Study On Influencing Factors Of Bond Default In Northeast Special Steel

Since the reform and opening up,the country's rapid economic development is inseparable from infrastructure construction and industrial development.Iron and steel industry,as the raw material provider of infrastructure construction and industrial development,plays a decisive role.However,at the same time of the rapid development of national economy,the excessive pursuit of expanding scale has led to the phenomenon of overcapacity in the steel industry.In order to pursue greater output value,some iron and steel enterprises blindly invest a large amount of capital.Their internal financial management system is backward and their awareness of financial risk is weak which eventually leads to the rupture of capital chain and even bond default.Since the implementation of short-term financing vouchers in China many enterprises have been helped to solve the problem of short-term capital demand,and the enterprises themselves have achieved very rapid development.But like steel capacity,The bond market also quietly brings risks.On March 4,2014,shenzhen stock exchange issued a notice that the interest on the current period of "11 super Japanese bonds" could not be paid on the original agreed date.In this way,China's first public debt bond default case occurred.On March 28,2016,northeast special steel group co.,ltd.also issued a notice saying that its short-term financing voucher "15 east special steel CP001" could not be repaid on the maturity date,constituting a material breach of contract.In the next few months time,the rest of the northeast special steel successive occurrences of a bond default total the amounts involved seventy several hundred million,capital scale and the first bond defaults or local state-owned enterprises,this to our corporate "rigid payment" and the government to "Implicit guarantee"formed a larger impact,let the market began to alert.This article through to the northeast special steel bond default event occurs in the first threefive years of financial statement analysis,combined with the data of "taigang group" in the same industry,the depth of mining the actual operating situation of the northeast special steel,look for signs in front of the default,from the perspective of financial research on the reasons of default occur,as well as to how to strengthen enterprise financial risk prevention,risk early warning and risk control are proposed,and the normative and mechanism of the bond market in our country.