股债风险传导机理与防控——基于上市公司及其控股股东的微观视角

Stock-bond Risk Transmission Mechanism And Its Risk Prevention And Control--From the Microscopic Perspective of Listed Company And Its Controlling Shareholder

本文从剖析当前股票市场、债券市场风险现状出发,结合统计分析和案例研究,从上市公司及其控股股东的微观视角对股债风险在企业财务危机演进过程中的相互传导、相互影响的机理进行系统性研究,对股债风险传导的特征、路径及关键节点进行归纳总结,并结合股债风险防控现状及难点问题,从健全风险监测和预警机制、强化风险化解和处置、以监管促规范、重视投资者教育和舆论引导等四个方面研提了股债风险防控建议。

From the microscopic perspective of listed company and its controlling shareholder, we have conducted a research on stock-bond risk transmission mechanism in the evolution process of enterprise financial crisis. In this research we first have analyzed of the current risk situation of the stock and bond market, and then with statistic analysis and case-study, we have conducted research on the characteristics, path and key points of stock-bond risk transmission process. At last, combining the analysis on the current situation and difficult points of the risk prevention and control, we have discussed the policy implications on risk monitoring and early warning mechanism, risk resolution and disposal, promoting standardization by supervision and investor education and public opinion guidance.