我国违约信用债后续处置方式及效率研究

Research on the Follow-up Disposal Methods and Their Efficiency for Defaulted Credit Debt in China

本文以截止2021年底的违约信用债为研究样本,对其后续处置方式及效率展开分析。在各类信用债违约后续处置方式中,应用司法程序的情形居多,债务重组作为自主协商型处置方式的一种,也得到了越来越多的应用。我国违约信用债处置效率整体水平不高,相对于司法程序型处置方式,自主协商型处置方式的回收率较高,回收期较短。为提升信用债违约处置效率,应建立对违约债券责任方的约束机制,健全持有人会议制度,优化诉讼制度,拓展市场化处置手段。

This paper takes the default credit debts by the end of 2021 as a research sample to analyze the subsequent disposal methods and their efficiency.In all kinds of subsequent disposal methods of credit debt default,judicial procedures are mostly applied,and debt restructuring,as a way of independent negotiation disposal,has also been more and more used.The overall level of disposal efficiency of defaulted credit debt in China is not high.Compared with the judicial procedural disposal mode,the recovery rate of independent negotiation disposal mode is high and the payback period is short.In order to improve the efficiency of disposal of defaulted credit debt,we should strengthen the restraint mechanism of the party responsible for the defaulted bond,improve the holder meeting system,optimize the litigation system,and expand the market-oriented disposal means.