公司債受托人法律責(zé)任研究
發(fā)布時間：2018-10-13 15:16
【摘要】：近年來，我國公司債市場發(fā)展的基礎(chǔ)條件顯著改善，大力發(fā)展各類公司債等直接融資已被列為金融發(fā)展重要的政策優(yōu)先目標(biāo)。但是保護(hù)公司債券持有人利益的法律并沒有得到同步完善，債券投資者仍對我國公司債券市場的信心不足。而理論界的探討多集中于如何完善公司債受托人的權(quán)利義務(wù)，對受托人的法律責(zé)任只是簡單提及，很少有學(xué)者做深入研究。本文立足于此，以我國《公司債券發(fā)行試點辦法》對公司債受托人法律責(zé)任的立法不完善為切入點，對公司債受托人的法律責(zé)任進(jìn)行研究。 本文除導(dǎo)言外，分為四章。 第一章介紹公司債受托管理的基本理論。首先對公司債的概念及公司債管理的模式進(jìn)行介紹，筆者認(rèn)為我國應(yīng)選擇公司債受托管理與公司債券持有人會議相結(jié)合的模式；其次，結(jié)合國內(nèi)外立法例，從受托人的資格、權(quán)利、義務(wù)與法律責(zé)任四個方面對公司債受托管理制度進(jìn)行了闡述。最后，介紹了我國公司債受托管理制度的立法現(xiàn)狀。筆者認(rèn)為我國現(xiàn)行《公司債券發(fā)行試點辦法》對受托人法律責(zé)任僅規(guī)定行政處罰不能從根本上保護(hù)債券持有人的利益。這也是本文論述的切入點所在。 第二章對公司債受托管理制度的法律關(guān)系進(jìn)行了厘清。筆者認(rèn)為，信托法律關(guān)系比委托代理關(guān)系更適合解釋公司債受托管理制度，并且這種信托關(guān)系存在于公司債券持有人與受托人之間，公司債券持有人既是委托人又是受益人，發(fā)行公司只是代理未來公司債券持有人簽訂受托管理協(xié)議，一旦債券投資者購買了公司債券，發(fā)行公司就脫身而出，完全成為公司債券持有人和受托人的監(jiān)督對象。 第三章從民事、行政、刑事三個方面對公司債受托人的法律責(zé)任進(jìn)行了詳細(xì)分析，著重于對民事責(zé)任的分析。首先論述了實務(wù)中受托人最常出現(xiàn)的幾種典型的不履行義務(wù)行為。然后從性質(zhì)、歸責(zé)原則、承擔(dān)方式與免責(zé)事由幾個方面對受托人的民事責(zé)任進(jìn)行了深入分析。最后對受托人的行政責(zé)任與刑事責(zé)任進(jìn)行了簡單介紹。 第四章對我國公司債受托人法律責(zé)任的立法完善提出若干建議。筆者認(rèn)為，在未來公司債受托管理的立法中應(yīng)明確公司債受托管理的信托關(guān)系，完善受托人的義務(wù)，確立切實保護(hù)債券持有人利益的立法原則，構(gòu)建以民事責(zé)任為中心的受托人法律責(zé)任體系。（1）民事責(zé)任方面，，公司債受托人民事責(zé)任應(yīng)兼采債務(wù)不履行及侵權(quán)的性質(zhì)，適用過錯推定原則，采取舉證責(zé)任倒置，責(zé)任承擔(dān)形式以損害賠償為主。（2）行政責(zé)任方面，增設(shè)罰款的內(nèi)容。（3）刑事責(zé)任方面，不能僅僅處罰受托人及其高級管理人員，還應(yīng)連同其實際控制人一并處罰。
[Abstract]:In recent years, the basic conditions for the development of the corporate bond market in China have been greatly improved, and the development of direct financing such as all kinds of corporate bonds has been listed as an important policy priority in the financial development. However, the laws to protect the interests of corporate bondholders have not been improved simultaneously, and bond investors still lack confidence in our country's corporate bond market. The theoretical circle focuses on how to improve the rights and obligations of the trustee of corporate debt, the legal responsibility of the trustee is simply mentioned, few scholars do in-depth research. Based on this, this paper makes a research on the legal liability of corporate bond trustees from the point of view of the imperfect legislation on the legal liability of corporate bond trustees in China. In addition to the introduction, this article is divided into four chapters. The first chapter introduces the basic theory of corporate debt management. Firstly, the concept of corporate debt and the mode of corporate debt management are introduced. The author thinks that our country should choose the mode of combination of corporate bond fiduciary management and corporate bond holder meeting, secondly, combine domestic and foreign legislation, from the qualification of trustee. The rights, obligations and legal liabilities of corporate debt management system are elaborated. At last, it introduces the legislative status of the trust management system of corporate debt in our country. The author thinks that only administrative punishment on the legal liability of trustees can not fundamentally protect the interests of bondholders. This is also the entry point of this article. The second chapter clarifies the legal relationship of corporate bond management system. The author thinks that the legal relationship of trust is more suitable than principal-agent relationship to explain the fiduciary management system of corporate debt, and this kind of fiduciary relationship exists between the bondholders of companies and the trustees, and the bondholders of companies are both the trustor and the beneficiary. The issuing company only signs the fiduciary management agreement on behalf of the future bondholders. Once the bond investors buy the corporate bonds, the issuing company will get out and become the supervising object of the bondholders and trustees. The third chapter analyzes the legal liability of corporate debt trustee from three aspects of civil, administrative and criminal, focusing on the analysis of civil liability. First of all, it discusses the typical nonperformance behavior of trustee in practice. Then it analyzes the trustee's civil liability from the aspects of nature, principle of imputation, way of undertaking and reason of exemption. Finally, the administrative responsibility and criminal responsibility of the trustee are briefly introduced. Chapter four puts forward some suggestions on the legislative perfection of the legal liability of corporate debt trustees in China. The author thinks that in the future legislation of corporate bond trust management, the trust relationship of corporate bond fiduciary management should be clarified, the duty of trustee should be perfected, and the legislative principle of protecting the interests of bondholders should be established. In the aspect of civil liability, the civil liability of corporate debt trustee should be combined with the nature of non-performance of debt and tort, the principle of presumption of fault should be applied, and the burden of proof should be reversed. The main form of liability is compensation for damages. (2) in the aspect of administrative liability, the content of fine is added. (3) in the aspect of criminal liability, the trustee and its senior management should not only be punished, but also should be punished with their actual controller.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.287;F832.51
本文編號：2269086
[Abstract]:In recent years, the basic conditions for the development of the corporate bond market in China have been greatly improved, and the development of direct financing such as all kinds of corporate bonds has been listed as an important policy priority in the financial development. However, the laws to protect the interests of corporate bondholders have not been improved simultaneously, and bond investors still lack confidence in our country's corporate bond market. The theoretical circle focuses on how to improve the rights and obligations of the trustee of corporate debt, the legal responsibility of the trustee is simply mentioned, few scholars do in-depth research. Based on this, this paper makes a research on the legal liability of corporate bond trustees from the point of view of the imperfect legislation on the legal liability of corporate bond trustees in China. In addition to the introduction, this article is divided into four chapters. The first chapter introduces the basic theory of corporate debt management. Firstly, the concept of corporate debt and the mode of corporate debt management are introduced. The author thinks that our country should choose the mode of combination of corporate bond fiduciary management and corporate bond holder meeting, secondly, combine domestic and foreign legislation, from the qualification of trustee. The rights, obligations and legal liabilities of corporate debt management system are elaborated. At last, it introduces the legislative status of the trust management system of corporate debt in our country. The author thinks that only administrative punishment on the legal liability of trustees can not fundamentally protect the interests of bondholders. This is also the entry point of this article. The second chapter clarifies the legal relationship of corporate bond management system. The author thinks that the legal relationship of trust is more suitable than principal-agent relationship to explain the fiduciary management system of corporate debt, and this kind of fiduciary relationship exists between the bondholders of companies and the trustees, and the bondholders of companies are both the trustor and the beneficiary. The issuing company only signs the fiduciary management agreement on behalf of the future bondholders. Once the bond investors buy the corporate bonds, the issuing company will get out and become the supervising object of the bondholders and trustees. The third chapter analyzes the legal liability of corporate debt trustee from three aspects of civil, administrative and criminal, focusing on the analysis of civil liability. First of all, it discusses the typical nonperformance behavior of trustee in practice. Then it analyzes the trustee's civil liability from the aspects of nature, principle of imputation, way of undertaking and reason of exemption. Finally, the administrative responsibility and criminal responsibility of the trustee are briefly introduced. Chapter four puts forward some suggestions on the legislative perfection of the legal liability of corporate debt trustees in China. The author thinks that in the future legislation of corporate bond trust management, the trust relationship of corporate bond fiduciary management should be clarified, the duty of trustee should be perfected, and the legislative principle of protecting the interests of bondholders should be established. In the aspect of civil liability, the civil liability of corporate debt trustee should be combined with the nature of non-performance of debt and tort, the principle of presumption of fault should be applied, and the burden of proof should be reversed. The main form of liability is compensation for damages. (2) in the aspect of administrative liability, the content of fine is added. (3) in the aspect of criminal liability, the trustee and its senior management should not only be punished, but also should be punished with their actual controller.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.287;F832.51
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本文編號：2269086
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