Research On Debt Default Analysis And Disposal Scheme Of ZG Group

In mid-November 2020,a piece of news triggered a strong shock in the bond investment market,refilling the haze of the market that had been turbulent recently.As a "vanguard" in the semiconductor industry,ZG Group Co.,Ltd.(hereinafter referred to as "ZG Group")announced that its attempt to renew a credit bond worth 1.3 billion yuan that should be due on November 15,2020 failed.Failure to redeem,constitutes a breach of contract.In the past three years since 2018,credit bond defaults have repeatedly set a "historical record".In 2020,he largest default issuer in the credit bond market.state-owned enterprises surpassed private enterprises for the first time to become t In addition,state-owned enterprises with “AAA” ratings have repeatedly breached contracts.Based on the retrospective analysis of related theoretical research results and literature,according to the dialectic view of "one is divided into two",this paper conducts an in-depth analysis of the reasons for ZG Group's bond defaults,and draws the conclusion that the“internal cause” is the long-term corporate governance of ZG Group.Irregularities and weak internal control are the decisive reasons leading to bond defaults,the first reason,and continue to follow the dialectical principle of "primary and secondary" contradictions,focusing on the company's financial risk air defense issues.ZG Group Long-term over-indebtedness,high-premium mergers and acquisitions,and long-term liquidity tensions are the most direct causes of defaults,which are "the ant colony that defeated the thousands of miles.At the same time,the continued tightening of the refinancing environment after 2018has made ZG Group's financing "supply vessels" more and more refined,and it has become more and more difficult to "borrow the new to repay the old".The default of some AAA-rated debts has also caused the market Investors have questioned the solvency of other high-rated credit bonds in the market,and the difficulty of reissuing new bonds has suddenly increased.In the end,under internal and external difficulties,the ZG Group encountered a financial dilemma of bond default.On the basis of clarifying the reasons for bond default,by referring to the current legal framework and combining with the actual situation of ZG Group,the feasibility of the main disposal mode for ZG Group is analyzed,and on this basis,the best bond default of ZG Group is designed.Disposal plan.