摘要
2016年以来,在经济下行周期叠加去杠杆的背景下,企业到期债券偿付压力明显增大,国内信用债市场违约事件频发,债券评级下调大幅增加。当前违约主要集中在产能过剩和周期性行业,违约主体开始从民企向国企蔓延,提前兑付、企业实际控制人变更等另类违约风险也逐渐增加,对我国债券市场融资功能的发挥产生了较大的负面影响。违约背后反映出,我国债券市场存在杠杆率过高、监管与信息披露机制不完善、违约风险分担和市场化处置机制不健全、评级机构缺乏独立性等问题。最后,对我国债券市场的改革与发展,提出相关政策建议。
This year,in the context of declining economic cycle superimposed by deleveraging,repayment pressure of matured bonds increases significantly,default in the domestic credit debt market occurs frequently,downgrading of bond rating increases greatly.The current default mainly focuses on cyclical industries and those which have excess manufacturing capacity.The default subjects begin to spread from private enterprises to state-owned enterprises.Other kinds of default risks are also gradually increasing,such as payment in advance and changing of actual controller of enterprise,which have a negative impact on the financing function of bond market in China.Default reflects the problems in China＇s bond market,which include high leverage,imperfect financial regulatory system and information disclosure mechanism, defective default risk sharing and market-based disposal mechanism,lack of independent credit rating agencies. At last,this paper puts forward relevant policy suggestions for the reform and development of bond market in China.
出处
《浙江金融》
2017年第1期45-50,共6页
Zhejiang Finance
关键词
信用债违约
监管体制
市场化处置
信用评级
Default in Credit Debt market
Regulatory System
Market-based Disposal Mechanism
Credit Rating
