国有企业债券违约的成因及对策研究  

Research on the Causes and Countermeasures of Bond Default of State-owned Enterprises

作　　者：毛淑珍[1] 苏芳弘 王琳霏 MAO Shuzhen;SU Fanghong;WANG Linfei(Business School,Qingdao University of Technology,Qingdao 266000,China)

机构地区：[1]青岛理工大学商学院,山东青岛266000

出　　处：《河南科技大学学报（社会科学版）》2022年第5期53-58,共6页Journal of Henan University of Science & Technology(Social science)

基　　金：山东省社科规划研究项目(16CKJJ22)。

摘　　要：近年来国有企业债券违约事件频发,引发了债券市场的信用危机,如何应对债券违约成为国有企业发展的重大挑战。基于对2015—2020年44家国有企业159只违约债券的情况进行统计,系统地剖析其债券违约的内外部原因,提出相应的改进措施:应加强国企自身盈利和治理能力、增强地方政府债券风险管控、优化债券信用市场评级、完善信息披露和处置机制等,以有效防范国有企业债券违约所带来的损害。In recent years, the bond default of state-owned enterprises happened frequently, causing credit crisis in the bond market. How to deal with the bond default has become a major challenge for the development of state-owned enterprises. Based on the statistical analysis of 159 defaulted bonds of 44 state-owned enterprises from 2015 to 2020, this paper systematically analyzes the internal and external causes of their bond defaults, and puts forward corresponding improvement measures, such as strengthening the profitability and governance ability of state-owned enterprises, strengthening the risk control of local government bonds, optimizing the rating of bond credit market, and improving the information disclosure and disposal mechanism, so as to effectively prevent the damage caused by the default of state-owned enterprise bonds.

关 键 词：国有企业 债券市场 债券违约 违约风险 

分 类 号：F832.5[经济管理—金融学] F830