Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The revision of the Enterprise Bankruptcy Law draft has significant implications for the bond market, providing a strong legal guarantee for its healthy development, and is expected to promote the market to become more transparent, efficient, and stable [4][9] - The implementation of the revised law requires continuous efforts in refining rules, strengthening law enforcement, and improving supporting measures, and future attention should be paid to its practical effects [24] Summary by Relevant Catalogs 1. Main Changes in the Bankruptcy Law Revision Draft - The draft has 16 chapters and 216 articles, adding 4 chapters and substantially adding or modifying over 160 articles compared to the current law [5] - The revision follows three ideas: from "judicial - led" to "government - court linkage", from "passive liquidation" to "active prevention and rescue", and from "universal application" to "differentiated treatment" [5] - Key changes include clarifying the government's role in bankruptcy work, improving the reorganization system, perfecting the administrator system, adjusting the debtor's property disposal and repayment order, and adding regulations on bankruptcy applications, property preservation, information disclosure, etc. [6] 2. Impact Analysis on the Bond Market (1) Optimizing the Default Disposal Method of Bankruptcy Litigation and Smoothing the Market Exit Mechanism - Bankruptcy litigation has become the main default disposal method in the public - offering bond market. The revision optimizes the bankruptcy process, shortens the default disposal cycle, and improves the efficiency and success rate of reorganization [10][12] - In the short term, it may accelerate the bankruptcy of some "zombie enterprises", and in the long term, it helps to clear the market and optimize resource allocation [13] (2) Strengthening Investor Protection and Boosting Bond Market Confidence - The draft strengthens the protection of creditors by curbing "debt evasion" behaviors, enhancing the decision - making power of creditors' meetings on major property disposal, and protecting the interests of bondholders [15][16] (3) Establishing an Information Disclosure System at the Legal Level and Constructing a Market - Oriented and Legalized Bankruptcy Procedure - The establishment of the information disclosure system addresses the problems of information asymmetry in bankruptcy practice, protects the legitimate rights and interests of creditors, and improves the efficiency of the bankruptcy process [17][19] - It provides a legal framework for bond market bankruptcy disposal details and helps with risk pricing [20] (4) Promoting the Improvement of Credit Risk Pricing and Risk Assessment Abilities in the Bond Market - The adjustment of the bankruptcy property repayment order and the introduction of the junior debt system increase the complexity of bond recovery rate assessment and require investors to improve their analysis abilities [21] - It enables more differentiated risk pricing of bonds of different types of enterprises, improving market pricing accuracy and efficiency [21] (5) Differentiated Impact on Specific Bond Types and Promoting High - Quality Development of the Bond Market - High - yield bonds may have new development opportunities due to the improvement of the default disposal mechanism and information disclosure [22] - Cross - border bonds benefit from the "transnational bankruptcy judicial cooperation" chapter, enhancing the international attractiveness of the Chinese bond market [22] - Financial bonds have a clear legal framework for risk disposal, and investors need to pay attention to the risks of small and medium - sized financial institutions [23] - The government - court linkage mechanism may help deal with platform debt problems, but does not change the creditworthiness of urban investment enterprises [23] - The overall improvement of the bankruptcy system is beneficial to convertible bonds, but the repayment order in bankruptcy liquidation needs further exploration [23] 3. Summary - The revision of the enterprise bankruptcy law provides a more sound legal foundation for the bond market, promoting its high - quality development, but requires continuous efforts in implementation [24]