公司债结构化发行模式:风险与治理

Structured Issuance of Corporate Bond:Risk and Governance

中国公司债市场信用违约风险的不断增加,导致部分低信用等级公司债发行人开始利用结构化发行方式提高公司债成功发行的概率。然而,通过对市场上出现的三种主流“公司债结构化发行”模式的深入分析,发现其中存在的各种风险不容忽视。相关风险可能诱发系统性金融风险的产生。针对这些风险,监管机构应当采取提高质押式回购交易准入门槛、处罚标准,完善公司债发行信息披露制度等监管措施来限制公司债发行人、资产管理机构利用结构化发行模式参与公司债的发行与交易。

The increasing risk of credit default in China’s corporate bond market leads some low-credit corporate bond issuers to use“structured issuance”to increase the probability of successful issuance of corporate bonds.However,after the in-depth analysis of the three mainstream“structured issuance”modes in the market,we find that the risks in them cannot be ignored.In response to these risks,the regulatory authorities should take such regulatory measures as raising the barrier of entry for pledgestyle repo transactions and penalty standards and improving the disclosure system of corporate bond issuance information to restrict corporate bond issuers and asset management institutions from using structured issuance mode to participate in the issuance and trading of corporate bonds.