债券违约浪潮下防范信用风险升级、流动性风险爆发的政策建议  

作　　者：曹玉瑾 李世刚 

机构地区：[1]国家发改委经济所,北京100045

出　　处：《产业创新研究》2018年第6期1-2,10,共3页Industrial Innovation

摘　　要：本轮债券违约浪潮是多方因素共同作用的结果,宏观环境方面,去杠杆导致货币和信用紧缩,融资环境全面收紧;微观基础方面,出现债券违约的企业均存在主业不强、盈利微薄或亏损等问题。本轮违约浪潮已对债券市场产生了较大冲击,如果未来违约事件持续发生,将可能拖累刚刚有所好转的民间投资。对此必须加强预警和政策准备,保持流动性合理稳定、增强债券基金的风险控制力度、加强市场化的债券市场违约处置,防止局部信用风险演化为流动性风险和全面的信用风险。This round of bond default wave is the result of a combination of multiple factors. In terms of macroenvironment, the monetary and credit contracted caused by deleveraging and the overall financing environment is tightened. In terms of micro-basis, the enterprises in bond default all have similar problems such as weak main business, little profit or even loss, etc. The current wave of bond default has had a significant impact on the bond market. Debt financing reduced and financial institutions＇ recognition of low-grade bonds is at a five-year low. In the future, if bond defaults persist the private investment which has just recovered may turn down again. As the policy suggestion, liquidity should be maintained at a reasonable and stable level, the liquidity risk of bond fund should be controlled, and the disposal marketization of bond default should be strengthened, so as to prevent locally credit evolve into systematic credit risk and liquidity risk.

关 键 词：债券违约 去杠杆 信用风险 流动性风险 

分 类 号：F832.51[经济管理—金融学]