信用债违约成因剖析与制度建设

Cause Analysis and Mechanism Construction of Debenture Default

本文首先回顾了2014年以来信用债违约风险事件,然后从发行人、担保人和中介机构的角度剖析了违约风险事件的成因,最后,通过借鉴西方成熟债券市场的制度,提出完善我国债券市场关于违约预防、处理和处罚,以及债权托管人、偿债基金、信息披露和中介机构等相关制度的建议。

This article reviews the debt defaults that have emerged since 2014, and analyzes the causes of the defaults, examining the issuers, guarantors and intermediaries. It offers suggestions on default prevention and management as well as forms of punishment. It also provides suggestions for custody, repayment and information disclosure.