高收益债券与评级改进

The Role of Credit Ratings in the High-Yield Bond Market

高收益债券的高风险、高收益特征使得客观揭示其违约风险尤为重要。需要着重分析高收益债券的短期风险,及时反映和揭示高收益债券发行人的经营变化和面临的风险大小。本文基于对美国高收益债券市场的研究和分析,提出发展我国高收益债券市场的政策建议。

High-yield bonds offer high returns with a higher degree of risk. A precondition for employing this type of financial instrument is the ability to make an accurate assessment of default risk. In this respect, credit ratings play a critical role, and it is essential that they can reflect in a timely fashion significant changes in business conditions affecting the issuer. This paper assesses the high-yield bond market in the United States, and uses the American experience to make policy suggestions for the development of China＇s high-yield bond market.