| Since 2005,China’s bond market has developed rapidly,but the rapid growth of the bond market is also accompanied by excessive financing of enterprises,credit risk accumulation and other problems.Some enterprises use the mode of borrowing new and returning old for fund operation and debt development.Excessive financing lays the foundation for the outbreak of credit risk later.Therefore,the study of bond default cases plays a very important role in preventing corporate credit risk.Based on this paper expounds in detail the research status of bond defaults at home and abroad,after selecting corporate bond defaults in 2018-2019,ranked second in default of xinguang group as an example,through combing xinguang group process of bond defaults,and then with the help of agency theory,information asymmetry theory and the theory of financial difficulties from the macroscopic level and company level combining quantitative and qualitative analysis of xinguang group,this paper explores the reason of bond defaults findings: first,ownership concentration,invalidation of internal control,internal management confusion leads to strategy and behavioral decision lacks objectivity;The strategy of 100 billion yuan is too radical,and blind diversification leads to excessive financing.Secondly,the company is also facing financial difficulties.The short-term debt pressure is high,and the assets are mortgaged,which leads to extremely poor liquidity.The backdoor listing performance is under pressure,but the actual profitability is poor.In the end,in the case of financial difficulties,there was a lack of bond risk control,and bond issuance continued at high interest rates,which eventually led to the tragedy of bond default.To solve the above problems,the corresponding countermeasures are proposed as follows: selecting professional managers to improve the internal governance of the company;Promote related diversification development to adjust the strategy,focus on upgrading the main business,reasonable financing to get rid of financial difficulties;Establish risk early warning and strengthen digital monitoring to control bond risk.Finally,the effectiveness of the proposed countermeasures is verified by simulation test. |
