摘要
近些年，高评级债券频繁违约。债券市场信用评级是企业公开发行债券的风
险预警方式之一，承担向投资者揭示债券投资风险、便于投资者做出投资决策的
功能。高评级债券的频繁违约使得投资者对信用评级机构产生了“信任危机”。
紫光集团有限公司主体信用评级长期维持在AAA级，其发行的债券评级也是AAA
级。2020年11月16日，紫光集团有限公司名下第一只境内发行债券发生违约，
其后共9只债券发生违约，涉及债券余额近140亿元。高评级的债券仍然发生违
约对债券市场的发展及评级机构的公信力均产生了不利影响。分析紫光集团有限
公司发生违约的原因，有利于债券市场的健康有序发展，有利于评级机构更好地
发挥风险提示作用，也有利于企业在经营过程中防范违约风险。首先，本文梳理
了“债券违约原因、债券信用评级、防范违约风险”三个维度的相关文献，以“信
息不对称理论、信用评级理论、委托代理理论”为理论基础，为高评级债券的违
约原因分析提高理论支撑；接着，在案例描述中介绍了高评级的违约主体紫光集
团有限公司相关情况、违约进程及后续处置；然后，主要从违约主体、信用评级
及监管层面三个方面剖析了高评级债券的违约原因，发现紫光集团有限公司在经
营过程中存在的资本并购频繁、投资策略激进、债务规模过大等问题；信用评级
行业存在评级方法不规范、信用风险低估、评级等级虚高、评级等级集中等问题；
此外，还有监管方面的发行制度不合理、监管主体不明确这些问题。最后，针对
上述存在的问题，提出几点建议以规避违约风险。对于债券发行企业来说，经营
过程中应当从自身实际情况出发，选择合适自身的发展战略，控制合理的债务规
模；而信用评级行业，应规范使用评级方法，提高对风险的评估能力；对于监管
来说，需要完善发行制度、落实监管主体。
关键词：
债券违约；信用评级；紫光集团
I

Abstract
In recent years, high rated bonds have frequently defaulted. Bond market credit
rating is one of the risk early warning methods for enterprises to issue bonds publicly.
It has the function of revealing bond investment risks to investors and facilitating
investors to make investment decisions. The frequent defaults of high rated bonds
caused a "crisis of trust" between investors and credit rating agencies. The main credit
rating of Tsinghua Unigroup Co., Ltd. has been maintained at AAA for a long time,
and the bond rating issued by Tsinghua Unigroup Co., Ltd. is also AAA. On
november16,2020, the first domestic bond issued under the name of Tsinghua
Unigroup Co., Ltd. defaulted, and then a total of 9 bonds defaulted, involving a bond
balance of nearly 14billion yuan. High rated bonds still default, which has a negative
impact on the development of the bond market and the credibility of rating agencies.
Analyzing the reasons for the default of Tsinghua Unigroup Co., Ltd. is conducive to
the healthy and orderly development of the bond market, the better risk warning role
of rating agencies, and the prevention of default risk in the business process. Firstly,
this paper combs the relevant literature on the three dimensions of "bond default
causes, bond credit rating, and preventing default risk", and improves the theoretical
support for the analysis of default causes of high rated bonds based on "information
asymmetry theory, credit rating theory, and principal-agent theory"; Then, in the case
description, it introduces the relevant situation, default process and subsequent
disposal of the high rated defaulting entity Tsinghua Unigroup Co., Ltd; Then, it
analyzes the reasons for the default of high rated bonds mainly from the three aspects
of the default subject, credit rating and supervision, and finds that Tsinghua Unigroup
Co., Ltd. has many problems in the business process, such as frequent capital mergers
and acquisitions, aggressive investment strategies, excessive debt scale and so on;
There are some problems in the credit rating industry, such as nonstandard rating
methods, underestimated credit risk, falsely high rating grades, and centralized rating
grades; In addition, there are such problems as unreasonable issuance system and
unclear regulatory body. Finally, in view of the above problems, this paper puts
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