问题证券
问题证券（英語：Distressed securities），又称困境证券，是指那些陷入财务困境、发生违约或正处于破产程序中的公司或政府实体所发行的证券。 对于债务类证券而言，这类资产被称为“问题债务”。由于破产可能导致此类证券变得一文不值，购买或持有问题债务会带来显著的风险。
概述
问题证券（英語：Distressed securities），又称困境证券，是指那些陷入财务困境、发生违约或正处于破产程序中的公司或政府实体所发行的证券。 对于债务类证券而言，这类资产被称为“问题债务”。由于破产可能导致此类证券变得一文不值，购买或持有问题债务会带来显著的风险。 主动投资问题证券也是一种投资策略，潜在回报丰厚，但伴随着极高的风险，因为这些证券可能会变得毫无价值。实施该策略需要投入大量资源和专业知识，用于分析每项投资、评估相关的持续经营风险、判断其在发行人资本结构中的位置，以及估算最终实现回收的可能性。投资者一般为大型机构投资者，例如对冲基金、私募公司、投资银行以及秃鹫基金等专业投资机构。
投资策略
一些投资者有意将问题证券作为替代投资，以大幅折扣购买债务，目标是在实体不破产的情况下实现高回报。专门投资问题债务的公司通常被称为秃鹫基金。投资者为了获利，会采取多样化的策略，包括传统的被动买持和套利操作、直接放贷给困境公司、外国投资、新兴股权购买以及破产企业重组等。 虽然没有精确的定义，但通常认为，那些到期收益率比无风险收益率（例如国债收益率）高出1000个基点以上的固定收益工具属于问题证券。它们在标准普尔、穆迪和惠誉等评级机构中的评级通常为CCC级或以下。
书目
Altman, Edward I., The Altman-Foothill Report on Investing in Distressed Securities: The Anatomy of Defaulted Debt and Equities, Foothill Corporation, April 1990 This report was the basis so Altman's 1991 publication entitled Distressed Securities. Altman, Edward I., The Market for Distressed Securities and Bank Loans (PDF), Foothill Corporation (Los Angeles), October 1992 [2014-07-29], （原始内容存档 (PDF)于2023-02-05） Altman was commissioned by The Foothill Group to prepare a series of "White Papers" on Distressed Debt Markets in 1990 and 1992. Altman, Edward I. Predicting Financial Distress of Companies (PDF): 15–22. July 2000 [2014-07-28]. （原始内容 (PDF)存档于2019-10-20）. Altman, Edward I., The Market for Distressed Securities and Bank Loans, the Altman-Foothill Report II, Los Angeles, 2002 Altman, Edward I.; Swanson, Jeffrey. The Investment Performance and Market Size of Defaulted Bonds and Bank Loans: 2006 Review and 2007 Outlook (PDF) (报告). Special Report. New York: New York University Salomon Center, Leonard N. Stern School of Business. February 2007 [2026-04-01]. （原始内容存档 (PDF)于2023-05-20）. Altman, Edward I., Testimony before the ABI Chapter 11 Reform Commission (PDF), 2012-10-17 [2014-07-28], （原始内容存档 (PDF)于2013-01-20） Altman, Edward I., The Role of Distressed Debt Markets, Hedge Funds and Recent Trends in Bankruptcy on the Outcomes of Chapter 11 Reorganizations (PDF), 2013-12-03 [2013-07-31], （原始内容存档 (PDF)于2021-04-13） Blackman, Jonathan I.; Mukhi, Rahul. The Evolution of Modern Sovereign Debt Litigation: Vultures, Alter Egos, and Other Legal Fauna. Law and Contemporary Problems. 2010, 73: 47–61 [2014-07-30]. （原始内容存档于2024-06-06）. Understanding Distressed Securities. Barclay Hedge. 2013 [2014-07-28]. （原始内容存档于2017-07-11）. Celarier, Michelle, Mitt Romney's hedge fund kingmaker, CNN Money, 2012-03-26 [2014-07-28], （原始内容存档于2013-04-02） Executive team, Debt Advisory International (DAI), nd [2014-07-29] Hotchkiss, Edith; Mooradian, Robert, Vulture investors and the market for control of distressed firms (PDF), Journal of Financial Economics, 1997, 43 (3): 401–443 [2014-07-31], doi:10.1016/s0304-405x(96)00900-2, （原始内容 (PDF)存档于2016-03-04） This article investigated the role of vulture investors in a sample of 288 US firms that defaulted on their public debt from 1980-1993. John, Kose, Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda, 1993-09-22 [[{{subst:CURRENTYEAR}}年]][[{{subst:CURRENTMONTHNAME}}{{subst:CURRENTDAY}}日]] Krueger, Anne O., A New Approach to Sovereign Debt Restructuring, International Monetary Fund (Washington, D.C.), April 2002 Groenfeldt, Tom. Distressed Debt Fund Monitors And Hedges Its Risks For Low Volatility. Forbes. 2013-06-24 [2013-08-08]. （原始内容存档于2025-01-23）. Ineichen, Alexander M. Absolute Returns: the risks and opportunities of hedge fund investing. John Wiley & Sons. 2002: 528. ISBN 0-471-25120-8. 含有內容需登入查看的頁面 (link) Lemke, Thomas P.; Lins, Gerald T.; Hoenig, Kathryn L.; Rube, Patricia S. Hedge Funds and Other Private Funds: Regulation and Compliance. Thomson West. 2014. Levitin, Adam, Adam Levitin on Argentina and Distressed Investors, The Wall Street Journal, The Examiners, 2014-07-29 [2014-07-30] Moore, Jina, The end of vulture funds: Businessmen call them 'distressed debt' investments. Critics say they exploit poor countries, Lusaka, Zambia, 2014-03-22 [2014-07-29], （原始内容存档于2014-07-26） Vulture funds – the key players. The Guardian (London, UK). 2011-11-15 [2012-06-10]. （原始内容存档于2019-05-01）. Seager, Ashley, Court cuts vulture fund's claim: Zambia's debt repayment reduced by $40m; Judge says much of firm's evidence was dishonest, The Guardian, 2007-04-25 [2014-07-29] Seveg, Alon, Investment: When Countries go Bust: Proposals for Debtor and Creditor Resolution, International Business and Trade, Asper Review, 2003, 25 Paul Singer. Forbes. 2012-04-18 [2014-07-28]. （原始内容存档于2019-04-13）. Slater, Joanna. Paul Singer's determined stance. Globe Advisor. 2014-07-08 [2014-07-28]. （原始内容存档于2018-09-21）. Smith, Adam, Wealth of Nations, 1776 Steger, Isabella. Distressed-Debt Investors Eye Asia. The Wall Street Journal. 2013-08-07 [2013-08-08]. （原始内容存档于2020-08-15）. Group Overview. Suncorp.
Wikipedia contributors · 问题证券 · revision 93861239 · CC BY-SA 4.0 · 已提取纯文本并调整版式；标签根据原文关联词整理。