Research On Causes And Countermeasures Of Sunnsy Group Bond Defaults

In recent years,the frequent enterprise credit crisis--bond defaults is the most striking thing in the bond market,and many enterprises occur financial crisis that they are unable to repay debts on time.Over the past 10 years,China's trust industry gets rapid development because of an unwritten rule in China's trust--rigid payment.Both investors and issuers always choose bonds widely because they think it is the safest way to profit,when they weigh the two factors of profitability and security.However,rigid payment is not only contrary to the principles of the market,but also is a huge stumbling block of the development of enterprises.With the globalization of the world and the marketization degree is becoming more and more obvious,if Chinese enterprises want to achieve new development and become the top companies in the world truly rather than relying on merging and expanding,rigid payment must be broken.Since 2015,more and more bond defaults.China's bond market begins to slowly return to rational with the disappearance of rigid payment.So,if the enterprise is caught in the payment crisis of bond default,how should the managers of the enterprise treat and deal with the crisis correctly?In this paper,SUNNSY GROUP is chosen as a case representative to be analyzed.This paper is based on the theory of financial crisis.And the bond defaults of SUNNSY GROUP is analyzed from various aspects,such as the financial and non-financial enterprises,the internal and external aspects.Besides,this paper offers countermeasures and suggestions for SUNNSY GROUP,in order to provide the enterprise managers other researchers some references of such crisis.In addition,the purpose of this paper is to summarizing some enlightenment and experience for cement industry even other overcapacity enterprises that issuing bond.Helping the sustainable development of domestic enterprises is also the purpose of this paper.This paper is launched from the following six parts:preface,theory introduction,case introduction,causation analysis of bond defaults of SUNNSY GROUP,countermeasure research of bond defaults of SUNNSY GROUP and the conclusion and prospect.First,the preface mainly introduces the research background,purpose and significance,the related literature review,research content and framework;secondly,the theory part mainly introduces the relevant theories and concepts of financial crisis and bond;the third part introduces and analysis the basic information of SUNNSY GROUP and the process of bond defaults;the fourth part is the case analysis,and the bond defaults of SUNNSY GROUP is analyzed from two aspects in this part:financial analysis and non-financial analysis in order to explore the risk of enterprise bond payment crisis and lay the foundation for the follow-up countermeasures;the fifth part is the research of countermeasures against the SUNNSY GROUP bond payment crisis,and this paper puts forward some suggestions on how to deal with the debt default crisis based on the causation analysis of the fourth part;finally,the conclusion and implications part summarizes the relevant analysis of the case enterprise bond payment crisis,and makes the prospect of the future financing and development prospects of cement manufacturing enterprises with overcapacity.