Case Analysis Of Shengyunhuanbao Bond Default

Bond market is an important part of China's financial system and one of the important financing channels of China's real economy.After more than 30 years of development,China's bond market has continuously improved its financing scale,enriched its products,and diversified its participants.At the same time,the risk of bond default has been accumulating.Since the default of "11Chaori Bond" in 2014,the default of bonds in China has become more and more serious.Under the background of macroeconomic downturn and the bond default event in 2018 reached a new climax.According to Wind statistics,124 bonds defaulted in 2018,involving the amount of 120.56 billion.The number of defaults and the scale of defaults exceeded the sum of the previous four years.Private enterprises and listed companies became the important characteristics of this round of bond defaults.In this new context,it is necessary to sort out and analyze the bond default event,and study the causes of their default,so as to prevent the risk of bond default.This paper mainly uses case study method to analyze the default of Shengyunhuanbao's bonds.On the basis of reviewing the default of Shengyunhuanbao's bonds,this paper explores the causes of its default and draws inspiration and suggestions.This paper is mainly divided into six parts in structure: the first part is introduction,which mainly introduces the research background,research significance and literature related to bond default;the second part is related concepts and theoretical basis of bond default,which mainly introduces the related concepts and theories of bond default;the third part is the case introduction of Shengyunhuanbao's bond default,mainly including the company's basic situation,the company's debt situation,the bond default and so on,which lays the foundation for the follow-up analysis;The fourth part is the analysis of the causes of Shengyunhuanbao's bond default,which mainly analyses the causes of Shengyunhuanbao's bond default from four perspectives: corporate governance,corporate management,external environment and regulatory agencies,this part is the core of this paper;The fifth part is the case enlightenment of Shengyunhuanbao's bond default,which mainly summarizes the enlightenment from the key factors of Shengyunhuanbao's bonds default to provide reference for participants in the bond market to prevent the risk of bond default;The sixth part is the conclusion,which mainly summarizes the research of this paper.