| March 7,2014,Shanghai "super-day debt" was forced to declare a breach of contract,which marks the first time China’s bond bond was broken.After the default event,China’s bond market is facing serious credit risk.As of the end of March 30,2017,there are 29 bond issuers do not complete the bond principal and interest payment.The Securities and Futures Association issued the revised rules on September 23,2016,which was viewed by the industry as a Chinese version of the credit default swap.At present,China’s bond market credit default,has caused the national regulatory authorities attach great importance.This paper aims to understand the factors that affect the bond default in order to better put forward more targeted measures for China’s bond market risk control.In this paper,the default situation is divided into non-default,bond interest default,bond principal default and bond interest principal are defaulted to four,selected the bond interest rate,security,credit rating and industry nature and other default target variables,2016 issued or survived 5016 corporate bond data samples,constructed a variety of LOGIT model for empirical research.The second is that the bond risk of the medium and long term bonds is relatively small.Thirdly,the lower the credit rating of the bonds,the more likely it is to default,and the creditworthiness of the bonds is relatively easy.The decline in ratings also increases the risk of defaults.Therefore,the improvement of the credit market credit rating system,the use of irrevocable joint and several liability guarantees to increase the protection of bond holders,control credit risk high-risk industry,so as to better improve the bond credit risk market.The innovation of this paper lies in the classification of the default situation and the more comprehensive selection of the bond default.For the Chinese version of the credit default swap proposed in this paper and how to carry out the risk control problem,the future needs further study. |
PDF Full Text Request