The Period And Structure Of Credit Risk In China 's Bond Market

Since2012, China’s bond market has experienced explosive growth and bond financing has become the most important way of direct financing. In order to avoid credit risks and protect the return of bond investors, it is necessary for us to study the fluctuation cycle and the structure of credit risks. This article selects credit spreads of China’s enterprise bonds as sample first and analyses how monetary policy and the three macroeconomic variables influence its fluctuation cycle. Then we evaluate the risk of different industries from the perspective of financial ratios for the sake of avoiding the systemic risk caused by fundamental changes in the process of economic transformation.