Analysis And Research On The Reasons For The Default Of Bonds In Kaidishengtai

As China's economic development enters the new normal,the growth of China's macro economy has left the stage of high-speed growth and entered the stage of medium-high growth.Meanwhile,with the continuous promotion of "destocking,capacity reduction and leverage reduction",the financial risks and operational risks of enterprises with low anti-risk ability in China are gradually exposed.In addition,with the implementation of the new asset management regulations and the escalating sino-us trade friction in 2018,the credit risk of the bond market is also exposed,and the frequency of bond defaults is increasing.In March 2014,"11-day bond" deferred interest payment became the first default case in China's public debt bond market,thus breaking the tradition of rigid payment of bonds in China.According to Wind,by the end of 2019,China had 428 bonds in default,with the default scale reaching 351.708 billion yuan.Kaidi Ecological and Environmental Technology Co.,Ltd.In the event of a default is before biomass power generation industry leading enterprises,financing environment relatively loose phase during the first two years through various external channels to raise funds for large-scale acquisition of expansion,from leading enterprises to insolvency or even facing delisting this shift very suddenly,Kaidishengtai defaults of the credit debt default cases in our country have a certain representativeness and uniqueness.In this paper,Kaidi Ecological and Environmental Technology Co.,Ltd.Bond default cases are selected as the research object.By learning and referring to relevant studies on bond default by domestic and foreign scholars,the reasons for bond default in Kaidishengtai are analyzed under the guidance of trade-offs theory,information asymmetry theory and financial distress theory.Through the analysis,it is found that the bond default of Kaidishengtai is the result of the combination of internal and external factors,including the tightening of external financing channels,low gross profit of the industry and the lack of rigorous supervision,as well as a series of internal factors.However,the fundamental reason for bond default of Kaidishengtai is internal.Bond default to dig deeper into the internal factors,this paper studies have found that the root cause of bond defaults is blind activist within the enterprise investment strategy,financing structure is unreasonable,the low management efficiency and liquidity shortage caused by chain,and based on this the paper puts forward the reasonable layout of enterprise strategy,strictly control the financing risk,improve the management level and enhance the level of liquidity management countermeasures and suggestions of how to better to issue bonds listed on the main body is presented to guard against and dissolve the credit debt default risk,the improvement of investor risk awareness play a positive role.