HC集团信用债违约成因与防范研究
研究生姓名：罗丽娟
导师姓名：钟学思
学科：金融
研究方向：金融市场与投资
年级：2020级
中文摘要
信用类债券是一种基于发行主体资信质量发行、并受资信状况影响的直接融资
工具，具有灵活度高、流动性强、融资成本较低的特点。随着我国经济发展水平的
不断提高，通过发行信用类债券进行资金筹集成为我国企业主要融资渠道之一，我
国信用债市场存量和规模不断攀升。但随着社会信贷规模的快速扩张，受经济增速
放缓、产业结构调整的影响，信用债券违约的概率和规模呈现不断升高的趋势。自
2014年 3月我国公开市场发生首例信用类债券违约事件以来，信用债市场逐步打破
刚性兑付的市场惯性，信用债违约呈现常态化趋势。长期以来，我国信用债违约主
体集中于民营企业，但近年来，地方国有企业信用风险逐渐暴露，特别是 2020年下
半年出现国有企业信用债密集违约，而且首次违约主体信用评级中枢向中高等级上
移，严重打击市场投资信心，国企信仰崩塌，引起投资者对国有企业乃至整个信用
债市场的担忧。随着我国债券市场的市场化、法制化、国际化水平不断提升，国有
企业信用债打破刚性兑付是大势所趋，应持续推进国有企业信用类债券信用风险识
别、监测与管理的系统性研究，强化国有企业信用债违约预警，推动国有企业加快
实现高质量发展，实现我国债券市场平稳高效运行。
HC集团作为辽宁省属大型国有企业，其主体和相关债项信用评级等级长期维持
在 AAA级高位，属于我国十大汽车生产商之一，具有良好的股东背景和外部评级等
级。但 2020年 10月 23日，在合并财务报表中货币现金存量充足情况下却发生“17
华汽 05”信用债实质性违约事件，引发市场热议。从宏观层面、行业层面、企业层
面和监管层面分析企业偿债能力来探析 HC集团信用债违约成因，发现 HC集团信用
债实质性违约事件的发生是多方面因素作用的结果。其中，母公司盈利能力减弱和
短期偿债压力较大是 HC集团信用债实质性违约的主要原因，“子强母弱”型特征和
投资战略激进是 HC集团信用债实质性违约的重要原因，宏观环境收紧、汽车行业
不景气和监管约束较弱是 HC集团信用债实质性违约的次要原因。
随着信用类债券在融资市场份额的不断扩大，持续的高信用等级国企信用债违
约事件将影响债券市场的平稳运行。所以，必须统一监管标准、建立国企信用债违
约风险预警机制、提高信用评级独立性、使评级研究回归基本面，营造监管到位、
预警有效的市场监管环境；必须加强自主品牌建设、加强自主创新能力、合理安排
债务结构、调整企业扩张进度，增强发行主体盈利能力，降低短期偿债压力；必须
I

提高风险识别能力、降低国企信仰、关注“子强母弱”型企业，进一步强化债券投
资者风险意识，重构合理的投资分析框架。这样，才能从根源上有效防范信用债违
约风险，保证债券市场平稳健康发展。
关键词：债券市场；信用债违约；违约成因；违约防范；HC集团
II

Research on the Causes and Prevention of
HC Group's Credit Debt Default
Graduate student:Lijuan Luo
Supervisor:Xuesi Zhong
Major: Finance
Research direction: Financial Markets and Investments
Grate: Class of 2020
Abstract
Credit bond is a direct financing tool issued based on the credit quality of the issuer and
affected by the credit status. It has the characteristics of high flexibility, strong liquidity and
low financing cost. With the continuous improvement of my country's economic
development level, fund raising through the issuance of credit bonds has become one of the
main financing channels for Chinese enterprises, and the stock and scale of my country's
credit bond market continue to rise. However, with the rapid expansion of social credit scale,
affected by the slowdown of economic growth and the adjustment of industrial structure, the
probability and scale of default of credit bonds have shown an increasing trend. Since the
first credit bond default event occurred in my country's open market in March 2014, the
credit bond market has gradually broken the market inertia of rigid payment, and credit bond
defaults have shown a normal trend. For a long time, my country's credit debt default entities
have been concentrated in private enterprises, but in recent years, the credit risks of local
state-owned enterprises have gradually been exposed. This has severely impacted market
investment confidence, and the collapse of state-owned enterprises’ belief has caused
investors to worry about state-owned enterprises and even the entire credit bond market.
With the continuous improvement of the marketization, legalization and internationalization
of my country's bond market, it is the general trend for state-owned enterprise credit bonds
to break the rigid payment. The early warning of corporate credit debt defaults will promote
the accelerated realization of high-quality development of state-owned enterprises and the
stable and efficient operation of my country's bond market.
As a large state-owned enterprise in Liaoning Province, HC Group has maintained a
high AAA credit rating for its main body and related debts for a long time. It is one of the
top ten automobile manufacturers in my country and has a good shareholder background and
external rating. However, on October 23, 2020, the "17 Huaqi 05" credit bond material
III
。。。以下略