陕西企业债券风险特性研究

内 容 摘 要

企业债券市场作为资本市场的重要组成部分，无论是国内还是国外都对其给予了高度重视。由于陕西省地处中国西北地区，其文化，地域及经济等差异使得陕西的企业债券具有风险特性。主要体现为：陕西企业债券的信用风险大；流动性差以及利率风险问题较为突出。造成上述风险特性的原因是多方面，本文认为主要是由以下几方面造成的：陕西企业债券的发行主体不规范；陕西地方政府对其企业债券的发行实施严格的管制以及定价机制的不健全等。针对上述风险特性本文提出以下缓解对策：完善陕西省企业债券的发债主体以减少信用风险；推进企业的发行核准制度；培育和完善利率定价机制。本文并认为这些对策对改变陕西债券融资发展相对滞后的状况，丰富债券市场品种，促进债券市场协调发展具有重大意义。

关键词：  企业债券   流动性风险    信用评级   利率风险
The Research of Enterprise Bond Risk Characteristic in Shanxi

Abstract

  The bond of the enterprise market takes the capital market as an important constituent.Both the home and overseas all give a high attention. Because Shanxi Province is situated at the northwest area of china. The difference of the culture and so on the economy causes the enterprise bond of Shanxi . Mainly manifests is: The enterprise bond credit risk is big; The fluidity bad as well as the interest rate risk question is prominent. Creates the above characteristic reason is various, this article thought mainly increates by following several aspects: The Shanxi enterprise bond release main body is not standard; The Shanxi local authority is not perfect to its enterprise bond release implementation strict control as well as the fixed price mechanism. The natural plan, in view of above risk characteristic this article below proposed alleviates the counter measure: Consummates the Shanxi Province enterprise bond to send the debt main body to reduce the credit risk; The advance mententer price's release approves the system; Cultivation and consume mation interest rate fixed price mechanism. This article and thought these counter measures to change the Shanxi bond financing development relative lag the condition, the rich bond market variety, the promotion bond market coordinated development has the great significance.

Key words: enterprise bond    fluid risk   credit rating    interest rate risk

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