公司债券合同及其保护性条款的界定与分析——兼论可量化保护性条款风险补偿机制的探索建立  

Corporate Bonds and Contract Protection Clause of the Definition and Analysis——On Explore the Establishment of Quantifiable Risk Compensation mechanism

作　　者：李冀[1] 

机构地区：[1]华东政法大学,上海200042

出　　处：《上海金融学院学报》2016年第5期99-113,共15页Journal of Shanhai Finance University

摘　　要：本文从法律关系出发,结合资本结构理论、现代契约理论,界定并明确债券合同的法律关系架构,论证保护性条款即为违约条款这一命题,并在金融创新,金融同质化不断深化的背景下,探索建立可量化的保护性条款风险补偿机制,引入跟踪评级机制量化违约事件的风险度,通过计算得出利率差,从而得出违约后果的量化的对价,维持发行人的信用状态,保护债券持有人之权益。This article starts withthe legal relationship, combineswith the capital structure theory, modern contract theory, gives a clear definition of thelegalrelationship aboutthe bond contract, proof protective provisions isthedefault clause,and explore the establishment of protective provisionsquantifiable risk compensationmechanism, the introduction of mechanisms for follow-up rating quantify an event of default risk, calculated by the difference in interest rates, so as to arrive to quantify the consequences of default on the priceof maintaining the issuer＇s credit status, protect the interests of bondholders.

关 键 词：公司债券 保护性条款 金融同质化 风险补偿机制 

分 类 号：F830.9[经济管理—金融学]