公司债持有人与公司股东之利益冲突

公司债券是资本市场的重要融资工具，我国经济发展急需公司债的相关法律制度。对公司债制度的法律设计至为重要的是研究公司债的参与人，以及他们之间的利益诉求和利益冲突。本文试图说明公司债参与人中，公司债持有人与公司股东有着不同的利益冲突。本文首先介绍了传统的公司债持有人与股东利益冲突理论学说，然后从法经济学视角，分析公司债持有人、股东的利益冲突，并辨析了双方的损益情况。本文借公司债持有人与公司股东利益之分析，以期为公司债法律平衡机制的设计提供理论前提。

The Conflicting Interests between Corporation's Bondholders and Shareholders

Corporate bonds are one of the essential sources of financing in the capital market, and it is vital to construct a legal framework for bonds in order to meet the requirement of China＇s rapid economic development. Therefore, it is a significant task to exam the participants in bond system, and their interest claims and conflicts. This article explores conflicting interests between bondholders and shareholders. It first introduces traditional theories about conflicting interests Secondly, from an economical aspect, it discusses their conflicting interests under the circumstances of default, pre-redemption and etc., and studies their loss and gains, trying to provide the legal basis for an interest-balancing legal framework for bonds.