Research On The Default Risk Of Jingui Silver Company Bonds

Since the entry of corporate bonds into the bond market in 2007,my country's bond types have become more abundant,the market has become more stable and complete,and it has become more mature.The emergence of corporate bonds has also injected new vitality into private enterprises.However,my country's bond market started late and its development is immature.Compared with foreign countries,there is still a big gap.Especially before 2014,due to rigid redemption,there were no bond defaults in my country.It was not until the emergence of the "11 Chaori Bond" that the implicit guarantee umbrella was broken.Since then,bond defaults have occurred more and more frequently,especially in 2018 and 2019,which reached a new climax.At the end of 2019,there were only 209 bonds in default in my country,and the default amount exceeded 100 billion yuan.So far,bond default has been a widely discussed topic.Based on this,this article selects the company that newly experienced bond defaults in2019-Jingui Silver as a case study.The research question of this article is: What is the main risk cause of bond default in the gold,gold and silver industry? How to effectively identify and prevent bond default risks?First,this article sorts out relevant research,finds out the gaps in the literature,and conducts a descriptive statistical analysis of my country's bond issuance and default status to determine the starting point and research background of this article;secondly,it uses a combination of "5C analysis" and empirical analysis to build a comprehensive risk identification index system,which can identify the risk of bond default;thirdly,it takes the Jingui Silver Industry as a case to analyze the causes of bond default.The main reasons for its default are external and internal factors.The external environment involves the social financing environment,industry policies and industry cyclicality.The internal factors are mainly chaotic corporate governance,aggressive corporate strategies,and poor company operations that lead to worrying financial conditions.There are many negative credit issues,and the combined effect of internal and external factors has led to the default of the issuance of corporate bonds by Jingui Silver.Finally,this article puts forward the following countermeasures and preventive suggestions from the perspective of business operators:(1)Improve corporate governance structure and governance mechanism;(2)Reasonably formulate corporate strategy;(3)Strengthen corporate financial management.This article analyzes the case of Jingui Silver Industry,mainly to find out the reasons for the bond default in Jingui Silver Industry,which can help the management have a clearer and comprehensive understanding of corporate governance,internal control,and current operating conditions.It can serve as a warning to other similar companies,and it can also allow investors to have a deeper understanding of the company,so that they can adjust their investment strategies to avoid greater losses,thereby promoting the stable development of my country's corporate bond market.