商业研究

商业研究

• 商经理论 • 上一篇    下一篇

论违约信用债交易市场之构建

阮昊   

  1. （华东政法大学 经济法学院，上海 200333）
  • 收稿日期:2019-05-22 出版日期:2019-10-16
  • 作者简介:阮昊（1990-），男，杭州人，华东政法大学经济法学院博士研究生，研究方向：金融法。

On the Construction of the Market of Default Credit Bond Trading

RUAN Hao   

  1. (School of Economic Law,East China University of Political Science and Law, Shanghai 200333,China)
  • Received:2019-05-22 Online:2019-10-16

摘要： 限制违约信用债交易，使得投资者缺乏市场化退出手段，且容易积聚市场风险。我国已具备形成违约信用债交易市场的基本条件，比照类似性质的美国高收益债品种“堕落天使”收益曲线，我国违约信用债具有投资价值，违约信用债交易市场对化解债券市场违约风险、建设多层次债券市场以及债市国际化具有重要意义。市场的构建需遵循法制化、市场化、安全与效益平衡理念，应构建跨市场统一的违约信用债交易市场，并基于违约信用债特性制定针对性交易模式，合格投资者准入门槛，信息披露制度以及相应的配套制度。

关键词: 违约信用债交易市场, 理念, 针对性制度

Abstract: The restriction of default credit bond trading makes investors lack of market-oriented exit means and easy to accumulate market risk.China has the basic conditions to form the default credit bond market. Compared with the “fallen angel” yield curve of American high-yield bond of similar nature, China′s default credit bond has investment value. The default credit bond market is of great significance for resolving the default risk of bond market, building multi-level bond market and bond market internationalization.The construction of the market needs to follow the concept of legalization, marketization, safety and benefit balance. We should build a unified cross market default credit bond trading market, and formulate targeted trading mode, access threshold for qualified investors, information disclosure system and corresponding supporting systems based on the characteristics of default credit bond.

Key words: default credit bond market, concept, targeted system