Research On The Problem Of Listing Corporation Bond Defaults

Chinese bond market has been known for a steady,but in recent years the "11 chaori”,“12 zhongdeng” debt gradually broke the Chinese bond market rigidity payment situation.In terms of the overall credit bond market,because of the development of corporate bond market lags behind,led to imbalance in the proportion of direct financing of enterprises is very low and the financial market structure of the situation.China is about to enter the thirteenth five-year plan,early in the "Twelfth Five Year Plan",the State Council made it clear to expand the proportion of direct financing,we must adjust the financial policy in order to adapt to changes in the international financial environment,to solve the problem of the development of China’s financial market is not balanced.So frequently in the bond defaults for today,the risk of bond market analysis and stability of great significance.Bond financing as the main means of corporate finance,can effectively disperse the risk of banking system and financial risk prevention structure.In addition,bond financing in improving the efficiency of resource allocation and increase the use efficiency of funds.For the purposes of the national economy,more can improve the efficiency of transformation from savings to investment.Listing Corporation as the main body of the national economy.Study on bond defaults for the bond market is very important,once the bond defaults,the debtor’s reputation and investors will be affected.Firstly,this paper draws on research results and methods at home and abroad,respectively from the bond theory,bond system,in case of breach of contract,the financial analysis and other aspects of a comprehensive narrative.Subsequently from the point of view of economics and accounting,respectively from the financial indicators,information disclosure and other aspects of industry under the background of the bonds default probability and investors from the financial statements analysis of the probability of default on its debt.In addition,from the debt restructuring and backdoor listing two angles lead to the way to solve the problem of payment.This paper further combined with case 11 super debt ",through the introduction of the background of super company debt,default causes and solving method.And concluded that the listing Corporation in the bond defaults on the causes of the default situation is the defects of corporate governance,the lack of management,financial management,as well as the loopholes in the security measures are not perfect.The last part of the article to all sectors of society to put forward the following suggestions to strengthen investor education,to guard against credit risk of corporate bond;establish independent and impartial corporate bond credit rating system;establish information disclosure system;improve the enterprise bankruptcy liquidation system;perfect backdoor listing system.