论公司债券市场化治理下的投资者保护  

Investor Protection under Market-based Governance of Corporation Bonds

作　　者：洪艳蓉[1] Hong Yan-rong(Law School,Peking University,Beijing 100871,China)

机构地区：[1]北京大学法学院,北京100871

出　　处：《兰州大学学报（社会科学版）》2020年第6期69-77,共9页Journal of Lanzhou University（Social Sciences）

基　　金：银行间市场清算所股份有限公司(上海清算所)2019年课题“登记托管结算机构视角下的信用债违约处置及持有人权利救济”。

摘　　要：我国公司债券从无到有,经历了从严格管制到市场化自治的过程,逐步建立起以市场配置资源为基础的债券市场。在这一过程中,发行人日益获得融资自主权并占据主导地位,投资者受困于集体行动难题和个体行动的理性“冷漠”而成为债券合约的被动接受者,形成新的治理格局,二者市场地位悬殊导致投资者维权困难,这种困境在债券违约情形下更为突出。债券进行市场化改革的同时需要更好地发挥政府作用,有必要适当引入公法规范,限制发行人滥用融资自主权,增强作为投资者利益代言人的受托管理人的功用,提供便于投资者维权的司法救济机制,才能弥补投资者在市场化治理格局下的劣势,建立可持续发展的债券市场。Created from scratch,China’s corporation bonds developed from strict regulation to market autonomy and gradually formed a bond market based on market-oriented resource allocation.In this process,issuers are obtaining more financing autonomy and dominance,whereas investors are becoming passive recipients of bond contracts as they are beset by collective action and rational“indifference”of individual action.Thereupon,a new governance structure has been formed.The wide disparity between the status of issuers and investors in the market makes it difficult for investors to protect their rights,which is more conspicuous in the case of bond default.In this background,government needs to play a better role in market-based bond reform.What’s more,it is necessary to introduce norms of public law to limit issuers’abuse of financing autonomy,strengthen trustees’role as spokesmen of investors,and provide a judicial rescue mechanism to facilitate investors to protect their rights.Only in this way,can investors make up for their disadvantages under the market-oriented governance and a sustainable bond market be established.

关 键 词：公司债券 市场化治理 利益失衡 投资者保护 

分 类 号：D922.287[政治法律—经济法学]