Research On Sichuan Coal Group Bonds Default

At present,the development of China's corporate bond market is relatively mature,but with the slowdown in the growth rate of China's economic development in recent years,economic development has entered a period of slow growth,the national economic structure has gradually transformed,and there has been excess capacity in the supply and demand side of the market.As a result,the operating efficiency of enterprises has continued to decline,which has led to the emergence of corporate bond defaults in the relevant corporate bond market.The first breach of corporate bonds in China occurred in 2014.Since the breach of the 11-day super-debt,there have been successive defaults on other bonds in the market.Investors in the bond market gradually calmed down from the previous aggressive investment attitude.Sichuan Coal Group,which also owns state-owned assets,also experienced bond defaults in 2016,making it difficult for investors to recover risk appetite for overcapacity industries in the short term.The rigid redemption of state-owned enterprise bonds not only makes the bond market resources continue to tilt toward state-owned enterprises,but some state-owned enterprises with relatively poor qualifications and relatively high risk of default have also received funding support from the bond market.This article mainly studies the bond default event of 13-chuan coal PPN001.Firstly,it briefly reviewed the development process of Sichuan Coal Group's bond default event,analyzed the financial status of Chuanmei Group through DuPont analysis and Z-Score model,and used the Morton model to calculate each year's bond of Chuanmei Group.Probability of default.Then analyzes the reasons for the default of Chuanmei Group corporate bonds,which is the core content of this article.The reasons for the default of the Sichuan Coal Group's bond were analyzed from the perspectives of the market supervision measures of China's corporate bonds,the rating of corporate bonds,the industry of Sichuan Coal Group,and Chuanmei Group's own reasons.The last part is the summary of the content of this article.Through the foregoing analysis,we have obtained the reference value for the continuous and healthy development of the bond market in the Sichuan Coal Group bond default event,and we can learn relevant lessons from it.Strengthening the supervision of the bond market,raising the rating of bonds and the quality of investors can reduce the losses of bond investors,while the industry's macro-control and perfect bankruptcy clearing system can carry out good remedial measures after the occurrence of bond default events.The default of individual state-owned enterprise bonds does not represent a decline in the creditworthiness of all state-owned enterprises and corporate bonds.Through the analysis of this article,investors in the market can help the investors in the market to fully understand the corporate bonds of state-owned enterprises and hold a correct attitude towards the relevant bond investment.