我国上市公司债券违约与对策研究——以“11超日债”为例.docxVIP

PAGE II 摘 要 我国债券市场从上个世纪80年代开始起步，在市场参与者的不断探索和尝试下，逐渐发展起来。然而，由于种种原因，政府信用一直在为整个市场进行“兜底”。市场上曾经发生的多起信用风险事件，在经各方博弈后最终投资者都获得了本息偿付，刚性兑付现象始终存在。违约，作为金融发展的必经路口，正大步向前发展的我国债券市场却徘徊难进。 “11超日债”发行后半年多便传出公司资金链断裂的消息，引发市场的广泛关注。勉强度过首个付息日后，深陷财务危机的超日太阳挣扎一年，最终还是宣告违约。中国公募债券市场上违约第一单的出现，标志着市场的进步，赢得了观察者们的一致赞誉。然而几个月后，事件却出现了逆转。进入破产重组程序的超日太阳还是等来了国资的援手。“11超日债”本息全额兑付，公募债券市场上的实质性违约终究没有发生。 尽管“11超日债”最终以刚兑收尾，但它仍然给我们留下了足够的思考。本文通过还原超日事件发展的全过程，观察各市场参与主体的表现，从外部产业宏观环境和内部财务状况两方面分析了超日债券违约的原因。探讨了投资者、市场中介机构、政府在整个事件中所暴露出的问题，并提出相应的对策。希望能够促进我国债券市场的进一步成熟与完善，让我们期待实质性违约那一天的到来。 关键词：债券违约、刚性兑付、财务分析 Abstract The bond market in our country started in 1980’s. With the market participants continuously explore and attempt, the bond market developed gradually. However, due to various reasons, the government credit has been supporting the whole market. Some credit risk incidents on the market,through variousgroups gaming, eventually endedwith principal and interest payments. Rigid payment phenomenon always exists.Bond default,as the necessary stage of financial development, has been difficult to appear in our rapid development bond market. Half year after “11chaori” issued, Chaori Solar Company had been reported in liquidity crisis, which attracted broad attention of the market. After survived for the first interest payment day, Chaori Solar Company had been struggling for a whole year. Finally, they failed. This is the first default on public offering bond market in China, which marks the progress of the market, and wins the praise of observers. A few months, however, things reversed. Chaori Solar Company, which was in the procedure of bankruptcy, eventually get help from the state-owned capital. “11chaori” paid all principal and interest and the substantial default did not happen. Although “11chaori” ended with rigid payment, we can also get enlightenment from it. In this article, we can observe the performance of market participants by recovering the whole process of the event. We analyze the reason of the “11cha