摘要
2020年信用债违约延续常态化,累计违约率再创新高。本文首先分析了信用债违约的特点。分违约主体来看,国企违约风险明显提升,首次违约评级中枢上移,高等级违约主体增加,分行业来看,计算机、综合、房地产等行业发生违约的债券余额较大,分地区来看,北京、广东、福建等地区发生违约的债券余额较大。然后本文分析了信用债违约的原因。从违约原因看,信用债违约原因多样。除了行业下行、公司盈利下滑、债务结构不合理等因素导致信用债违约外,公司治理(控股权之争、大股东掏空等)引起的信用债违约愈加频发。最后本文结合以方正集团、西王集团为例对信用债违约进行剖析,并得出信用债违约风险防范措施启示。
In 2020, credit debt default continued to become normal, and the cumulative default rate would hit a new high. This paper first analyzes the characteristics of credit debt default. Points of default sub-ject, so default risk in state-owned enterprise increased significantly, the first default rating center shift upward, high-level default subject increased;industry, computer, comprehensive, real estate industry default bond balance is large;regional, Beijing, Guangdong, Fujian and other areas. Then this paper analyzes the reasons of credit debt default. From the reasons of default, credit debt de-fault reasons are diverse. In addition to the credit debt default caused by the industry decline, company profit decline, and unreasonable debt structure, the credit debt defaults caused by corpo-rate governance (the control dispute, major shareholder emptying, etc.) are becoming more and more frequent. Finally, this paper takes Founder Group and Xiwang Group as an example to analyze the credit debt default and draw enlightenment.
出处
《金融》
2021年第6期566-573,共8页
Finance
