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论文编号：	10778
作者编号：	2120163016
上传时间：	2018/12/10 16:18:41
中文题目：	我国银行间市场债券违约的相关问题研究——以“17永泰能源CP004”为例
英文题目：	Research on Related Issues of Bond Default in Chinese Interbank Market-Taking “17 Yongtai Energy CP004” as An Example
指导老师：	苏东海
中文关键字：	银行间市场；债券；违约；刚兑；风险
英文关键字：	Interbank market; bond; default; rigid redemption; risk
中文摘要：	债券市场是我国金融市场的重要组成部分，也是企业获取直接融资的重要渠道。改革开放后，我国债券市场从债券品种到债券规模都有了跨越式发展。2004年以后，伴随着我国资本市场的蓬勃发展，债券市场改革创新进入了新阶段，我国债券市场由此驶入了高速发展的通道。在高速发展的同时，我国债券市场的风险也在不断累积，我国债券市场一直存在着“刚性兑付”的不成文规定，因此长时间以来，我国债券市场始终未发生过债券违约的案例。然而伴随着宏观经济下行压力的增加，以及部分行业产能过剩的消极影响，从2014年3月份“11超日债”首度打破刚兑，发生实质性违约以来，已经有越来越多的企业发生债务违约，我国债券市场也迎来了“违约潮”。截至2018年6月末，违约债券共177只，涉及发行人98个，涉及的违约债券金额高达826.09亿元。 本文在对国内外债券违约的理论研究进行综合分析以及对债券违约相关概念进行介绍的基础上，首先从宏观角度分析了我国债券市场、尤其是银行间债券市场的发展情况，并分析了我国债券违约的现状、违约的过程及导致债券违约的一般因素，包括违约的宏观因素和微观因素两部分。其次，本文运用案例分析法，以“17永泰能源CP004”违约为例，介绍了永泰能源发生债券违约的全过程，并具体阐释了“17永泰能源CP004”违约的宏观经济原因、产业环境原因、公司性质原因及公司生产经营等原因，其中重点分析了企业财务指标与Z值的恶化与债务违约的相关性，接下来，论述了永泰能源违约的启示，包括债务违约与财务指标恶化的相关性，以及外部评级滞后性的问题。文章的最后，介绍了打破刚兑对于应对债券违约的重要意义，并从债券担保机制作用的合理发挥以及提升债券相关公开信息信赖度的角度，提出了债券违约的治理对策以及对未来的展望。在监管加强和风险管控的背景下，企业流动性由于金融去杠杆、融资渠道收缩等因素产生不利影响，加上公司债到期量有所增加，未来我国债券市场违约风险会继续增加，但在宏观经济保持稳定增长的背景下债券市场信用风险总体可控。
英文摘要：	The bond market is an important part of China's financial market and an important channel for companies to obtain direct financing. With the continuous development of China's financial market, the bond market has developed by leaps and bounds from bond varieties to bond scales. At the same time, the risks in China's bond market are also accumulating. Especially in recent years, as China's economic growth slows down, de-leveraging and de-capacity pressures increase, the bond market gradually begins to break the "rigid redemption" which has always existed. Since the “super-day debt” default in March 2014, the number of bond defaulting enterprises in China has gradually increased. As of the end of June 2018, there were 177 defaulted bonds, involving 98 issuers, and the amount of default bonds involved was as high as 82.609 billion RMB yuan. . This paper firstly analyzes the development of China's bond market from a macro perspective, and then analyzes the status quo of China's bond default, the process of default and the general factors that lead to bond default. Secondly, this paper uses the case analysis method to explain the macroeconomic reasons for the default of “17 Yongtai Energy CP004”, including the industrial environmental reasons, the nature of the company and the company's production and operation, etc. It analyzes the correlation between the financial indicators of enterprises, the deterioration of Z value and debt default. It discusses the inspiration of Yongtai Energy's default. Next, it discusses the implications of Yongtai Energy's default, including the correlation between debt default and deterioration of financial indicators, and the lag of external ratings. At the end of the article, it introduces the important significance of breaking the bond against the bond default, and puts forward some practical measures in the guarantee mechanism, the public information trust and the investor protection clause to deal with the bond default. At the end of the article, it introduces the important significance of breaking the bond against the bond default, and puts forward some practical measures to deal with bond default.
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