摘要
债券市场是中国资本市场重要的组成部分。自2014年超日债违约以来,我国信用债市场刚兑的局面逐步被打破。伴随着信用债市场的发展成熟,违约常态化渐成信用债市场的新趋势。本文系统梳理了中国债券市场不同阶段呈现的违约特点,刻画了债券违约风险的传染机制,并为后疫情时代债券市场信用风险防范化解提出相关建议,以期对金融市场监管部门提供决策参考。
The bond market is an important component of China’s capital market.Since the default of Shanghai Chaori Solar Energy’s bonds in 2014,the corporate bond market has seen its zero-default reputation unravel.With the development and maturity of the corporate bond market,the normalization of defaults has become a new market trend.This paper systematically examines the default characteristics of China’s bond market,and describes the path and means of default contagion.It also puts forward relevant suggestions for the prevention of credit risk and resolution of defaults in the bond market in the post-pandemic era.Ultimately,the aim is to provide a useful reference for financial market regulators in making their policy decisions.
出处
《金融市场研究》
2021年第5期32-43,共12页
Financial Market Research
关键词
债券市场
信用违约
风险传染
监测预警
Bond Market
Credit Default
Risk Contagion
Monitoring and Early Warning
