| In recent years,the most striking event in the bond market is the frequent outbreak of the corporate credit crisis and the increase in the number of bond defaults.In the default of 2018,the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of Over the past decade,China's trust industry has been developed rapidly due to an unwritten practice on the Chinese trust market,whether it is for investors or financiers,trade-offs and security.The bond is widely used because of its sound way of profit.However,rigid payment is bound to violate the law of the market,but also a huge stumbling block to the development of enterprises.With the globalization of the world and the increasingly obvious degree of marketization,if Chinese enterprises want to achieve new development,they will truly become the top 100 enterprises in the world,instead of simply relying on merger and reorganization,expanding the scale to win,the rigid payment must be broken.Into 2015,the "bond default"campaign intensified,the "cloak" of rigid payment,the development of China's bonds began to slowly return to market rationality.Since 2017,however,bond defaults have erupted again.The main body of default is listed private enterprises,accounting for 75.2%of the total default in 2018.On the whole,it is caused by the issuer's deleveraging and credit tightening under the macro background of excessive leverage and low rate of return on investment.But from the individual point of view,the direct cause of default is the lack of funds,the ability of capital management is not strong,that is,there is liquidity risk.With the rapid development of our country's economy,more and more corporate enterprises,people pay more and more attention to financial management in economic management activities.The most important content in enterprise financial management is the management of liquidity.The mobility management of the enterprise is related to whether the daily production and living activities of the enterprise can be carried out normally and whether the enterprise can develop in the long run.A large number of research results show that a large number of bond defaults occur because companies are trapped in a liquidity depletion situation for a variety of reasons.It can be seen that if enterprises want to develop steadily for a long time,they should pay attention to the liquidity risk.Manage work to avoid falling into a liquidity crisis.The case selected in this paper is representative in the bond default tide from 2017 to 2018.It was once a listed private enterprise of the industry "giant"-Fuguibird Co.,Ltd.After understanding the default process of the "14 rich and noble birds"bonds,this paper analyzes the liquidity risk,which is the direct cause of its bond default,and analyzes the financial and non-financial factors.To help enterprises realize the importance of liquidity risk management to their survival and development,and to put forward countermeasures and suggestions for enterprises to deal with such crises,and to provide some references for managers and other researchers.It is expected to provide some suggestions and references for shoes and clothing manufacturing enterprises represented by rich and precious bird shares and other domestic debt issuing enterprises with similar problems.The content of this paper is mainly from the introduction,theory introduction,case default enterprise liquidity risk analysis and countermeasure research five chapters.The first part is the introduction,mainly on the research background and significance,literature review,research content and so on;the second part is to introduce the related concepts and theoretical basis of this paper;This paper introduces the related concepts of enterprise liquidity risk and bond default,introduces the theories of various financial early warning models,expounds the concrete contents of cash flow management theory,and discusses the theory of cash flow management.The third part has carried on the case introduction,mainly to the rich Guibird shares limited public The basic information of the company and the forming process of bond default are introduced,and the representative of Fuguibird in 2017-2018 default tide is explained,and after analyzing the influence of liquidity risk on bond default,The direct reason of corporate bond default is liquidity risk;The fourth part is the case analysis of this paper,mainly from the financial indicators and financial early warning model to analyze the formation of liquidity risk of the financial factors,and combined with non-financial factors.This paper summarizes all aspects of liquidity risk of Fuguibird Co.,Ltd.,in order to explore the risk point of bond default crisis in enterprises.The fifth part is the research conclusions and related recommendations.This paper first summarizes the liquidity risk of FuGuibird Co.,Ltd.,and then puts forward some suggestions on how to strengthen and deal with the liquidity risk of FuGuibird Co.,Ltd. |
PDF Full Text Request