CAJ | 학술논문

企业债券的违约风险可以由违约距离度量，其风险大小在不同的行业中存在不同特征，成因往往包括产能过剩与税负过重。借鉴国外经验，针对不同行业中企业的特点建立大样本下的量化模型，从产业链的角度对模型结论进行分类研究，同时综合考虑风险收益因素，为投资者确定债券投资提供策略建议。
기업채권적위약풍험가이유위약거리도량，기풍험대소재불동적행업중존재불동특정，성인왕왕포괄산능과잉여세부과중。차감국외경험，침대불동행업중기업적특점건립대양본하적양화모형，종산업련적각도대모형결론진행분류연구，동시종합고필풍험수익인소，위투자자학정채권투자제공책략건의。
The corporate bond default risk can be measured by the default distance and it has unique features in different industries. Overproduction and overwhelming tax burden are the common reasons for the default cases. Learning from oversea experience and focusing on China’s industry structures, it builds quantitative models to study the default risks for China’s corporate on a large sample basis. Combining the profitability with the former related results, it has developed a practical strategy for bonds investing by industries comparison.