私募债券本身具有非公开性的特征,这就意味着在保护投资者层面上私募债券存在着天然的缺陷。私募债券承销商应在承销私募债券过程中更加审慎地履行应尽的法定义务,以避免触及相关的法律责任,特别是民事赔偿责任。私募债券投资者也应详细审阅发行人等相关主体出具的所有文件,对发行人及其股东进行全面真实了解,以帮助投资决策。 Private bonds are non-public in nature, which means that there are natural defects in private bonds at the investor protection level. Private placement bond underwriters should be more careful in the process of underwriting private bonds to fulfill their due legal obligations, to avoid touching the relevant legal responsibilities, especially civil liability. Private equity investors should also review all the documents issued by the issuers and other relevant parties in detail and have a full and true view of the issuers and their shareholders to help make investment decisions.