【摘要】：目前國(guó)內(nèi)債市的“零違約”現(xiàn)象使投資者對(duì)債市的信用風(fēng)險(xiǎn)防范意識(shí)過低。許多投資者認(rèn)為買公司債、企業(yè)債就跟國(guó)債、政策性金融債一樣,基本上安全無憂,到期就可以拿回本息。但事實(shí)上,收益與風(fēng)險(xiǎn)是成正比的。隨著信用債發(fā)行擴(kuò)容,發(fā)行人信用等級(jí)中樞下移,未來市場(chǎng)上公司債出現(xiàn)違約風(fēng)險(xiǎn)事件是很有可能的。由于市場(chǎng)的“零違約”,很少有投資者關(guān)注公司的信用風(fēng)險(xiǎn)。 光伏產(chǎn)業(yè)急劇惡化,其中的超日太陽也未能幸免。其在2012年發(fā)行的“11超日債”存在極大的違約風(fēng)險(xiǎn),雖然2013年3月7日第一次付息沒有出現(xiàn)問題,但其國(guó)有化宣告失敗為其未來蒙上陰影。11超日債在發(fā)行時(shí),主體信用和債券信用都是AA,但僅僅幾個(gè)月后,就爆出資金斷裂的消息。若其違約,將成為中國(guó)信用債市場(chǎng)違約第一單,對(duì)資本市場(chǎng)有著重要意義。 本文就以超日太陽為案例,通過挖掘事前信息,試圖找出一些能導(dǎo)致其巨虧的原因,為以后投資者評(píng)估債券風(fēng)險(xiǎn)提供一些借鑒。作者主要通過公司和行業(yè)兩個(gè)層面對(duì)信用風(fēng)險(xiǎn)進(jìn)行分析,并列出了需要主要關(guān)注的財(cái)務(wù)信息和風(fēng)險(xiǎn)預(yù)警事件。
[Abstract]:At present, the "zero default" phenomenon in domestic bond market makes investors have too low awareness of credit risk prevention. Many investors believe that to buy corporate bonds, corporate bonds are like treasury bonds and policy-oriented financial bonds, basically safe and secure, and they can get their principal and interest back as soon as they mature. But in fact, the return is proportional to the risk. With the issue of credit debt expanded and the credit rating center of issuer moved down, it is very possible that the default risk event of corporate bonds will occur in the future market. As a result of market "zero default", few investors pay attention to the company's credit risk. The photovoltaic industry has deteriorated sharply, and the sun has not been spared. Its 2012 issue of "11 super Japanese bonds" poses a significant risk of default, and while the first interest payment on March 7, 2013, did not go wrong, its failure to nationalize the bonds cast a shadow over its future. Principal credit and bond credit are AA, but only a few months later, broke the news of capital. If it defaults, it will become the first single default in China's credit market, which is of great significance to the capital market. In this paper, by digging out the prior information, we try to find out some reasons that can lead to the huge loss of the sun, and provide some reference for the investors to evaluate the bond risk in the future. The author mainly analyzes the credit risk through the two aspects of company and industry, and lists the financial information and risk early warning events which need to be paid attention to.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.5

【參考文獻(xiàn)】

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本文編號(hào)：2327053