| Bond financing is one of the main ways for corporate financing.In some developed countries in Europe and America,bond financing constitutes the main mode of corporate financing.China's bond market started late.Under the strong support and development of the country,the bond market has developed rapidly,and the “rigid pay” status of the bond market has become the norm.In the past five or six years,although the scale of China's bond financing market has increased significantly,the risk awareness of bond investors is still insufficient.Until 2014,the “11 Super Daily Bonds” defaulted,becoming the first case of default of credit bonds in China.The bond investors in China have really come into contact with the bond credit risk.With the expansion of the bond stock market and the accumulation of bond credit risk,bond default events broke out in 2015 and 2016.After the effective release of default risk,the risk of default in 2017 decreased.According to statistics of Wind Information,by 2017,the bond market had a total of 137 defaulted bonds,involving 59 issuers of bonds,and there were multiple defaults by the same issuer.Based on the frequent occurrence of default events in China's bonds and the repeated default of the same issuance of debts,this paper selected Zhuhai,which is the default event for bond defaults,based on the theoretical analysis of default risk analysis and default control mechanism for corporate bonds at home and abroad.Zhongfu Company analyzed the case of corporate bond default,analyzed the causes of the bond default,explored the issues of corporate governance,operating principles,financing strategies,and non-compliance handling mechanisms of the defaulting party,and sought deeper reasons for the breach of the bond,attempting to pass the breach of Zhuhai Zhongfu Company.Characteristics and default handling methods to study the common problems of corporate bond market defaults,and finally come up with suggestions and inspirations for regulators,companies,investors,and rating agencies.The research ideas are as follows: First,this article will introduce the cause and effect of the breach of contract between Zhuhai Zhongfu “12 Zhong Fu 01” and “12 Zhu Zhong Fu MTN 1” and the process of default settlement.Secondly,from the industry level,the company analyzes the status quo of the industry facing the company;from the perspective of the company's operations,it analyzes the controlling shareholders' behaviors,related transactions,business conditions and other influencing factors;from the perspective of financing,it analyzes the high corporate pledge rate and mismatch of debt maturity.Problems such as high debt ratio;from the perspective of rating,analysis of the results of rating agencies lags behind and the lack of rating system;from the aspect of non-compliance disposal mechanism,the issue of debt deferral is analyzed.Finally,the article will propose countermeasures and suggestions for the supervisory level,companies,and rating agencies from both internal and external measures in response to the company?s existing problems and the underlying causes of corporate bond defaults.In terms of corporate governance,it is necessary to increase profitability o f operations,strengthen financial risk control,improve corporate governance structure,optimize external financing channels,and optimize the disposal mechanism for breach o f contract;in the supervision of the bond market,it is necessary to strengthen the disclosure of issuers and strengthen the construction of credit markets.Establish and improve the credit rating system. |
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