美国高收益债券风险特征与投资者保护机制探讨  

Inspirations From Risk Characteristics and Investor Protection Mechanism of U.S.High-Yield Bond Market

作　　者：曹萍[1] 

机构地区：[1]广东金融学院,广东广州510521

出　　处：《证券市场导报》2013年第2期59-65,共7页Securities Market Herald

基　　金：国家社科基金(10BJY106);教育部课题(11YJC790092);广东省社科基金(GD10CYJ12);中国博士后基金(20110490928);2011年中央财政专项资金<金融学省级重点学科建设项目>

摘　　要：我国债券市场即将推出中小企业高收益债,对高收益债的风险防范和投资者保护是其制度设计的关键。美国是全球最大的高收益债券市场,2011年余额达到1.5万亿美元,同时拥有144A等灵活的私募法规。其高收益债的风险特征如何?怎样保护投资者?有哪些经验可资借鉴?基于此,本文对美国高收益债券市场的风险特征和投资者保护机制进行了详实的研究,发现美国经验对我国的启示在于:首先,建立良好的契约制度以保证高收益债市场的稳定发展;其次,制定合适的私募债券与合格投资者法规作为高收益债券发行与交易的风险控制机制;最后,近期可考虑成立风险基金作为高收益债的过渡性保障工具,中长期可通过高收益债券的投资组合和发展信用风险产品来规避违约风险。Abstract： Chinese bond market is about to launch SME high-yield bonds, and the key of current institutional design is the risk prevention and investor protection of high-yield bonds. American high-yield bond market is the largest one over the world with the balance of $1.5 trillion in 2011, and it has flexible private placement regulations such as Rule 144A. What are the risk characteristics of its high-yield bonds？ How to protect investors？ What experience can be used to refrence？ Based on this fact, this paper conducted detailed study on the risk prevention and investor protection mechanism of American high-yield bond market. The inspiration from American experience is as following. Firstly, to establish a good contract system is in order to ensure the stable development of the high-yield bond market. Secondly, to develop appropriate regulations on private placement bonds and qualified investors is to set the risk-control mechanism on issuance and trading of high-yield bonds. Thirdly, it can be considered recently to establish venture capital as the transitional security tool in the high-yield bond development and in the long run, high- yield bond investment portfolio and credit risk products can be used to avoid default risk.

关 键 词：美国1 44A规则 高收益债券 合格投资者 投资者保护 

分 类 号：F831[经济管理—金融学]