信用债务违约的解剖与政策建议

Analysis and Policy Suggestions on the Credit Debt Default

近年来,伴随我国信用债券市场的快速发展,企业债务违约事件日益增多,特别是2018年之后,信用债务违约表现出了违约规模与数量大幅攀升、违约主体与涉及行业持续扩大等市场特征。在刚性兑付逐步打破的背景下,信用债务违约风险在未来或将进一步上升。基于此,应继续健全信息披露和企业信用评级,鼓励专业金融机构进行违约债券投资,并根据债券实际情况实施分类处置,同时多方位健全信用风险预警及监管机制,从而有效防范信用债务违约,维持债券市场健康发展。

In recent years,with the rapid development of China's credit bond market,the corporate debt default has also been increasing.Especially after 2018,the credit bond market has shown the characteristics such as larger scale and quantity of default,more enterprises at default and wider industries involved.In the context of the phase-out of guaranteed repayment,the risk of credit debt default may rise further in the future.Based on this,we should continue to improve information disclosure and corporate credit rating encourage professional financial institutions to invest in defaulted bonds,and implement classified disposal measures according to the actual situation of the defaulted bonds.At the same time,we should improve the early warning and supervision mechanism for credit risk in various areas,so as to effectively prevent the credit debt default and maintain the healthy development of the bond market.