我国企业债券违约的特征趋势、融资特点及风险处置机制研究

本文从债券违约的数量规模、行业分布、地域分布、企业属性、债券品种及违约率等方面阐述了我国企业债券违约的特征趋势,分析了我国企业债券违约的主要原因及其所呈现出来的融资特点,探讨了我国企业债券违约后的五种处置方式,认为我国债券违约风险处置机制还不完善,缺少独立法律制度、处置的市场化程度较低、投资者保护机制不健全、对发行人缺乏硬性约束,影响了违约债券的整体兑付水平,投资人利益难以得到有效维护。建议采取多种措施降低债券违约发生率、优化发行人融资结构、建立债券违约的市场化处置机制,以降低债券违约风险,推动债券市场健康发展。

Research on the Trend Characteristics of Corporate Bond Defaults in China,Financing Features and Risk Disposal Mechanism

This paper expounds the trend characteristics of corporate bond default in China from the perspectives of quantity scale,industry distribution,geographical distribution,corporate attributes,bond variety and the default rate of bond default. The main reasons for the default of corporate bonds and their financing characteristics are analyzed.It also discusses five disposal methods after corporate bond defaults in China. At the same time,it points out that the default risk disposal mechanism has been still not perfect in China’s bond market. There was a lack of an independent legal system,a low degree of marketization,a weak investor protection mechanism,and a lack of hard constraints on issuers. All those defects have affected the overall redemption level of default bonds and investors’ benefits are difficult to safeguard effectively. Therefore,it puts forward recommendations as follows:take various measures to reduce the incidence of bond defaults;optimize the issuer’s financing structure;establish a market-based disposal mechanism for bond defaults to reduce bond default risk and promote the healthy development of the bond market.