论债券违约的分类法律处置  

On the Classification of Legal Disposition of Bond Default

作　　者：田春雷 Tian Chun-lei(School of Law,Guangdong University of Finance,Guangzhou 510521,China)

机构地区：[1]广东金融学院法学院,广东广州510521

出　　处：《政法学刊》2022年第6期109-116,共8页Journal of Political Science and Law

基　　金：教育部2018年度人文社会科学研究青年基金项目“债券违约分类处置法律机制研究”(18YJC820056)。

摘　　要：我国债券违约的处置经历了从传统方式到市场化方式的嬗变。市场化方式在投资者分类管理基础上推行“卖者尽责、买者风险自负”的处置思路,虽然克服了传统方式中债券发行人、持有人、监管者的功能错位,但也有过度“去政府化”、不区分违约事件风险程度“一刀切”式处置的隐忧。有必要根据债券违约引发的风险大小将债券违约分为单一债券违约与引发市场危机的债券违约,相应的债券违约的处置可依单一债券违约私法处置和债券危机公法处置的二元制度展开。The disposal of bond default in China has experienced the change from traditional way to modern market-oriented way. On the basis of classified management of investors, the market-oriented approach carries out the disposal idea of "sellers do their duty and buyers bear their own risk". Although it overcomes the functional dislocation of bond issuers, holders and regulators in the traditional way, however, there are also hidden worries of excessive "degovernment" and "one-size-fits-all" treatment without distinguishing the risk degree of default events. According to the risk caused by bond default, it is necessary to divide bond default into single bond default and bond default that causes market crisis. The corresponding disposal of bond default can be carried out according to the dual system of private law disposal of single bond default and public law disposal of bond crisis.

关 键 词：债券违约 刚性兑付 市场化处置 分类处置 

分 类 号：D912.28[政治法律—民商法学]