论债券限制性条款及其对债券持有人利益之保护  

Bond Covenants and Their Protection for Bondholders

作　　者：冯果[1] 阎维博[1] FENG Guo YAN Wei-bo(Law School, Wuhan University, Wuhan 430072, Chin)

机构地区：[1]武汉大学法学院,武汉430072

出　　处：《现代法学》2017年第4期40-53,共14页Modern Law Science

基　　金：2014年度教育部哲学社会科学研究重大课题攻关项目"我国债券市场建立市场化法制化风险防范体系研究"(14JZD008)

摘　　要：公司债券的本质是债权债务关系,债券限制性条款通过债券发行契约等合同机制事先约定了对公司特定行为的限制,以确保发行人的财务状况,实现发行公司股东和债权人之间的利益平衡并约束债券违约风险。限制性条款设置的背后体现了市场化的运行逻辑。尽管其设置并非发行人出于保护持有人的目的,但在市场逻辑主导下,以增信为目的的限制性条款切实发挥着持有人利益保护的功能,是债券市场最为基础和最为市场化的保护手段。随着我国债券市场从行政主导走向市场深化,建立在以往行政化的风险管制基础上的债券持有人保护制度亟待重塑,限制性条款应当得以充分重视和运用,当务之急是加强对限制性条款设置的规范化引导,并注重组织化保护制度的配套完善。The nature of corporate bond is the debtor-creditor relationship and there is a possible conflict of interests between the shareholders of the issuing corporation and the bondholders. The protection to the bond- holders provided by the bond covenants through the contract mechanism is an important basic protection, which restricts the particular conducts of the corporation beforehand to ensure the financial condition of the issuer and achieve the goal of interest balance and risk restriction. The setting of bond covenant has its market logic, which is not intended for the protection of the bondholder＇ s interest. However, under the great influence of market logic, the bond covenant that aims at credit enhancement actually plays a role in the protection of the bondholders. As China＇ s bond market gradually transfers from executive-led to market-led, the protection system of bondholders that is based on previous risk control should be reshaped urgently, thus the value of the bond covenant will show clearly. Hence, we should strengthen the standardized guidance of the bond covenant and pay more attention to perfecting the organized protection system.

关 键 词：限制性条款 债券合同 债券持有人保护 风险防范 市场深化 

分 类 号：F752.67[经济管理—国际贸易]