新常态下我国公司债券违约问题及其解决的法治逻辑

Default of Chinese Corporate Bonds in New Normal and Legal Logic of Its Resolution

债券违约是债券市场化运作的必然结果,但在我国却难以被容忍和接受,依赖政府之手确保刚性兑付似乎成为我国处理债券违约问题的一贯路径。然而随着我国经济社会进入新常态,公司债券违约问题愈发突出,以往这种债券违约解决思路无论在逻辑上还是在现实中都将难以为继。自主协商、诉讼求偿机制和破产偿债程序等法治机制是域外解决债券违约问题的主要途径。债券违约解决的法治机制是法治化债券市场建设的重要内容,这一机制并非只是简单的事后了结。解决公司债券违约问题不能只围绕违约本身进行规则变革,关键还在于肃清债券市场中的非市场化因素,剥离非常态的政府信用,彻底切断政府兜底债券违约的基础与可能,使法治思维深植于解决公司债券违约问题的逻辑之中。

It＇s a common sense for investors overseas that the problem of bond default is an inevitable outcome in the run- ning of bond market. In China, however, the phenomenon is unacceptable and could not be tolerated by the public. It seems that to ensure the rigid payment by means of the governmental intervention is a common path for dealing with the issues of bond default in China. With the arrival of China＇s New Normal, the problem of corporate bond default becomes more and more severe. Relying on traditional method to solve the bond default has been proved a misconception and no longer sustainable. The legal mechanisms of self--structured negotiation, litigation claims and bankruptcy resolution are the most primary methods for tackling the problem of bond default abroad. To develop a set of legal mechanism which is not merely a mechanism afterward for appropriately solving the problem of corporate bond default is an important part of constructing a bond market ruled by law. To merely reform the bond rule itself is not enough for properly solving the problems of corporate bond default. Actually, the crux for resolving the problem is to eliminate the non--market factors in corporate bond market, to peel away the abnormal government credit and to completely cut the throat of the governmental impact on the issues of corporate bond default. In one word, the most essential thing for reversing the path dependence on China＇s corporate bond market is to make the thought of rule of law deeply rooted in the logic of solving the problem of corporate bond default.