The Regulation of Corporate Bonds ― Focus on the Indenture Trustee

• Main Authors: CHEN, MING-JEN, 陳銘仁
• Other Authors: LIU, LEN-YU
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/57229028643270668424

碩士 === 國立臺北大學 === 法學系 === 92 === In order to promote the perfect development of the financial system and the capital market, our government concentrates on the scale of extending the bond market. Furthermore, from Year 85 of the Republic of China, along with the lower market interest rate, the enterprise raises the new debt of lower cost to compensate the old debt in succession. Therefore, the issues of corporate bonds are increasing greatly. However, along with the corporate debenture market scale extension, how to institute the perfect regulation of corporate bonds for protecting the bondholders’ rights is more important. In order to carry out the regulation of corporate bonds, for protecting the rights of the all bondholders, our government established trustee''s system in Year 50 of the Republic of China, and revised the Company Law in Year 55 of the Republic of China, consulted and deliberated about the Japanese lawmaking, and adopted both the corporate bonds creditor meeting system and corporate bonds trustee''s system. However, current Company Law of the Republic of China about the regulation of corporate bonds, compared with the standard of the advanced countries, shows the shortage, particularly concerning the standard of the trustee''s legal power and the obligation. Especially, the affairs of enterprise default occurred in recent years have revealed that the current Company Law of the Republic of China is not enough to protect bondholders. First, through the introduction of the actual case in my text, we will know the current actual problems of the corporate bonds management system, and through the introduction of the main structure of the current corporate bonds management system, I would analyze and distinguish relationship between the companies issued corporate bonds, the indenture trustee and the corporate bonds creditor in my text. Secondly, by consulting and deliberating the lawmaking of advanced countries, I try to seek out the more perfect legal system of corporate bonds management, and try to put forward the method about solving the current problems.