摘要：高收益债券在美国发展的比较早，在企业发展中起到了积极的作用。1980年后，随着我国逐渐打开国门，效仿西方国家的先进科技，金融方面也开始慢慢萌芽，一步一步迈入正轨。2011年后，除中央银行票据外，包括中期票据和短期融资债券，公司债券，包括对完成融资总规模已达到5600000000000元，占GDP的比重已经超过了10%。根据中央结算公司的显示数据的统计分析，直接和间接影响债券市场在2011财政社会领域达36%。2012的五月，中国推出了中小企业私募债业务，标志着中国的高收益债券业务开始发展。高收益债券的发展，对解决中小企业融资难的问题，对实体经济的服务，对帮助和提高整个社会的直接融资比重有着直接有效的作用，同时可以减少和防止金融系统的风险。在结合有关材料的基础上文章对我国在发展高收益债券的实践上提出相应的看法，提出发扬我国高收益债券的现实意义以及面临的主要问题，提出要加强市场管理的意见，同时还要加强信息的披露以及信用评级制度的建立，发挥信用衍生品的作用，进一步的提升我国金融市场的整体实力。

关键词:高收益债券  信用风险  

Abstract: The development of high-yield bonds in the U.S. earlier, in enterprise development has played a positive role. In May 2012, China launched a private debt business, marking China's high-yield bond business began to grow, but in the course of development, there are many imperfections. In particular, the bond itself has risk, credit risk, high-yield bonds have a certain influence on the development of SME financing in the current market. This requires the government macro-control, will reduce credit risk, high yield bonds to a minimum. On the basis of our proposed combination of related materials on the article in the practical development of high-yield bonds corresponding view, pointing out the main problems of the development of high-yield bonds as well as practical significance faced, while also strengthening establish disclosure and credit rating system information, the role of credit derivatives, and further enhance the overall strength of China's financial market.

Keywords: High Yield Bonds  Credit Risk