公司信用类债券市场创新发展与信用风险防范.PDFVIP

金融市场发展 Financial Market Development 公司信用类债券市场 创新发展与信用风险防范 Corporate Bonds and Credit Risk Prevention 冯光华 摘 要：2005年以来，我国公司信用类债券市场，尤其是非金融企业债务融资工具市场实现了跨 越式发展，目前非金融企业债务融资工具市场已经成为中国企业直接债务融资的主板市场。回顾其发展 历程，着力减少不必要行政管制、实施“注册制”市场化债券发行管理机制、坚持“依托场外市场、面 向机构投资者”的运作模式是推动市场快速发展的宝贵经验，实现了推动市场发展与防范信用风险的有 机统一。近年来宏观经济形势以及金融环境发生变化，债券市场信用风险事件不断显现。为应对上述挑 战，需要进一步完善风险揭示、风险分散分担、风险处置等市场化约束机制，加强信用风险防范。 关键词：公司信用类债券市场 注册制 信用风险防范 China s corporate debt market has grown by leaps and bounds since 2005, particularly Abstract: ’ in the area of financial instruments for non-financial enterprises. These instruments have become the main financing tool in the domestic market. Looking back at the market s development, we can see that the use of ’ a registration mechanism , namely a market-oriented bond issuance and management system, has allowed “ ” the emergence of market development and risk prevention. Due to the changes in the macro economy and the financial environment, however, we have seen problems with credit risk in recent years. To deal with the above risks, we need to improve our ability to identify risk through a more effective risk warning system, greater risk diversification and a strengthening of credit risk prevention. Keywords: corporate bond market, registration mechanism, credit risk prevention 2005年以来，我国公司信用类债券市场，尤其是非金融企业债 务融资工具市场坚持市场化发展方向，实现了跨越式发展，存量规 模从2005年底的不足4 000亿元增长至2014年6月底的9.6万亿元，总 量仅次于美国，位居世界第二。