本文選題：債券違約　切入點(diǎn)：剛性兌付　出處：《河北法學(xué)》2017年11期

【摘要】：我國(guó)債券市場(chǎng)陷入剛性兌付迷陣越來越深,以至于其中的市場(chǎng)主體明知其危害,卻已找不到或不想找破解逃生之門。有人說這是市場(chǎng)綁架了政府,實(shí)乃債券發(fā)行人、中介機(jī)構(gòu)、投資人以及政府等幾方法律主體交互作為、交互影響而形成的困局。表面看,信用的弱化和缺失,是剛性兌付預(yù)期形成的社會(huì)基礎(chǔ);實(shí)質(zhì)上,基于債券持有人利益保護(hù)原點(diǎn)的債市法治供給不足,導(dǎo)致債券投資者無法預(yù)判投資行為的風(fēng)險(xiǎn)底線,從而越界要求剛性兌付。打破剛性兌付,必須加強(qiáng)債市法治,明確不同債券的法律性質(zhì)和責(zé)任主體,夯實(shí)債券持有人的請(qǐng)求權(quán)基礎(chǔ),建立和完善以債券持有人會(huì)議制度、債券受托管理人制度及破產(chǎn)償債制度等為中心的債券違約救濟(jì)機(jī)制。讓剛性兌付從"權(quán)利"狀態(tài)回歸至"義務(wù)"本質(zhì),此乃破解債市剛性兌付迷陣的不二法門。
[Abstract]:The bond market of our country is getting deeper and deeper into the rigid payment maze, so that the main body of the market knows its harm, but it can't find or do not want to find the escape door.Some people say that this is the market kidnap the government, in fact, bond issuers, intermediaries, investors and the government and other legal subjects interaction, interaction and the formation of the dilemma.On the face of it, the weakening and lack of credit is the social foundation of rigid repayment expectation. In essence, the legal supply of debt market based on the interest of bondholders to protect the origin is insufficient, resulting in bond investors unable to predict the risk bottom line of investment behavior.Thus cross the border to demand rigid payment.To break the rigid payment, we must strengthen the rule of law in the bond market, clarify the legal nature and the subject of responsibility of different bonds, consolidate the basis of the bondholders' right of claim, and establish and perfect the meeting system of the bondholders.Bond trustee system and bankruptcy system as the center of bond default relief mechanism.Let rigid payment return from "right" state to "obligation" essence, this is the only way to solve the debt market rigid payment puzzle.
【作者單位】： 上海大學(xué)法學(xué)院;
【基金】：上海市教委科研創(chuàng)新重點(diǎn)項(xiàng)目《城鎮(zhèn)化視域下城投債償付風(fēng)險(xiǎn)之法律研究》(14ZS090) 上海市哲社規(guī)劃一般課題《城鎮(zhèn)化建設(shè)債券的發(fā)行規(guī)制與監(jiān)管》(2014BFX011)的階段性研究成果
【分類號(hào)】：D922.287

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