Research On The Risk And Control Of Debt Default Of Enterprise Groups

From 2014,the defaults are frequent in China,ranging from private enterprise spread to state-owned enterprises.State-owned enterprise occurred debt default of main reasons has aspects,while,macroeconomic down,and Enterprise lever rate high and supply side structural reform advance of background Xia,concentrated Yu in the upstream,and heavy assets,and periodic industry of State-owned enterprise occurred debt default,on the State-owned enterprise business situation significantly check Yu private enterprise,its profit situation weak and system cutrating of State-owned enterprises General is virtual high of State-owned enterprise.Credit market because private enterprise debt default,has aroused the concern of many,the Central enterprises,local State-owned enterprises debt defaults,as well as its part of the debt-servicing ability is weak,and the parent company’s main business is not very closely related to the Central subsidiary,become the focus of downgrades,it shows default risks of State owned enterprises began to appear.Also attracted the attention ofthe Government,State-owned companies defaulting on Government policies to deal with,especially large State-owned enterprises,government policies,and troubleshooting existing debt problems,early detection,appropriate measures can be taken as soon as possible,as soon as possible to prevent a debt default.The debt default risk? How to control the default risk? Have a default group and how? Became an urgent need to think and solve problems.Based on the literature review referred to the group related debt default risk and control theory and literature at home and abroad and to sort out the debt default risk model for operations.Use simple descriptive statistics from the default Enterprise Group’s industry distribution,group property,debt default by bond type and defaults to Chinese Enterprise Group features the five default status into the analysis.Which default enterprise credit rating reflects the debt default overall lag,loss increases the risk of default,direct cause of failure is the default liquidity,insolvency is the defaults are not sufficient conditions,corporate governance,risk should focus on the actual controller.Baoding tianwei group and select defaults,for example,first introduced the basic situation of tianwei group,then the group default process,namely,performance continues to decline,the continuous rating downgraded,group wide defaults are frequent,and eventually default on its debt.Using Zscore model to measure the Group’s debt default risk.From tianwei group external,and internal two aspects analysis its occurred debt default reasons,external reasons is by macro environment and by at industry of effect;internal reasons is from company governance,and strategy analysis,and business status analysis and financial analysis four a aspects analysis,company governance aspects tianwei Group organization institutions overlap,resources internal friction,and internal control weak,and management layer frequently changes;strategy aspects tianwei group strategy not reasonable,should concentrated advantage development lost variable electric business,adjustment double main strategy,stripping new energy business plate;Management present situation analysis of power transmission and transformation losses and new energy products,the Group solvency;financial analysis first analyzes the Group’s profitability,liquidity,operational capacity,then the industry,the Group’s profitability,debt capacity,operating capacity compared to the industry’s weakest.Final summary the group lessons and inspiration in the defaults.Group lesson is in default,strategy aggressive,expanding reliance on debt;absence of risk control,contributing to the risk of default;financial deterioration in capital chain rupture;subsidiary debt default,leading to group debt default,which draws inspiration,rational strategies,maintaining a rational debt structure;improve the ability of group operations,enhance the liquidity of the assets;establishment of risk warning,to strengthen internal controls.Similarly at risk of defaulting enterprise groups play a significance.Would also be at risk of defaulting on enterprise groups play a significance.