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2014年3月超日债违约,打开了中国债券市场违约的潘多拉之盒。长期来看,刚性兑付的打破有助于市场化定价,是中国债券市场健康发展的必经之路。但短期内信用事件的集中爆发,会将风险传导至金融机构,并影响政府、居民等部门,必须切实防范企业违约事件向宏观传导的蝴蝶效应。2017年是监管大年,需要关注严监管之下的信用风险。企业现金流是衡量信用风险的重要指标之一,根据来源可分为内源融资和外部融资。内源融资主要是企
March 2014 Ultra-default debt default opened Pandora’s case of default on China’s bond market. In the long run, breaking the rigid payment will help market the pricing, which is the only way for the sound development of China’s bond market. However, the concentrated outbreak of credit incidents in the short term will transfer the risks to financial institutions and affect the government and residents and other departments, and must effectively prevent the butterfly effect from being transmitted to the macro direction by enterprises in the event of default. 2017 is a regulatory year and needs to be concerned about the credit risk under strict supervision. Corporate cash flow is an important indicator of credit risk measurement, according to the source can be divided into internal financing and external financing. Endogenous financing is mainly business