公司债券法制统一下的中期票据定性  

The Legal Attribute of the Medium-term Notes Under the Unification of the Legal System of Corporate Bonds

作　　者：洪艳蓉[1] Hong Yanrong(School of Law,Peking University,Beijing 100871,China)

机构地区：[1]北京大学法学院,北京100871

出　　处：《北京大学学报（哲学社会科学版）》2024年第5期146-156,共11页Journal of Peking University(Philosophy and Social Sciences)

摘　　要：中期票据在银行间债券市场发行和交易,本质上是商事主体以信用为基础的债务证券融资,但它游离于《证券法》适用之外,造成二分的债券市场和债券法制不统一。在《公司法》统一界定“公司债券”内涵的基础上,有必要基于商业信用债务融资共性和债券法制统一目标,通过目的性法律解释将中期票据定性为“公司债券”法定证券,统一适用《证券法》,并进一步协调解决因此衍生的债券公开发行及其注册监管、二级市场协商交易、银行承销债券资格、债券投资者保护机制、债券虚假陈述赔偿责任等制度冲突和制度衔接问题,以《证券法》作为基本法平等保护投资者和规范市场秩序,推动我国公司债券市场高质量发展。The medium-term notes which are issued and traded in the interbank bond market are essentially debt securities financing based on commercial credit,but they deviate from the application of the Securities Law(《证券法》),resulting in a split bond market and a non-uniform legal system of credit bonds.As the Company Law(《公司法》)has defined the unified connotation of“corporate bonds”,it is necessary for us to include the medium-term notes into the statutory securities categories of“corporate bonds”and apply the Securities Law uniformly through purpose-based legal interpretation on the basis of the commonality of commercial credit debt financing and the goal of legal unification,so as to take the Securities Law as the basic law to equally protect investors and standardize market order,and promote the high-quality development of China's corporate bonds market.And then,we should resolve the institutional conflicts and convergence problems arising from the uniform application of the Securities law.First,we should define the issuance of the medium-term notes to all institutional investors as small public offering and retain the review and registration mechanism of NAFMII(中国银行间市场交易商协会)to continue market practice and promote good regulatory competition.Second,we should require banks to set up independent subsidiaries and grant them licenses,so that banks can qualify as bonds underwriters.Third,the interbank bond market can be considered as a national securities trading venue approved by the State Council,and its trading belongs to the inquiry trading in the over-the-counter,which is different from the exchange auction trading.Fourth,there is no substantial difference between the investor protection mechanism of the medium-term notes and corporate bonds,and their rules have become increasingly consistent.Fifth,the compensation liability for misrepresentation of the medium-term notes traded in the secondary market should apply to the general tort liability under the Civil Code(《�

关 键 词：中期票据 法律属性 公司债券 《证券法》适用 

分 类 号：D922.28[政治法律—经济法学]