Research On Default Risk And Control Of Zhuhai Zhongfu Bond

As the largest capital market,bonds still have many defects and shortcomings in China's development.Since the "11-day bond" broke the zero default of bonds in 2014,the frequency of bond defaults has become higher and higher in recent years.By the end of 2018,there were more than 200 defaulted bonds with a default value of nearly 200 billion yuan,endangering most types of ownership companies and various types of bonds.From 2019 to March,seven companies have defaulted on their bonds in just one quarter.At first,the default of bonds in China mainly occurred in the private market.After 2016,the default of bonds began to appear in the public market,which shows that the risk of default of bonds is increasing.This article starts from the case of Zhuhai Zhongfu Industrial Co.,Ltd.,and the company's 2012 “12 Zhongfu 01” corporate bonds cannot be redeemed on the original agreed redemption date,that is,on May 28,2015,The principal and interest were not redeemed as scheduled and a debt default occurred.In the end,after a period of five months of default,all redemptions were finally completed through a series of means.Subsequently,on March 28,2017,“12 Zhongfu MTN1” defaulted.This paper deeply analyzes the causes and impacts of bond default events in Zhuhai Zhongfu Company through macro environment,industry development and internal management.It also conducts financial calculations and analysis of various indicators through operational capability,solvency,profitability and development capability,mainly to study the impact of the bond on its financial status after default.It can be seen that the business situation of Zhuhai Zhongfu Enterprise continues to fall,the ratio of debt to assets is too high,fixed assets are used to repay debts,the main business is single,the major shareholders are unstable,and the external financing channels are single.Based on these problems,this paper puts forward some targeted suggestions in the fourth chapter,such as formulating a reasonable strategy,improving the organizational structure,establishing risk warning,and improving operational capabilities.It hopes to promote the stable and stable development of the Chinese corporate bond market and enhance market participation.The risk awareness of the people has certain reference significance,and at the same time helps to improve and adjust the bond market system under Chinese specific market environment.At the end of the article,the paper summarizes the full text,and obtains the systematic reasons for the default of Zhuhai Zhongfu Bond,and puts forward advices,and points out the shortcomings of the article.