在我国资本市场实践中,减记债是今年才出现的新品种。但目前国内鲜有研究这一债券品种的文献,也难以找到相对准确的减记债概念。本文主要分析了减记债出现的背景,界定其含义,并对减记债的结构性条款设计、国内外已发行的减记债案例,及其带来的监管挑战进行探讨。 In our country’s capital market practice, the reduction of debts is only a new breed that has emerged this year. However, there are few studies on the bond variety in China and it is hard to find a relatively accurate concept of debt reduction. This article mainly analyzes the background of the debts reduction, defines its meaning, discusses the structural clauses of the debts reduction, the cases of debts reduction issued at home and abroad, and the regulatory challenges it brings.