Case Analysis Of Bond Defaults Of Listed Company

The bond market has experienced more than 30 of the development,and has increasingly become a very important part of China’s capital market.Since 2014,China’s economy has entered the "new normal",in this period of economic transition,the market credit risk is gradually released,more and more companies default.In 2014,there was the first case of bond default in our country,and by the end of 2018,336 bonds had defaulted and the amount of default had reached 253.836 billion yuan.In particular,in 2018,a total of 175 bonds defaulted,the total amount of default was about 160.089 billion yuan,the number of bond defaults and the size of defaults exceeded the sum of previous years.In the context of the increasing normality of bond defaults,find out what affects defaults and study how to deal with violationsRisk is becoming more and more important.Therefore,we think that it is of practical significance to use the typical case depth to explore the reasons for the default of corporate bonds,and can provide reference for preventing credit risk.July 5,2018,the Shanghai Clearing exchange announcement said that July 5 is Wintime Energy 2017 fourth short-term financing voucher(referred to as 17 Wintime energy CP004)coupon Payment day.As of the end of July 5,Wintime Energy had still not paid the funds for the payment of interest payments to shangqing.Subsequently,a number of its bonds have defaulted in succession.The amount of Wintime energy defaults exceeds billions,which has had a significant impact on many of the financial institutions associated with it.Arguably,Wintime energy is typical of a2018 bond default.This paper uses case study method and comparative analysis method,through the in-depth study and analysis of Wintime Energy bond default incident,find out the factors that affect its default,and put forward relevant suggestions in combination with the case.On the basis of the existing research on domestic and foreign bond defaults,this paper first summarizes the cases of default that have occurred in the bond market so far.Secondly,through the combing and review of previous cases,we generalize a few factors that will have an impact on default,mainly the macroeconomic downturn,the fluctuation of the industry and the deterioration of business can lead to the occurrence of default.Next,we explored Wintime energy defaults in an attempt to dig into the causes of default from two angles,both internal and external.internal factors include development strategy and operating conditions,external factors may include macroeconomics,policy environment,industry development status and so on.Finally,we get the enlightenment from the case,from different angles on how to deal with the credit risk put forward practical suggestions.Hope to arouse the attention of all parties to the risk of default,and jointly promote the healthy development of the bond market.