构建我国债券持有人权益保护机制相关问题及若干建议

随着我国债券市场的高速发展．债券持有人权益保护机制的建设也在逐步发展．但发展速度相对较为缓慢，现有的债券持有人权益保护体系依然存在一些问题和不足．如债券发行条款的约束作用有限、持有人大会对重大事项决策的执行力较为薄弱、债券受托管理人制度仍需进一步完善、信息披露的专业水平有待提高和中介服务机构的专业资质没有明确规定等。本文建议从以下几方面来进一步完善债券持有人权益保护机制：完善债券发行条款设计，加强市场监督，保障条款落实；强化持有人会议的地位和作用，明确重大事项的界定范围；发挥受托管理人的制衡作用，避免利益冲突弱化投资人地位：加强引导和规范，提升信息披露质量：规范中介机构从事债务业务的资质，提升专业化服务水平。

On the Construction of Bondholders Protection Mechanism

With the rapid development of China’s bond market,the construction of bondholders’ rights protection mechanisms improved gradually but slowly,with deficiencies existed in bondholders’ rights protection system,such as limited restriction in bond issuance terms,weak implementation of decision-making by holders,bond trustee system to be improved,professional standards of information disclosure to be enhanced,and undefined professional qualifications of intermediary service institution.The following aspects should be focused to improve the protection mechanism for the interests of bondholders.Efforts should be made to improve bond issuer provision design,strengthen market supervision and management,and guarantee the materialization of provision.The role of holders meeting should be strengthened to clearly define the scope of major issues.Playing the role of trustee to prevent conflicts of interest to weaken investor’s status and strengthen the guidance and standards to enhance the quality of information disclosure.To regulate the practice of intermediaries engaged in debt and enhance professional service.