2013~2020年我国高等级国企债券违约研究
文章摘要:回顾2020年,我国信用债市场净融资快速上升,而与此同时违约债券金额创历史新高,违约公司结构以国有企业为主。2020年下半年以来国企共违约5家,其中永煤集团出现了超预期的高信用等级违约,且违约前进行资产转移,出现了明显的低偿债意愿,动摇了信用债分析基础,给市场带来不利影响,导致11月信用债推迟或取消发行数量大幅增加,信用利差持续上行。同时,永煤集团作为河南省的煤炭国企违约,致使河南债券连续46天无新券发行,煤炭行业也连续11周净融资额为负。对比国外... 展开
Abstract:In 2020,the net financing of the credit bond market rose rapidly,while at the same time the amount of defaulted bonds hit a record high,and the structure of defaulted companies was dominated by state-owned enterprises. A total of five SOEs have defaulted since the second half of 2020,of which Yongcheng Coal and Electricity,as an over-expected high credit-grade default and asset transfer before default,showed an obvious low willi... 展开