公司债券受托管理的信托法构造

Trust Law Construction of Corporate Bonds Trusted Management

对公司债券受托管理制度的法律基础究竟是信托法律关系还是委托法律关系,立法并没有明确,理论界也存在争论。公司债券合同的不完备性、债权投资的委托代理成本、公司债券持有人的集体行动困境决定了需要一个常设机构来监督债券发行人,管理债券事务,而信托法律关系因受托人广泛的自由裁量功能,具有稳定性和连续性、受益人享有监督受托人的权利等特点而明显更适合公司债券受托管理制度,且比较法上也是更倾向于以信托法律关系来构建公司债券受托管理制度。公司债券之债权及其附随权利是公司债券信托的信托财产,债券持有人是公司债券信托的委托人和受益人。以信托法律关系构建我国的公司债券受托管理制度需要《信托法》、《公司法》、《证券法》等法律修改提供制度支持。

Whether the legal basis of corporate bonds trusted management is trust legal relationship or agency by agreement is not clear in legislation, and there are also controversies in theoretical circles. The incompleteness of corporate bond contracts, the principal-agent cost of creditor’s rights investment, and the collective action dilemma of corporate bond holders determine that a permanent institution is needed to supervise bond issuers and manage bond affairs. The trust legal relationship has stability and continuity due to the trustee’s extensive discretion rights to trust affairs. And the beneficiaries have the supervising rights. So trust legal relationship is obviously more suitable for corporate bonds trusted management system. Extraterritorial Law is more inclined to build corporate bonds trusted management system with trust legal relationship. The creditor’s rights and their collateral rights of corporate bonds are the trust property of corporate bond trust, and the bondholder is the trustor and beneficiariy of corporate bond trust. To construct the trusteeship and management system of corporate bonds in China based on trust legal relationship needs the institutional support from the legal amendments of Trust Law, Company Law and Securities Law.