我国公司债券违约处置:问题与对策

The Disposal Mechanism of Corporate Bond Default in China:Problems and Countermeasures

公司债券是公司从资本市场直接获取融资的重要工具。近年来,公司债券违约开始成为常态,但现行的债券违约处置方式不能满足当前需要,存在市场化处置较低、债券持有人保护机制不健全、偿债保障措施失灵和诉讼求偿不畅通等问题。通过分析我国公司债券违约处置的主要问题及致因,并在此基础上提出债券违约处置应以市场化和法治化相结合为主,同时完善公司偿债保障机制、债券持有人保护制度和司法救济路径等应对之策,以使我国公司债券市场健康发展。

Corporate bond is an important channel for a company to obtain financing directly from the capital market.In recent years,corporate bond default has become normal,but the existing method of bond default disposal can not meet the current needs,which leads to such problems as lower market disposal,imperfect protection mechanism of bondholders,failure of debt repayment safeguard measures and blocked litigation claims.Based on the analysis of the main problems and causes of the disposal of corporate bond default in China,the paper puts forward that the bond defaults should be disposed in both the market-oriented and rule-based process.At the same time,it is important to improve the safeguard mechanism of corporate debt repayment,the protection system of bondholders and the path of judicial relief,so as to develop China’s corporate bond market healthily.