| Since “11ChaoRi debt” arose default in March,2014,the debt default cases have happened frequently in China’s bond market.As of December 31,2016,a total of 109 default cases happened.On November 12,2015,“15 ShanShui SCP001” was announced arise default.Cause the company failed to pay due principal and interest.“15 ShanShui SCP001” became the first default case of short-term financing bonds.As of November 4,2016,the company did not repay the principal and penalty of “15 ShanShui SCP001”.Different bond has its particularity,has different causes about its default.ShanDong ShanShui company was restructured from state-owned enterprise into the foreign capital enterprise,before the equity war,the company industry status was very high and financial situation perform well.In “15 ShanShui SCP001” default cases,ShanDong ShanShui Zhang Caikui used his double identity of actual controller and manager to buy stocks from workers with the unreasonable price,which caused the company’s equity war.And because of the equity war,the company’s capital chain was tight and financial condition was deteriorated,eventually lead to the default of “15 ShanShui SCP001”,essentially,this is about big shareholders infringe the rights of small shareholders.There are a lot of state-owned enterprises restructured into private enterprises in China,private enterprises have become important strength of social and economic development in our country,but as well as ShanDong ShanShui company,the arrangement of stock right was unreasonable in the process of restructuring,creating "executive control" situation,the small shareholders’ rights and interests is difficult to guarantee,causing many economic problems,and going against the healthy development of social economy.In this paper,we analyze the default case of “15 ShanShui SCP001”,and make some suggestions for solving the problem of big shareholders infringe the rights of small shareholders in those private enterprises that transferred from state-owned enterprise,perfect the small shareholders’ rights and interests protection system,promote the healthy development of social economy.The suggestions including expanding the applicable scope of suffrage-avoiding system,perfecting the system of the objection shareholder bribes the right of asking for and strengthening the right of small shareholders of calling shareholder meeting.At the same time,ShanDong ShanShui company is bilateral debt issuers,based on the analysis of “15 ShanShui SCP001” bond default case,Learning overseas’ advantages in safeguarding the legitimate rights and interests of bond investors,and so on.The advice includes setting the terms of paying in advance to protect creditors and perfecting bankruptcy system,improving the investors’ consciousness to protect themselves,and introducing the credit default swaps to enhance the ability of market to hedge credit risk,and so on.improving China’s bond market,promoting the healthy development of the bond market in China. |
