I摘 要高收益债券市场在上世纪 70 年代就已经在美国起步发展，现阶段的发展已经比较成熟，其名称也已经从带有贬义且强调高风险的“垃圾债券”转变为更容易被市场和投资者所接受的“高风险债券”。[1]虽然我国现阶段的高收益市场仍处于起步状态，但是随着我国改革开放的不断深入，以及我国债券违约处置机制的加速完善，违约债券交易市场将更加广阔，而且在高收益市场中违约债券交易机制一直占据着重要的地位，所以中国的高收益市场将面临更大的挑战和更加快速的发展。高收益债券作为我国经济转型时期中资源重新配置的非常重要的金融工具，其信用风险的评估以及其风险的防范一直是我国现阶段较为关注的问题。通过查阅有关材料，针对高收益债券在我国发展所面临的的主要问题，进行概括分析。通过完善信用评级制度，加强对高收益债券市场的监管同时培养专业的债券投资者，可以改善中小企业的融资现状，进而保证我国经济快速发展。关键词：高收益债券；信用评级；风险防范IIABSTRACTThe high-yield bond market started to develop in the United States in the 1970s. At present, its development is relatively mature, and its name has changed from "junk bond" with derogatory meaning and high risk emphasis to "high risk bond" which is more easily accepted by the market and investors. Although China's high-yield market is still in its infancy at this stage, with the deepening of reform and opening-up and the acceleration of the improvement of the disposal mechanism of bond default, the market of default bond trading will be broader and occupy an important position in the high-yield market, so China's high-yield market will face greater challenges And more rapid development. As a very important financial tool for resource reallocation in the period of economic transformation, the evaluation of credit risk and the prevention of risk of high-yield bonds have been the issues of concern in China at this stage. By consulting relevant materials, this paper analyzes the main problems faced by the...
