A Case Study On Default Of 12 Xiang E Bonds

Since 2016,the bond market has been in breach of contract,from January Yunfeng Shanghai default to HTC Mining failed to lead to a breach of reorganization;from Nanjing Yu run bond default to the Northeast Special Steel eight consecutive breach of contract.The bond market default event is dazzling.Which in the long-standing rigid redemption rules of the bond market in China caused no small sensation.What are the causes of bond defaults in recent years?Based on the domestic and foreign scholars' research on the bond issue,this paper takes the first principal bond default-"12 Xiang-E Debt" in the Chinese bond market as the research object.Mainly study the causes of bond default,so as to draw relevant enlightenment.Through the study found: the company wantonly expand the number of stores,in the poor operating conditions and blind transformation,making the company's financial situation worse,coupled with the company's fast food and group meals and other low-end areas of performance is less than expected,resulting in financial pressure Further increase,these are caused by the operation of bond default factors.The imperfect supervision system,bond rating agencies can not fulfill their duties,the majority of investors lack of risk awareness is the other factors leading to bond default.Although the final payment of debt,but the process and causes of default are impressive.Based on the analysis and summary of relevant default factors of Xiang e Qing Company,this paper draws inspiration from the aspects of company management,corporate governance and bond market.I hope this paper can enrich and promote the development of China's bond market,promote the healthy development of the bond market and improve China's bond-related management system to play a reference and promote the role.