In China

One of the preconditions for the stable development of China’s bond market is to establish a sound bond holders’ meeting system,which is also an important way to protect the rights and interests of bond holders.The bond market of foreign countries has gradually formed the bond holders’ meeting system and bond trustee system,which has great reference significance for the development of China’s bond market.However,because China’s economic system is different from foreign countries,the development of bond market has not reached the point of perfection,so in practice,there are many problems between the two.From the perspective of the development of the two systems in China,the development of the bond trustee system in China is much earlier than the bond holders’ meeting system,so the legal provisions of the administrator system are more specific and standardized.Bondholders’ meeting as an organization,its characteristics determine that the organization has temporary characteristics.The individual strength of bondholders,unable to face their own crisis,is not high even compared with issuers.At this time,the organization integrates all the people’s strength and gives them the strength to overcome the investment risk.However,since there is no legal regulation in this respect in China,the overall planning of the organization of the conference is not enough.The deficiencies mentioned above in the organization’s system are the main factors leading to the imbalance in the bond market in the practice process,and ultimately the rights and interests of investors cannot be guaranteed by the system.Analysis of the bond market in China,the way of its existence of late development,inadequate development,and the lack of rules for the management of the bond market,these are added to the bondholder meeting system and local conditions do not adapt.The development of debenture holders’ meeting system follows the development of bond market.Due to the development of China’s bond market is not perfect,compared with the bondholders’ meeting system of foreign countries,China’s bondholders’ meeting system itself,there are still many imperfections.The debenture holders’ meeting system in China mainly has the following problems: for example,its role and function are not clear,the resolution of the debenture holders’ meeting is of low effectiveness and lack of binding force,and there are conflicts in communication with the bond trustee system.Some scholars in the academic circle have analyzed the development of foreign bond market,which has a lot to learn for China to develop its own bondholder meeting system.For example,Japan,France,Germany,Italy and other countries,through specific legal provisions,the convening conditions of the system,the efficiency of the resolution of the meeting,as well as the effectiveness and implementation of the resolution have carried out perfect provisions,which need reference for China.In order to safeguard the rights and interests of bond holders to a great extent,better promote the development of corporate bond market in our country,realize the maximum utility of the system,through the mature legislative experiences of other countries for reference,to our country the legal aspects of the current regulations and practice of the outstanding problems in practice,in this article puts forward three main recommendations,in terms of its internal rules,These major rules are enforced by law.As far as the external environment is concerned,the primary and secondary relationship between the system and the trustee system is clarified,and the unification of supervision of the corporate bond market in China is expected to be realized as soon as possible.Through these external and internal problems to solve,the bondholders meeting system will be more authoritative,operability and execution,so that we can promote the actual disputes will implement the holder of the rights and interests of concerned,holder to secure investment confidence,further arouse the vitality of the corporate bond market,to better promote the steady development of China’s corporate bond market.