| 2021 is the 40th anniversary of the re issuance of treasury bonds since China's reform and opening up.Since 1981,China's bond market has gone through arduous exploration,reform and practice,development and expansion,and international integration,and now it has become the second largest country in the world.The development of China's bond market provides a strong driving force for the rapid development of China's economy.In recent years,China's bond market has developed very rapidly,and the scale and amount of bonds are increasing year by year.In 2020,China's bond market issued a total of 37.75 trillion yuan of various types of bonds,an increase of 39.62%.The rapid development of the bond market provides financing channels for China's enterprises.However,with the first default of "11 super day bond" in China's bond market in 2014,the number of bond defaults in China is increasing year by year.Especially in the past two years,there are more and more default subjects in China's bond market,and the number and amount of default are rising.In 2020,the new default scale of China's bond market will be as high as 125.375 billion yuan,with a year-on-year growth of 1.68%.Although the growth rate is lower than 4.99% in 2019,the default amount is still expanding.Although bond default is a natural phenomenon,if bond default occurs frequently and there is no sound bond market rules and protection mechanism to protect investors,investors will lose confidence in the bond market and the financing channels of enterprises will be limited,which is not conducive to the healthy development of the bond market.Therefore,this paper hopes to find out the reasons of bond default and put forward some suggestions through the analysis of Jingui bank,which is the enterprise with bond default,so as to give some inspiration to the relevant enterprises and the relevant parties in the bond market.Chenzhou City Jingui Silver Industry Co.,Ltd.,hereinafter referred to as Jingui Silver,was officially established in Chenzhou City,Hunan Province on November 8,2004.In 2014,the company was listed on the Shenzhen Stock Exchange and won the title of the first domestic silver stock.The company's main business is silver smelting and deep processing,supporting lead smelting,and comprehensive recovery of valuable metals.In November 2019,the company defaulted on its bonds for the first time,and then in December of the same year and April of the next year.So far,three bonds of the company have substantially defaulted.As the first share of silver in China,Jingui silver has a certain representativeness in the non-ferrous metal industry.Therefore,this paper chooses Jingui silver as the research object of bond default.Firstly,this paper combs the relevant theories and literature of bond default,and then introduces the relevant information of Jingui silver and the process of bond default.Since there are many reasons for the default of bonds in Jingui silver,the reasons for the default of bonds in Jingui silver are analyzed from the external economic environment,the enterprise's own operation and the relevant parties in the bond market.Of course,it is also inseparable from the external economic factors of the economic downturn,the industry recession and the inadequate supervision of the relevant parties in the bond market.Finally,based on the above reasons and combined with the characteristics of the non-ferrous metal industry,the paper puts forward some suggestions for investors,including improving risk awareness and professional quality.For bond issuers,it includes formulating reasonable business strategy,improving management level,improving internal control and getting rid of financing difficulties.For the relevant parties in the bond market,the rating agencies need to improve the construction of the credit rating system,and the regulators need to improve the supervision level and strengthen the supervision. |
PDF Full Text Request