公司债信用风险防范的难点与破解对策研究

Research on the Difficulties and Countermeasures of Corporate Debt Credit Risk Prevention

基于我国公司债风险管理的现状及其防范难点进行研究,以缓解经济社会发展带来的金融需求难题。以KMV模型及违约距离对公司债信用风险展开分析,研究发现第一,公司债受到行业等因素的影响会有差异,而公司信息的真实性及其能否有效披露则成为风险防范的主要问题。第二,在KMV模型中,各评级信用债券违约距离能够较为明晰地区别出它们之间的信用违约风险,信用评级的高低与其信用风险成反比,信用评级的独立、客观和公正也是主要问题之一。第三,拥有政府背景或资金支持的公司违约距离较高。没有政府或国资背景的民营公司,其违约距离则相对较近。如何使债券市场健康完善,让更多的企业能够参与其中,同样也是很重要的问题。要推进注册制的发展,促进资本市场健康发展;完善债券市场的信息披露机制;推进利率市场化,以市场的具体情况对利率进行调节;构建符合我国债券市场现状评级制度,杜绝利益关联。

Based on the current situation of corporate bond risk management in China,this paper studies its prevention difficulties to alleviate the financial demand problem brought about by social and economic development.In this paper,the KMV model and default distance are used to analyze the credit risk of corporate bonds.The study finds that:Firstly,corporate bonds will have different characteristics affected by factors such as industry,and the authenticity of corporate information and whether it can be effectively disclosed become the main problem of risk prevention.Secondly,in the KMV model,the default distance of credit bonds can clearly distinguish the credit default risk between them.The level of credit rating is inversely proportional to its credit risk,and the independence,objectivity and fairness of credit rating are also one of the main problems.Third,companies with government background or financial support have higher default distances.Private companies without government or state-owned background are relatively close to default.How to make the bond market sound and perfect,so that more enterprises can participate in it fairly,is also a very important issue.We should promote the development of registration system,promote the healthy development of capital market;improve the bond market information disclosure mechanism;promote market-oriented interest rates,the specific circumstances of the market to regulate interest rates;and build a rating system in line with the status quo of China’s bond market,to eliminate interest linkages.