中国债券市场已经打破了刚性兑付的神话,在经济下行周期是可以理解的,但信用风险事件复杂,我们有必要进一步分析其具体特点,以总结背后的教训与原因,并通过梳理信用风险事件的特点和成因,捕捉中国债券市场信用风险爆发背后的规律。近年来,我国债券市场规模增长迅速,尤其是在政策红利推动下,银行间市场中票、短融和PPN(非公开定向债务融资工具)等债 China’s bond market has already broken the myth of rigid payment and is understandable during the economic downturn. However, the credit risk incident is complicated. We need to further analyze its specific features to summarize the lessons and reasons behind it and to sort out the credit risk incidents Characteristics and causes, to capture the law behind the outbreak of credit risk in China’s bond market. In recent years, the scale of China’s bond market has been growing rapidly. Especially in the policy dividend, short-financial bonds and PPN (non-publicly oriented debt financing instruments)