A Case Study Of Bond Default About Zhuhai Zhong Fu

Throughout the market economy,the development of China's bond market has been known as steady,until the end of 2017,the bond size reached 49.29% of the securities market.As for the bond market,bond financing,as an important means of enterprise financing,can effectively disperse the risk of the banking system and prevent the structural financial risks,and increase the efficiency of resource allocation while increasing the efficiency of capital use.For companies,it provides an expanded source of funding and relieves capital pressures.In recent years,with the development of bond market,the debt default in our country has broken the original rigid honour situation.From 2014 to 2017,the number of default events has climbed every year,and in the case of frequent default of bonds,it is very important to study and analyze the causes and risks of bond default.Bond default is very common in European and American markets,its theoretical and academic research is more mature,domestic scholars have always borrowed foreign research results,but the actual case of the study is less.The listed company is the main body of the national economy,the bond default is very important to the enterprise and the market,once the bond defaults,the debtor and the investor will be affected.In this context,this paper aims to take the case of the bond default event of the Zhuhai ZhongFu Industrial Co.,Ltd.(hereinafter referred to as "Zhuhai ZhongFu"),to analyze the multi-level reasons of the default of the listed companies ' bonds,and to construct the framework of the risk identification of the breach.First of all,to be familiar with domestic and foreign research methods and theories,the paper makes a comprehensive description of the causes and methods of the bond default and the related literatures.And then,in the case of the "12-in-01" bond defaults issued by Zhuhai,this paper probes into the multi-level reasons of the internal and external defaults,including the macro-economy,the industry situation,the company status and the financial situation.Then,based on the above reasons,Identify the default risk identification method,use the fuzzy comprehensive evaluation method to construct the risk Identification Systemframework.The purpose of this paper is to provide some reference for investors,enterprises and the market to identify the credit risk,and finally to draw the corresponding enlightenment.