论文部分内容阅读
公司债券的管理制度目的在于克服债券投资者分散化带来的集体行动难题,法律上构建代表债券投资者意思的制度。2014年确立的自己管理模式为基础的我国债券管理制度,因其缺乏独立地位而无法实现意思自治为核心的自己管理效果。独立性是债券管理制度的制度正义与制度效率的共同要求,其实现有赖于发行与承销相分离下的债券受托管理人的独立、防止多数决滥用下的限制债券持有人会议权限、利益冲突为核心的义务与责任的区分。
The purpose of corporate bond management system is to overcome the problem of collective action caused by the decentralization of bond investors and to establish a legal system that represents the meaning of bond investors. The management system of our country’s bonds based on the self-management mode established in 2014 has its own management effect due to its lack of independence and the inability to achieve self-determination at the core. Independence is the common requirement of institutional justice and system efficiency of bond management system. Its realization relies on the independence of the bond trustee under the separation of issuance and underwriting from the limitation of bondholders’ meeting rights and conflict of interests As the core obligations and responsibilities of the distinction.