理性认识中国债券市场违约风险水平

Making a Rational Recognition of Default Risk in China's Bond Market

2018年上半年,中国债券市场陆续出现小范围集中违约事件,但整体上看,我国违约情况与欧美、新兴市场横向相比均处于较低水平;在企业利润稳中向好、杠杆稳步下滑、金融监管卓有成效的宏观多重利好因素下,债券市场系统性风险正逐步释放,因此,我国债券市场的整体信用风险可控。同时,有序的债券违约将有助债券市场建立更加完善的市场估值体系,对市场健康发展具有积极的意义。市场参与者要逐步提高风险识别能力,秉承"风险自担"的投资原则,并理性对待与合理处理相关风险事件。

In the first half of 2018, China＇s bond market continued to experience small-scale defaults However, the number of bond defaults in China remained at a relatively low level compared with the U.S Europe, and most emerging markets. Corporate profits have been stable and leverage ratios have decreased steadily. As a result of these and other positive factors, systemic risks in the bond market have been gradually reduced. Credit risks overall in China＇s bond market are controllable. However, it should be pointed out that orderly bond defaults would help the bond market establish a more reliable market valuation system, and that would have a positive effect on the healthy development of the market. Market participants should gradually improve their risk identification capabilities, adhere to the ＂assumption of risk＂ investment principle, and rationally deal with relevant risk events