我国债券市场违约处置机制及改革路径研究——以中国首家房地产美元债违约为例

Research on the Default Disposal Mechanism in China's Bond Market and the Reform Path: a Case Study of China's First Dollar Bond Default

2018年,国内债券市场违约金额超过历年之和。完善市场化、法治化的违约债券处置机制,成为当前债券市场深化改革的重中之重。本文分析了目前对债券违约的主要处置方式。从实践看,发行环节保护不足、交易环节流转不畅和处置环节约束不强三大问题依然突出,尤其是违约债券无法市场化流转,成为市场呼声最大的痛点。2014年,佳兆业集团因境外美元债违约,成为首家在海外违约的内地房地产企业,但其通过历时2年的债券重组,成功走出困境。其间,违约债券可继续自由交易,以及条款的创新和完善的处置,为探索我国市场化债券违约处置机制及改革路径提供了有益借鉴。为破解国内违约债券的处置难题,本文建议,应尽快推出市场化流转机制,合理设计债券条款,以实现保护投资者和发行人的双重目的;同时,还应完善有关的法律制度。

In 2018, the number of defaults in the domestic bond market exceeded the sum of the previous years. Therefore perfecting the market-oriented and legalized default disposal mechanism has become the top priority of the current deepening reform of the bond market. This paper analyzes the main disposal methods for bond defaults of today. In practice, three problems, the lack of protection in the issuance process, the lack of liquidity in the transaction and the binding enforcement in the disposal, are still prominent. In particular, default bonds cannot be traded freely, which becomes the biggest focus of the market. In 2014, Kaisa became the first mainland property company to default overseas because of a default on foreign dollar debt, but it managed to get out of trouble through a two-year bond restructuring. By analyzing this case, we nd that continuous free trading, contract terms innovation and a better disposal mechanism, can be used as references for exploring China's market-oriented default disposal mechanism and reform path. To solve the problem of default bonds disposal, this paper recommends that market-oriented transferringmechanism should be launched as soon as possible and suitable bond terms should be laid out to achieve the dual purpose of protecting investors and issuers. Meanwhile, the relevant legal system should also be improved.