我国信用债市场违约特点、原因及对策研究

Study on default characteristics, reasons and countermeasures of China

债券市场是我国资本市场的重要组成部分,2005年以来我国信用债市场迅速发展,也不断积累信用风险。自从“11超日债”违约打破了我国刚性兑付的局面,近年来信用债风险暴露事件频发。文章介绍了我国目前信用债市场的发展现状,系统性地梳理了信用债违约的特点并分析了可能导致债券违约的原因及其可能造成的影响,并从信用评级机构、监管部门、企业和投资者四个方面提出了对策和建议。

The bond market is an important part of China’s capital market.Since 2005,China’s credit bond market has developed rapidly,but credit risks have been accumulated in the process.Since the“default of 11 Super bonds”has broken the situation of rigid payment in China,credit bond risk exposure has occurred frequently.This paper introduces the current development situation of the credit bond market,sorts out the characteristics of the credit bond default systematically,and analyzes the reasons that may lead to the bond default,and puts forward some countermeasures from four aspects:credit rating agencies,regulatory authorities,enterprises and investors.