"16 Fengsheng 03" Bond Default Causes And Risk Prevention

At present,China's economy is in an important moment of rapid rise and the pursuit of transformation and upgrading.China's bond market is also gradually improving and rising rapidly.The main participants continue to expand capacity,and bond products continue to innovate.Due to the decline of macro-economic growth and the maturity of bond market,the risk of bond market is gradually emerging.The frequent occurrence of default events,the diversification of default subjects and the normalization of default phenomenon in bond market in China have brought great impact on the healthy development of economic society and bond market.This paper takes "16 Fengsheng 03" bond default as a case.Firstly,it introduces the research background and significance,research content and research methods,and combs related concepts,literature review and theoretical basis.Then it analyzes the current situation of bond market default in China,and reviews the basic situation and default facts of default bonds and bond subjects.Secondly,based on the Z-score Model,this paper analyzes the early warning of the company's credit risk,and draws the conclusion that the company's financial situation is not stable,and it is gradually deteriorating in recent years,and the possibility of financial risk is very high,and the rating results of rating agencies are better than that of the current year's financial situation,which shows that the rating results of rating agencies are not objective,and it also reflects the regulatory agencies on the bond market There is no effective supervision.At the same time,through the AHP risk evaluation of bond default risk factors,we estimate the influence weight of each risk factor on bond default,which lays the foundation for bond default cause analysis.In view of the causes of bond default,this paper proposes to strengthen the construction of credit enhancement market,expand the scope of mortgage and pledge collateral,expand the construction of credit investigation system,improve the compensation guarantee system,strengthen the responsibility of information disclosure,focus on the supervision of the defaulting issuers,give risk tips to investors,improve the credit rating mechanism,develop and improve the rating Key and basic indicators of the industry,guide public opinion to truly and impartially disseminate the credit rating results of the bond market,and give play to the role of the government.Based on the perspective of corporate development,this paperproposes to postpone the industrial layout of the company,improve the internal profitability,improve the financing decision-making mechanism,optimize the debt maturity allocation,reasonably select the corporate bond issuance and transaction structure,ensure the smooth financing,reduce the guarantee proportion,reduce the mortgage financing,and improve the liquidity of the company's assets,so as to promote the sound and healthy development of the bond market.