중국법상 사채권자보호체계에 관한 연구

China tried to maintain control over the financial markets by placing strict limites on foreign financial institutions. But as the government felt the need to advance its bond market through foreign investors, it finally opened the corporate bond market and allowed foreign banks to issue and trade bonds in 2009 and now China's bond market is the second largest market in terms of issuance. However, China's bond market is lacking in some aspects and Chinese Securities Regulatory Commission (CSRC) makes laws about the Provisions for Issuance and exchange Corporate Bond in order to reform the bond market. Because of this, investing in Chinese bonds may be easier for realizing investment values because bonds' principals and interest payments are legally protected unless the issuers default. The Chinese Company Law deems the protection of the bondholders same as the protection of company creditors, which is realized through methods such as 'piercing the corporate veil', the subrogation right and cancellation right; The Chinese Securities Law focuses on security liquidity and protects investors including bondholders through the system of disclosure ; As a lower-level law which is based on characteristics such as the bond's integrity and the bondholders' dispersity, the CSRC's regulation protects bondholders' interest by having control over the bond contracts and bond management systems. In this paper the author researched on the system of bondholders' protection, which offers foreigners a good opportunity to understand chinese bondholders protection system.