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伴随公司债券市场繁荣期内发行的公司债券逐步进入兑付期,债券违约事件频发,债券兑付遭遇新常态。在适应债券市场新常态的结构调整期内,需要探索对投资者保护作出制度性安排。《公司债券发行与交易管理办法》关注了发行人高管在维护投资者利益方面的重要作用,并规定了高管对于债券持有人区别于其他利益关系人的特别义务。但该规定尚不尽完善,有待进一步研究。与高管对公司、股东的义务不同,高管对债券持有人义务处于动态调整状态。探究发行人高管对债券持有人义务的内容,可以从时间维度上分募集发行、参与治理和兑付清偿三个阶段进行分析研究,以期促进证券投资者合法权益的维护和债券市场的健康发展。
With the gradual entry of corporate bonds issued during the booming corporate bond market, the bond defaults have been frequent and bond repayments have encountered a new normal. In the period of structural adjustment to adapt to the new normal state of the bond market, institutional arrangements for investor protection need to be explored. The Measures for the Administration of the Issuance and Transactions of Corporate Bonds focus on the important role of the issuer’s senior management in safeguarding the interests of investors and stipulate the special obligations of senior management to bondholders from other stakeholders. However, the provision is still not perfect, pending further study. Unlike executives’ obligations to corporations and shareholders, the senior management’s obligation to bondholders is in a state of dynamic adjustment. To explore the contents of the issuer executives’ obligation to bondholders can be divided into three stages: the time-division of raising and issuing, participating in governance and the repayment of redemption, so as to promote the safeguard of the legitimate rights and interests of securities investors and the healthy development of the bond market. .