| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15135 |
| DP15135 Who Bears Risk in China's Non-financial Enterprise Debt? | |
| Ronald Anderson | |
| 发表日期 | 2020-08-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper analyses of how risk is allocated in China's markets for debt issued by non-financial enterprises. Compared to other major corporate bond markets China's is unusual in that unlisted, state-owned enterprises account for a large fraction of the debt issued and that the foundations of the corporate and bankruptcy law are young and still evolving. The implications of these features are described and quantified. The results show that the major changes in relative pricing across different market segments cannot be explained well by standard measures of solvency and liquidity. Rather, the most successful explanation is that major policy actions have had the effect of withdrawing implicit guarantees from private issuers and making more explicit the limits of guarantees afforded to state issuers. |
| 主题 | Development Economics ; Financial Economics |
| 关键词 | Corporate bonds Chinese securities markets Implicit guarantees State capitalism Bankruptcy reform |
| URL | https://cepr.org/publications/dp15135 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544097 |
| 推荐引用方式 GB/T 7714 | Ronald Anderson. DP15135 Who Bears Risk in China's Non-financial Enterprise Debt?. 2020. |
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