Investing in China’s High-Yield Debt Markets: A Proposed Credit Analysis Framework
描述了中国高收益市场的投资特征，提出了一个包含五个关键指标的信用分析框架，并通过中国嘉汉林业破产案例说明如何避免永久性资本损失。
After describing the key investment characteristics of the Chinese high-yield market, the authors propose a credit analysis framework for investors in China’s high-yield debt markets. The framework consists of five credit metrics that in the view of the authors are among the most important. The authors focus s on the right approach for analyzing these well-known metrics, which are often either overlooked or misinterpreted. The investment philosophy put forth by the authors throughout the articleemphasizes avoiding permanent capital loss. A case study of the bankruptcy of China’s Sino-Forest Corporation is provided to illustrate the credit analysis process in further detail. <bold>TOPICS:</bold> <ext-link>Emerging</ext-link>, <ext-link>credit risk management</ext-link>