我国债券市场违约处置的现状及市场化处置方式探讨

The Current Default Disposal Patterns of China's Bond Market and the Discussions of the Market-oriented Disposal Pattern

本文分析我国债券市场违约市场化处置的主要路径。从完善债券违约后的退出机制入手,创新违约处置方式,探讨债券置换、批量转让、折价回购等市场化处置方式在我国债券市场违约处置中的适用性。并从加强市场化处置的配套政策出发,提出从厘清各方责任、创新金融工具、加强市场约束等方面的政策建议。

This article analyzes the main market-oriented default disposal patterns of China's bond market. It discusses the existing mechanisms after bond defaults, innovative default disposal resolutions and the applicability of bond replacement, batch transfer and discount repo in China's bond market. It offers policy suggestions on responsibility clarification between parties, innovations of financial instruments, and the reinforcement of market restrictions.