【作者】 黄石；

【导师】 晏艳阳；

【作者基本信息】 湖南大学 ， 金融学， 2007， 硕士

【摘要】 近年来如何加快企业债券市场的发展,已成为理论界和实务界共同关注的问题。本文以企业债券的信用风险防范为研究出发点,从企业债券信用风险的界定和认识出发,先通过信息不对称理论、破窗理论以及内生性破产理论对企业债券信用风险的形成机理进行解释,并在借鉴国外信用风险防范经验的基础上,总结出我国企业债券市场应加强改进的几个方面。从事件管理法来看,企业债券信用风险管理应包括发债前的债券规模控制、发债中的信息披露和信用评级以及发债后的清偿管理三个阶段。因此,在我国企业债券发行由审批制过渡到核准制的初级阶段,对企业的发债规模进行控制,以减少企业债券的信用风险是十分关键的。所以本文的研究从影响企业债券信用风险的偿债意愿和偿债能力两个因素的分析出发,通过整合信用风险度量中的静态和动态两个方面的模型构建算法,对2007年我国适合发行债券的上市公司的发债规模进行了测算,为核准制下的发债规模审定提供参考。结论认为我国企业债券发行制度由严格审批制改为核准制,仅仅是冰山改革的第一步,要加速我国企业债券市场的发展,确保企业债券规模的合理增长,在加强企业债券市场制度建设的同时,还必须重点做好企业债券信用风险的防范,增强信用评级技术和信用风险模型的开发与使用。更多还原

【Abstract】 Of late years, the accelerating development of corporate bond is becoming the mutual and focal point of theoretical world and practicing world. This paper begins with the research of how to control credit risks of corporate bond: this paper, at first, gives a specific definition of the credit risks of corporate bond, then analyzes the source of the credit risks of corporate bond through the theories of asymmetric information, broken windows and inner bankrupt, and based on the background of analyzing the existing state of credit risks of corporate bond in China and overseas, this paper uncloses the default of the controlling of credit risks of corporate bond in China.From the view of the approach of event management , the controlling of credit risks of corporate bond includes three phases: the size controlling before the bond issuing, the credit rating and information disclosure during the bond issuing and the repaying management after the bond issuing. Therefore, during the preliminary phase that the issuing is transferring from Licensing system to Approval system in China, it is essential to control the size of corporate bond to control the credit risks. This paper makes an empiric research beginning with the analyzing about the repaying willingness and the repaying ability, which influence the credit risks of corporate bond, and through improving the model of measuring credit risks of corporate bond from dynamic and static aspects to construct calculating procedure, this paper makes a demographic on the size of corporate bond of corporations in the Chinese Stock Market in 2007, which fit to issue corporate bond, and provides reference to audit the size of corporate bond under Approval system.We concludes that to accelerating develop Chinese corporate bond market and insure the rational growth of the size of corporate bond, it is important to control and manage the credit risks of corporate bond as well as improve the market system of corporate bond, and make the corporate bond market be a perfect market that it is lead by the supervision of government, independently rated by inter institution, and under this system, corporations have the independent equity to issue corporate bond, investors have rational risk consciousness.更多还原