2014年以前,我国债券市场长期处于“刚性兑付”状态,几乎没有违约事件。自2014年3月中国债券市场发生实质性违约以来,2015年发生22起实质性违约事件,涉及金额120亿元。2016年违约开始加快,前11个月共54只债券违约,涉及本金283.34亿元,信用违约开始加快。具体看,债券违约主要集中在产能过剩及周期性强的行业,违约债券发 Before 2014, China’s bond market was in a state of “rigid payment” for a long time with few defaults. Since the substantive default in the Chinese bond market in March 2014, 22 substantive non-compliance incidents occurred in 2015, involving an amount of 12 billion yuan. In 2016, defaults began to accelerate. In the first 11 months, a total of 54 bonds were defaulted, involving a total principal amount of 28.334 billion yuan. As a result, credit defaults began to accelerate. Specifically, bond defaults are mainly concentrated in overcapacity and cyclical industries, default bonds