| In the early stage of the development of bond market,treasury bonds were the main issue targets of the bond market.After 30 years of development,the bond issuers and bond types were increasingly diversified,and the bond issuance scale expanded rapidly.However,at the same time of the rapid development of the bond market,macroeconomic downward pressure has increased and the economic growth rate has slowed down.Since the "11 super-day debt" contracted in 2014,the bond “rigid redemption” was broken,and bond default has entered a period of frequent occurrence.The bond defaults have experienced a shift from nothing to nothing,and bond market credit risk is gradually being released.The essence of this is due to the excessive diversification of the issuers of the previous bond issuers and the excessive support of the bond market for their financing.In 2018,the number of defaulted bonds reached 123,and the default amount was as high as 119.851 billion yuan,exceeding the 39.39% of the default amount in 2014-2017.It can be seen that the default situation of bonds is still grim.The impact of frequent bond defaults is multifaceted.It will not only increase the financing costs of the issuers,but also affect their ability to continue to operate.It also affects the interests of investors and their willingness to invest.Since 2017,under the impetus of the “three to one supplement” policy,the overall credit conditions of the society have gradually tightened,and corporate refinancing has become more difficult.Under the premise of external capital inflows being blocked,the highly strained capital chain has become very fragile,resulting in frequent bond defaults.Dandong Port Group,as the first privately-owned enterprise in port industry to default on its bonds,has insufficient solvency in the overall situation of the company’s poor management.From 2010 to the first half of 2017,the company’s Dandong Port Group issued a total of 28 bonds,raising a total of 33.41 billion yuan of funds.From October 23,2017,"14 Dandong Port MTN001" substantive default to the first half of 2018,the company defaulted on five bonds,with a default amount of 5.4 billion yuan,involving several fund companies,banks,rating agencies and trustee agencies,with a wide range of influence.Based on the Dandong Port Group’s bond default case,this paper uses case analysis method,the literature review method,and ratio analysis method to analyze the current status of bond default research and the Dandong Port Group bond default process and its causes.Through analysis,it was found that the default of Dandong Port Group’s bonds was mainly caused by poor management and management,insufficient supervision by relevant parties of bond issuance and a downturn in the external economic environment.Based on the above reasons,this paper puts forward the following suggestions: Firstly,strengthen the company’s operation and management,mainly including improving the company’s risk prevention awareness and rationally adjusting the capacity expansion strategy.Secondly,it is necessary to give play to the supervisory role of intermediate institutions.Among them,rating agencies should change the charging model and enhance information transparency;improve the bond trustee system,mainly including setting up a firewall between bond underwriting and entrusted management departments and actively implementing bond trustee management.Incentives and restraint mechanisms to reduce conflicts of interest and maintain a balance between bond trustee responsibility and compensation.Thirdly,regulators should harmonize regulatory standards,strengthen information disclosure and reduce dependence on rating results.I hope this article can provide some reference for the private enterprises similar to Dandong Port Group in reducing the risk of bond default and the effective supervision of external regulators and intermediaries in the issuance and survival of bonds. |
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