论债券预期违约救济的法理基础及分类构造

Theory on the Juridic Basis and the Division of Bond Anticipatory Breach Remedy

公司债券具有继续性和关系性合同的性质,是以信用为基础的金融工具,在持续履行过程中的信用风险如何解决,是一个重要议题。我国债券司法实践中有在发行人预期违约下提前解除债券合同之做法,其目标是为受侵害之投资者提供加速到期之救济。然而债券上不仅承载持有人的期待利益,亦存有债务人之期限利益,司法上需要考虑两者之间的平衡,避免风险负担的转嫁和扭曲。对此,我国法上虽无债券加速到期制度,但观诸域外立法例以及《民法典》中体现的信用交易的规范理念,应当对之有所区分和调和。司法上宜以信用风险程度之大小为基础分别适用渐进式解除权和径直式解除权;以合同目的无法实现作为共同要件,准确把握解除权的构成要件;以商事准则为基础进行综合判断,避免债权人解除的任意化;促进债券商事信用的建设。

Corporate Bonds are continuing contracts and relational contracts,as well as financial instruments based on credit.The key issue is that,during the term of continuous performance,how to tackle with the credit risks.According to legal precedents of corporate bond disputes,the contract of bonds could be rescinded before maturity date by the bondholders.The goal of this judgment is to grant acceleration remedies to the aggrieved bond investors.However,the period benefit of the debtor is also agreed and protected under the bond contracts,and judges need to consider the balance of these rights,in order to avoid risk transference and distortion.Though there is not any domestic legislation on bond acceleration,foreign legislations and the provisions about credit transaction in the Civil Code could be our references.The courts could adopt direct rescission and gradual rescission respectively based on the level of credit risks,and take the frustration of purpose doctrine as common elements of the standard,also review the elements precisely with the business principles,to avoid arbitrary rescission by the creditors,and promote the business credit of bonds.