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伴随我国债券市场的迅速发展,债券信用风险也在日益积累。近年来,债券市场陆续发生的公司债券担保代偿事件表明,在债券违约逐步常态化的背景下,正确认识债券的各类增信条款变得日益重要。债券增信作为债券市场信用资源合理配置的重要途径,在我国当下的实践中仍面临着发债企业多元化背后的信用风险累积、增信手段单一、信用评级机构和机制不健全等问题。因此,通过对我国公司债市场中各种增信方式的效果考察,归纳出我国债券市场现有增信制度存在的问题,并由此出发,在债券市场现有制度规范的整合、增信手段的丰富与增信体系完善、债券评级机构的规范等方面提出适宜我国债券市场发展的制度建议,有十分重要的理论和现实意义。
With the rapid development of China’s bond market, bond credit risk is also increasingly accumulated. In recent years, one after another in the bond market, the compensations of corporate bonds have shown that in the context of the gradual normalization of bond default, it is increasingly important to correctly understand various types of credit terms in bonds. As an important way to rationally allocate credit resources in bond market, bond credit enhancement still faces the problems of accumulation of credit risk, diversification of credit means and credit rating agencies and mechanisms in current practice of our country. Therefore, by examining the effects of various credit enhancement methods in the corporate bond market in our country, the existing problems of the existing credit enhancement system in our bond market are summarized. Based on this, The improvement of the system of enrichment and credit enhancement, the standardization of bond rating agencies, and so on, it is of great theoretical and practical significance to put forward institutional proposals suitable for the development of China’s bond market.