债市违约全景图:市场机制的理性回归

Bond Defaults and the Rational Return of the Market Mechanism

2014年以来债券市场违约事件不断增多,引起债券投资者对于债券信用风险的高度关注。2016年,国内债券市场风险进一步暴露,新增违约企业主体数量与上年基本持平,但债券违约规模有较大幅度增加。本文总结和梳理了2016年以来债券市场的违约情况、原因及新特征,并分析了违约对债券市场发展产生的影响。

Bond market defaults have been increasing since 2014, causing growing levels of concern among investors. In 2016, the credit risks in the domestic bond market became much more obvious. While the number of enterprises defaulting on debt in 2016 was roughly equal to the previous year＇s tally, the total value of defaults increased significantly. In order to shed light on the credit risks in the bond market, this article looks at recent defaults and discusses some of the new market features that might have played a role in this turn of events