Promoting the Development of China's High-Yield Bond Market——An Empirical Analysis Based on Domestic High-Yield Bonds
Developing the high-yield bond market is an indispensable strategic path for supporting SME fi-nancing,alleviating the scarcity of high-quality assets,and optimizing the risk hierarchy in China's financial mar-ket.Although China's high-yield bond market started late,in recent years,under the trend of normalized defaults,accompanied by continuous improvement in regulations,policies,and infrastructure,it has demonstrated a steady development momentum.This paper first systematically reviews the definition and criteria of high-yield bonds in mature markets,and clarifies the definition method of high-yield bonds that is suitable for China's reality.Second-ly,this paper systematically combs through the evolution of the global high-yield bond market and analyzes the ne-cessity and urgency of developing China's high-yield bond market.Then,from a technical perspective,this paper focuses on the two core elements of default risk and recovery value,and constructs a set of highly efficient default early warning models using quantile regression,and explores and puts forward a recovery assessment method suit-able for China's high-yield bonds.Finally,based on the current development situation and the latest regulatory trends of China's high-yield bonds,and combined with the experience of overseas mature markets,it puts forward a series of policy recommendations to promote the high quality development of China's high yield bond market.
bond markethigh-yield bondscredit ratingcredit riskrisk measurementrisk early warningSME financingmulti-level capital market
NETL
NSTL
万方数据
