论文部分内容阅读
近几年来,信用违约频发,且从民营企业不断蔓延到地方国企和央企。14年,“11超日债”因未能如期偿付利息成为我国首例违约的债券。2015年4月,中科云网违约,未能支付“ST湘鄂债”利息及回售款项。2016年以来,违约事件更是加速发生。据统计,今年上半年已有29只债券发生实质性违约,其中有12起公募债违约事件。随着违约事件的不断增多,刚性兑付被打破,越来越多的投资者变得更加谨慎,市场对于信用风险的有效管控显得更为迫切,这些都为信用违约互换(CDS)等信用衍生品在中国的发展提供了重要的契机。
In recent years, credit default frequently occurs, and from private enterprises continue to spread to local state-owned enterprises and central enterprises. In 14 years, “11 Super-Japanese Debts” became China’s first default bond because of failure to pay interest on schedule. In April 2015, Zhongke Cloud Net defaulted and failed to pay the interest and the repurchase fund of “ST Xiangbo Bond”. Since 2016, the default has accelerated even more. According to statistics, in the first half of this year, 29 bonds were substantively in default, of which 12 were defaults on public bonds. With the increasing number of defaults, the rigid payment is broken and more and more investors become more cautious. It is even more urgent for the market to effectively control credit risk. These are credit derivatives such as credit default swaps (CDS) The development of goods in China provides an important opportunity.