欧洲高收益债券市场违约风险监管研究

多年以来,欧洲一直是仅次于美国的世界第二大高收益债券市场。除了债券自身信用评级水平之外,欧洲高收益债券违约率的高低与市场监管力度以及宏观金融经济运行状况密切相关。欧洲监管当局把对高收益债券市场的监管重点放在:规范市场信息披露及信用评级标准和行为、保护投资者权益、保持交易行为的规范性和跨国界市场交易衔接处理等方面,这些监管策略的实施对控制市场违约风险起到了积极的作用。欧洲的监管经验对于今后我国高收益债券市场的尝试性推出也极具借鉴意义。

The Research of Default Risk Regulation of European High-yield Bonds Market

For many years,Europe is the world’s second largest high-yield bonds market,behind only the U.S..In addition to bonds’ own credit rating levels,the default rates of European high-yield bonds are closely related to financial market supervision and macro-economic operation.European regulatory authorities of high-yield bonds market emphasize on regulating market information disclosure and credit rating standards and behavior,protecting investors’ rights,retaining the standardability of trading behavior and jointly processing of cross-border market transactions,and etc..The implementation of above regulatory strategies plays a positive role in controlling market default risk.European regulatory experience has reference significance to the exploratory promotion of China’s high-yield bonds market in future.