債券違約處置的法治邏輯
發(fā)布時間:2018-04-04 22:24
本文選題:債券違約 切入點(diǎn):違約處理 出處:《法律適用》2017年07期
【摘要】:債券市場"剛性兌付"飽受詬病,當(dāng)前違約事件集中爆發(fā),如何科學(xué)有效處置違約事件關(guān)涉?zhèn)袌龅姆(wěn)定發(fā)展。實(shí)踐中,政府隱性擔(dān)保問題依然嚴(yán)重,債券違約處置市場化程度較低,投資者保護(hù)有待進(jìn)一步加強(qiáng)。債券交易以契約為基礎(chǔ),債券契約體現(xiàn)出商事債權(quán)、金融投資以及公司治理的三重屬性。在處置違約事件時,應(yīng)科學(xué)運(yùn)用多樣化的處理規(guī)則和處置手段,以民商事規(guī)則為核心的金融私法為基礎(chǔ),以金融監(jiān)管規(guī)則為主導(dǎo)的公法指導(dǎo)為保障。具體操作中,應(yīng)合理界定債券契約條款、發(fā)展破產(chǎn)和解制度、建立債券違約先行賠付制度、改造債券受托管理人職責(zé),構(gòu)建風(fēng)險處置的信息處理機(jī)制和一對一報(bào)告制度等。
[Abstract]:The bond market has been criticized for its "rigid payment", and how to deal with it scientifically and effectively is related to the stable development of the bond market.In practice, the problem of government implicit guarantee is still serious, the marketization of bond default disposal is low, and investor protection needs to be further strengthened.Bond trading is based on contract, which embodies the triple attributes of commercial creditor's rights, financial investment and corporate governance.When dealing with breach of contract, we should scientifically apply diversified rules and means of handling, take civil and commercial rules as the core of the financial private law as the basis, and take the financial supervision rules as the dominant guidance of public law as the guarantee.In the concrete operation, we should reasonably define the bond contract clause, develop the bankruptcy settlement system, establish the bond default advance indemnity system, reform the duty of the bond trustee, construct the information processing mechanism and one-to-one reporting system of the risk disposal, and so on.
【作者單位】: 武漢大學(xué)法學(xué)院;武漢大學(xué)資本市場法治研究中心;
【基金】:教育部2014年重大攻關(guān)項(xiàng)目“我國債券市場建立市場化法制化風(fēng)險防范體系研究”(14JZD008)階段性成果
【分類號】:D922.287
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