| For a long time,China's bond market has begun to take shape under the protection of rigid payment.According to the statistics released in May 2019,the custodian scale of China's bond market has exceeded 91 trillion yuan,making it the world's second largest bond market after the United States.However,it was not until March 5,2014 that the "11 Chaori Bonds" issued by Shanghai Chaori Solar Energy Technology Co.,Ltd.actually defaulted,which opened the prelude to the normalization of default in China's bond market.Since then,increasing the number of defaults in the bond market,the quantity and the increase of the number of the default of bond issuance are put forward new requirements to the development of China's bond market,using the method of case study,explore the reasons behind the bond defaults,to prevent corporate bond default risk,maintain the healthy development of the bond market in our country,has profound significance to protect the interests of the investors.Before just tai group has been favored by the market,just Thai holdings,known as "the first Internet jewelry" title,the company adopts very competitive "Internet +" business model,at the same time,numerous group subsidiary,including gold,gold jewelry processing enterprises,O2 O jewelry brand,the company basic have gold jewelry whole industrial chain,the company who owns the resources endowment did bond defaults,the reasoning behind this is indeed worthy of our in-depth study.This article selects just group case study of bond defaults,that is why just tai group in China since 2018,the corporation "defaults",to a certain extent,represents the default for the highest percentage of corporation group in recent years,study of the case will help us better understand the causes for default of the private enterprises.In order to study the case of Gangtai Group,the paper is divided into four parts.The first chapter puts forward the research background and significance,lists the research methods and contents of the paper,and starts from the basic theoretical basis,referring to some excellent literatures of Chinese and foreign scholars.Starting from the second chapter,the basic information of Gangtai Group and the situation of bond issuance are summarized,the course of the company from bond issuance to bond default is explained,and the situation of bond default,rating change and the company's subsequent treatment of bond default are introduced.In chapter three,through the analysis of the company's solvency,it is confirmed that corporate bond default is almost inevitable,and then the reasons leading to corporate default are analyzed,which are respectively weak profitability,aggressive foreign investment and difficulty in refinancing.The fourth chapter puts forward Suggestions from the perspective of bond default risk management and control,analyzes financial data through the financial early warning mechanism,and then proposes to formulate clear development strategies and strengthen enterprise operation and management based on the reasons for corporate default,and proposes to adjust the company's financing structure to get rid of dependence on external financing.In addition,this paper analyzes the common causes of private enterprises' defaults,and provides some inspirations for strengthening the protection of bond investors.Finally came to the conclusion that just tai group,though only a single case,but just Thai group default at the same time,the study on more private enterprises default to make analysis and research,also can help more enterprise risk prevention,at the same time,the bond market investor protection also puts forward the enlightenment,to further expand in this paper,the significance of the bond market,to promote the benign development of the bond market weak contribution. |
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