债券违约刚性兑付的形成机理与破解法门  

Formation Mechanism and Solution of Rigid Payment on Bond Default

作　　者：李立新[1] 

机构地区：[1]上海大学法学院,上海200444

出　　处：《河北法学》2017年第11期52-62,共11页Hebei Law Science

基　　金：上海市教委科研创新重点项目<城镇化视域下城投债偿付风险之法律研究>(14ZS090);上海市哲社规划一般课题<城镇化建设债券的发行规制与监管>(2014BFX011)的阶段性研究成果

摘　　要：我国债券市场陷入刚性兑付迷阵越来越深,以至于其中的市场主体明知其危害,却已找不到或不想找破解逃生之门。有人说这是市场绑架了政府,实乃债券发行人、中介机构、投资人以及政府等几方法律主体交互作为、交互影响而形成的困局。表面看,信用的弱化和缺失,是刚性兑付预期形成的社会基础;实质上,基于债券持有人利益保护原点的债市法治供给不足,导致债券投资者无法预判投资行为的风险底线,从而越界要求刚性兑付。打破刚性兑付,必须加强债市法治,明确不同债券的法律性质和责任主体,夯实债券持有人的请求权基础,建立和完善以债券持有人会议制度、债券受托管理人制度及破产偿债制度等为中心的债券违约救济机制。让刚性兑付从"权利"状态回归至"义务"本质,此乃破解债市刚性兑付迷阵的不二法门。Rigid payment phenomenon has happened for a long time in China＇s bond market,so that the market participants knowing the harm couldn ＇t find a solution. Someone states that market had kidnapped the government,but actually it was a predicament in which bond issuers,intermediary organizations,investors and the government were interrelated and interacted with each other. Seemingly,weakening and absence of credit are the social basis reasons for the formation of rigid payment. In fact,the lack of legal norms to protect the interests of bondholders has led them to fail to foresee the risk of bond investment. To break the rigid payment,we must strengthen the rule of law in bond market,identify the legal character and responsibility subject of different bonds,and ensure the bondholders ＇right of claim. We also need to improve approach and mechanism of compensating for bond default and build remedy mechanism which is centered on bondholder meeting system,bond trustee manager system and bankruptcy repayment system. All in all,the only way to solve the problem is to lead rigid payment return from ＂right＂status to ＂obligation＂essence.

关 键 词：债券违约 刚性兑付 债务契约 兑付义务 债市法治 

分 类 号：DF438.7[政治法律—经济法学]