企业债券违约对区域信用环境的影响——来自债券一级市场的证据  

On the Impact of Corporate Bond Default on Regional Credit Environment:Evidence from the Primary Bond Market

作　　者：胡晓农[1,2] 彭诗晨 Hu Xiaonong;Peng Shichen(Ji’an City Central Sub-branch of the People’s Bank of China,Ji’an 343000,Jiangxi,China;Nanchang Central Sub-branch of the People's Bank of China,Nanchang 330000,Jiangxi,China)

机构地区：[1]中国人民银行吉安市中心支行,江西吉安343000 [2]中国人民银行南昌中心支行,江西南昌330000

出　　处：《征信》2023年第2期57-63,共7页Credit Reference

摘　　要：近年来,我国债券市场违约事件频发,违约数量逐年攀升,违约金额不断扩大。债券违约不仅对违约企业自身产生影响,还会对区域整体信用环境造成冲击。选取2014—2021年中国债券市场违约情况和债券发行定价信息,对债券违约引发的信用风险在地区内的传染效应进行研究。结果发现债券违约事件会显著提高地区内企业债券发行的风险溢价水平,且随着违约金额的增大、违约次数的增多,公司发债定价水平也相应提高,并且违约企业中国有企业占比也与债券发行定价正相关。为此,建议监管部门加快完善违约债券处置生态体系,地方政府切实担负起处置金融风险的属地责任,企业应更加科学地制定债务融资计划和发展战略,着力防范企业债券违约风险在地区内传导,实现区域经济的高质量发展。In recent years, China’s bond market has witnessed frequent defaults, with the number of defaults rising year by year and the amount of defaults expanding. Bond default not only affects the defaulting enterprises themselves, but also impacts the overall regional credit environment. This paper selects the default situation and bond issue pricing information of Chinese bond market from 2014 to 2021 to study the contagion effect of credit risk caused by bond default in the region. It is found that the bond default event will significantly increase the risk premium level of corporate bond issuance in the region, and with the increase of default amount and default frequency, the pricing level of corporate bond issuance will also increase correspondingly, and the proportion of state-owned enterprises in default enterprises is also positively related to bond issuance pricing. Therefore, it is suggested that the regulatory authorities should speed up the improvement of the default bond disposal ecosystem,local governments should take up the territorial responsibility of handling financial risks, and enterprises should more scientifically formulate debt financing plans and development strategies, and strive to prevent corporate bond default risks from spreading in the region, so as to realize the high-quality development of regional economy.

关 键 词：企业债券 债券违约 传染效应 信用风险 区域信用环境 

分 类 号：F832.51[经济管理—金融学]