经济学人—中国债券市场定价风险(下)
来源: | 作者:passion | 发布时间: 2017-02-08 | 9230 次浏览 | 分享到:



The handful of defaults to date shows that China is willing to let some companies fail, but so far no big firms in which the central government retains a sizeable shareholding have met that fate.
目前为止，中国国内仅发生了几件债务违约事件，这表明中国当局愿意牺牲掉一些企业的利益。至于那些中央政府持有相当股份的大企业，迄今未有一家遭遇关门闭业的命运。


Instead, those that have got into trouble have been rescued, leading investors to treat their bonds as virtually risk-free.
反而，这些陷入困境的大企业还得到救助，这使得投资者认为其债券是完全“零风险”。


SinoSteel, a struggling miner and steel trader, is the latest test of this implicit guarantee.
苦苦挣扎的中钢集团是一家采矿和钢铁交易公司，是对隐性担保的最新测试。


It had been due to repay bondholders some 2 billion yuan in October, but pushed the date back to December 16th.
该企业本应于10月份以20亿元还清债券债务，但债务清偿届满期却被推迟到12月16日。


A default would shake investors' faith in government-backed bonds—bringing some sobriety to a market that sorely needs it.
债务违约将会动摇投资者对政府担保债券的投资信心——不过这也给市场带来了亟需且非常必要的冷静。








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