国有企业债券集中违约风险与对策研究

社会主义市场经济是法治经济和信用经济的有机统一,而企业信用尤其国有企业信用是我国市场经济持续健康发展的重要基石.针对近期频繁发生的国有企业债券违约风险及其根源进行研究后发现:国有企业债券频繁违约甚至恶意违约,容易导致国有企业的信用体系坍塌,并释放区域系统性金融风险和当地金融生态严重恶化的信号;究其原因,尽管有经济增长放缓、新冠肺炎疫情冲击、叠加市场大幅波动的外部原因,但根源还是在于这些国有企业“重投资的规模和速度情结”“重债务的融资和管控失序”和“经营恶化和现金流失控”等内部原因.为此,建议从推进国有企业债务透明度建设、建立国有企业债务风险预警系统、强化国有企业债券违约问责机制、完善国有企业投融资决策制度等四个方面着力防范化解国有企业债券违约风险,实现国有企业高质量发展.

Research on the Risk and Countermeasures of Intense Default of State-owned Enterprise Bonds

The socialist market economy is an organic unity of law-based economy and credit-based economy.Enterprise credit,especially state-owned enterprise credit,is an important cornerstone for the sustainable and healthy development of China's market economy.After conducting research on the recent frequent occurrence of state-owned enterprise bond default risks and their root causes,we have found that frequent or even malicious defaults of state-owned enterprise bonds can easily lead to the collapse of the state-owned enterprise's credit system.At the same time,it releases signals of regional systemic financial risks and serious deterioration of the local financial ecology.Although there are external reasons for the slowdown in economic growth,the impact of the new crown pneumonia epidemic,and the superimposed market volatility,the root causes are still lies in internal reasons,such as"scale and speed of heavy investment","heavy debt financing and disorderly management",and"deterioration of operations and out-of-control cash"of these state-owned enterprises.To this end,we suggest that we should focus on preventing and dissolving the default risk of state-owned enterprise bonds from four aspects:promoting the construction of state-owned enterprise debt transparency,establishing a state-owned enterprise debt risk early warning system,strengthening the accountability mechanism for state-owned enterprise bond default,and improving the state-owned enterprise investment and financing decision-making system.With all these,high-quality development of state-owned enterprises can be achieved.