债券投资者保护的理据追问及规则重置

The Rationale of Bond Investor Protection and the Reset of Rules

我国债券市场作为资本市场的重要组成部分,近年来发生的一些违约事件揭露出其繁荣发展的背后仍存在投资者保护领域监管失灵、制度遗漏等诸多不完善之处。目前对债券投资者常采取技术性措施加以维护,而忽略了法理层面上的根本意图。以保护投资者的法理价值分析为切入点,考量现有制度效果发挥受限的缘由,重塑我国债券市场投资者保护的治理架构。研究既可有效改善我国债券市场投资者保护制度不健全的窘境,又能在国际债券治理体系内找准适合本国债券市场发展之面向,回应当前本土实践中投资者保护面临的重大挑战,进而为日后国际债券投资者保护秩序的完善贡献中国智慧。

As an important part of the capital market, the large number of defaults in China’s bond market in recent years has revealed that there are still many imperfections in the area of investor protection, such as regulatory failure and institutional omissions, behind its prosperity.At present, technical measures are often taken to protect bond investors at the expense of the underlying intention at the jurisprudential level.By taking the analysis of the jurisprudential value of investor protection as an entry point and considering the reasons why the effectiveness of the existing system is limited, the governance structure of investor protection in China’s bond market can be reshaped.This will effectively remedy the dilemma of an inadequate investor protection system in China’s bond market, find a suitable direction for the development of China’s bond market within the international bond governance system, respond to the major challenges facing investor protection in current local practice, and contribute to the improvement of the international bond investor protection order in the future.