上海超日太阳能科技股份有限公司信用分析报告
发布时间：2018-11-12 12:01
【摘要】：目前国内债市的“零违约”现象使投资者对债市的信用风险防范意识过低。许多投资者认为买公司债、企业债就跟国债、政策性金融债一样,基本上安全无忧,到期就可以拿回本息。但事实上,收益与风险是成正比的。随着信用债发行扩容,发行人信用等级中枢下移,未来市场上公司债出现违约风险事件是很有可能的。由于市场的“零违约”,很少有投资者关注公司的信用风险。 光伏产业急剧恶化,其中的超日太阳也未能幸免。其在2012年发行的“11超日债”存在极大的违约风险,虽然2013年3月7日第一次付息没有出现问题,但其国有化宣告失败为其未来蒙上阴影。11超日债在发行时,主体信用和债券信用都是AA,但仅仅几个月后,就爆出资金断裂的消息。若其违约,将成为中国信用债市场违约第一单,对资本市场有着重要意义。 本文就以超日太阳为案例,通过挖掘事前信息,试图找出一些能导致其巨亏的原因,为以后投资者评估债券风险提供一些借鉴。作者主要通过公司和行业两个层面对信用风险进行分析,并列出了需要主要关注的财务信息和风险预警事件。
[Abstract]:At present, the "zero default" phenomenon in domestic bond market makes investors have too low awareness of credit risk prevention. Many investors believe that to buy corporate bonds, corporate bonds are like treasury bonds and policy-oriented financial bonds, basically safe and secure, and they can get their principal and interest back as soon as they mature. But in fact, the return is proportional to the risk. With the issue of credit debt expanded and the credit rating center of issuer moved down, it is very possible that the default risk event of corporate bonds will occur in the future market. As a result of market "zero default", few investors pay attention to the company's credit risk. The photovoltaic industry has deteriorated sharply, and the sun has not been spared. Its 2012 issue of "11 super Japanese bonds" poses a significant risk of default, and while the first interest payment on March 7, 2013, did not go wrong, its failure to nationalize the bonds cast a shadow over its future. Principal credit and bond credit are AA, but only a few months later, broke the news of capital. If it defaults, it will become the first single default in China's credit market, which is of great significance to the capital market. In this paper, by digging out the prior information, we try to find out some reasons that can lead to the huge loss of the sun, and provide some reference for the investors to evaluate the bond risk in the future. The author mainly analyzes the credit risk through the two aspects of company and industry, and lists the financial information and risk early warning events which need to be paid attention to.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5
[Abstract]:At present, the "zero default" phenomenon in domestic bond market makes investors have too low awareness of credit risk prevention. Many investors believe that to buy corporate bonds, corporate bonds are like treasury bonds and policy-oriented financial bonds, basically safe and secure, and they can get their principal and interest back as soon as they mature. But in fact, the return is proportional to the risk. With the issue of credit debt expanded and the credit rating center of issuer moved down, it is very possible that the default risk event of corporate bonds will occur in the future market. As a result of market "zero default", few investors pay attention to the company's credit risk. The photovoltaic industry has deteriorated sharply, and the sun has not been spared. Its 2012 issue of "11 super Japanese bonds" poses a significant risk of default, and while the first interest payment on March 7, 2013, did not go wrong, its failure to nationalize the bonds cast a shadow over its future. Principal credit and bond credit are AA, but only a few months later, broke the news of capital. If it defaults, it will become the first single default in China's credit market, which is of great significance to the capital market. In this paper, by digging out the prior information, we try to find out some reasons that can lead to the huge loss of the sun, and provide some reference for the investors to evaluate the bond risk in the future. The author mainly analyzes the credit risk through the two aspects of company and industry, and lists the financial information and risk early warning events which need to be paid attention to.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5
【参考文献】
相关期刊论文 前1条
1 史丹;白e，
本文编号：2327053
本文链接：https://www.wllwen.com/jingjilunwen/zbyz/2327053.html
