On Credit Risk Of Corporate Bonds In China

The bonds’ credit risk prevention is bound to be a main concern to China’s bond market participants with appear for breaking "rigid payment" rule and frequent occurrences of bond credit risk events in recent years.From two key aspects of corporate bond credit risk knowledge and prevention, using information asymmetry theory and game theory to analyze the corporate bond credit risk impact factors, and how to reduce corporate bond credit risk.Through the case analysis, it is found that the occurrence of credit risk of corporate bonds is the accumulation of many risks, including the risks of macro level and micro level, also found that information asymmetry in the bond market will increase credit risk, but due to the game between the bond related interests, under the background of the development of the current bond market in our country, issuers and intermediaries are difficult to proactively regulate the disclosure of information for the sake of themselves, investors who are limited to information gathering costs and capabilities, are also difficult to monitor these, have to depend on the regulation and guide of supervision department by regulatory laws and regulations, reducing the degree of information asymmetry in the bond market, prevent bond credit risk, promote the healthy and stable development of China’s bond market.