Research On The Information Disclosure System Of The Company's Credit Debt

Under the normal condition of breach of contract,scientific and reasonable disclosure of information helps investors to make accurate and reasonable pricing of bonds,take their own risks and make investment decisions that conform to their own characteristics.And with the development of China's bond market,corporate bonds are gradually changing from approval system to registration system.Regulators need to ensure the continuous improvement of information disclosure system.Therefore,based on the background of default normalization,it is of great practical significance to study the information disclosure system of corporate credit debt and improve its path.Firstly,this paper from the information disclosure will help ease the information asymmetry,the disclosure of information on the quality of the bond market,the problem of default under the normalization of information disclosure and company credit debt information disclosure system in our country to perfect the countermeasures from four aspects reviewed the research achievements about information disclosure at home and abroad.Secondly,this paper analyzes the evolution and influence of the information disclosure system of the company's credit debt in detail,and uses the structural catastrophe theory to test the influence of the evolution of the information disclosure system on the liquidity of the corporate debt.The empirical analysis shows that the information disclosure system of the exchange bond market has a positive effect on the improvement of the market quality.Thirdly,from the unique characteristics of the rigid cash payment in China's bond market,the information disclosure of the corporate debt market and the response of the market to information disclosure are more sensitive through case analysis.This paper selects the“11 Meng Nailun" case of default,the issuer and the bond contract has made detailed analysis.Then,this paper points out the problems of“11 Meng Nailun" in the process of continuous information disclosure,and analyzes the causes of information disclosure from three aspects of pressure elements,opportunity factors and pretext elements in the theoretical framework of fraud triangulation,and uses event analysis to study the city of“11 Meng Nailun" information disclosure.Field reaction,through the study of credit spreads,finds that after the rigid payment is broken,the market is more sensitive to information disclosure,and the value of information disclosure is more prominent.Finally,this paper draws from the experience of "11 Meng Nailun" case,and puts forward suggestions and countermeasures to improve the information disclosure system of the company's credit debt under the normalization of default,so as to promote the healthy development of the corporate debt financing and further improve the quality of the corporate debt market.