Research On Bond Default Risk Identification And Response In Bond Issuance Audit Of Yongmei Group

In recent years,China's domestic macro-economy has declined,market demand is sluggish,and the bond market continues to release the risk of default.In recent years,the subject of default in China's bond market has shown a trend of transferring from private enterprises to state-owned companies.State-owned enterprises are the main driving force to promote local economic development.With support from the local government,investors are too superstitious about "state-owned enterprise belief" and favor the purchase of state-owned enterprise bonds.Once a state-owned enterprise defaults on its bonds,it will bring huge losses to investors and a serious blow to the bond market.In addition,the breach of corporate bonds will cause bond investors and regulators to pay high attention to the authenticity of the audited financial information of the issuing company in the recent three years,which virtually increases the audit risk of accounting firms.Given this,strengthening the research on the identification and response of bond default risk in bond issuance audit can not only reduce the bond issuance audit risk of accounting firm,but also be conducive to the healthy operation of China's bond market.The paper takes the bond default event of Yongmei Group as the research object and analyzes the influencing factors of corporate bond default risk in the bond issuance audit of Yongmei Group.Yongmei Company is a famous state-owned enterprise in Henan Province.Before the bond default,its book showed huge monetary funds.Yongmei Group's bond default exceeded market expectations,which attracted great attention from the bond market and investors,and the accounting firm providing audit services for the bond was investigated and punished by the bond regulatory authority.So in the process of bond issuance audit,what aspects should auditors identify the default risk of corporate bonds and how to deal with it? The specific contents of this thesis are as follows:Firstly,this paper shows the background and significance of the research,and sorts out the relevant literature on the influencing factors of bond issuance audit and bond default;Then it defines the characteristics of bond issuance audit and the meaning of bond default risk,and expounds the related research theories;Then it orders the bond default process and bond issuance audit status of Yongmei Group;Then,taking Yongmei Group as a case study,this paper analyzes the influencing factors of bond default from both internal and external perspectives,mainly including macro-economy,industry characteristics,external support,corporate governance,business operation ability and financial status;Then,according to the above analysis of the influencing factors of ba and default,the fuzzy comprehensive evaluation method is used for quantitatively analyze and evaluate the overall risk of corporate bond default in bond issuance audit.The research results show that the level of bond default risk of Yongmei Group is "very high",in which the business operation ability and financial status of the company belong to the field of high risk;Finally,basedonf the risk assessment results,this thesis puts forward countermeasures for the risk factors affecting bond default in the bond issuance audit of Yongmei Group.This paper uses qualitative and quantitative risk identification and evaluation methods.The results show that the corporate bond default risk in the bond issuance audit of Yongmei Group is very high,and the bond default did occur in Yongmei Group in the later stage.It shows that in the bond issuance audit,certified public accountants can fully identify the corporate bond default risk by using scientific and effective methods,which can help auditors improve audit efficiency and reduce audit risk to a certain extent.