Analysis On The Cause,Consequence And Risk Prevention Of Default Of AAA State-owned Enterprise Bonds ——Take Ziguang Group As An Example

With the continuous high-quality development of China's economy,the bond market,as an important channel for financing,is also expanding its scale.In 2020,China's bond market has become the second largest bond market in the world.In the fast-growing also hidden behind some risk hidden trouble,bond defaults will follow,widely distributed in various industries,including state-owned enterprises balance than expected default,credit rating and default subject more and more high,lead to more off guard bond default event occurs,in November 2020,the outbreak of the credit debt default as feng shui ridge in the development of China's bond market.The successive defaults of high-grade state-owned enterprise bonds have made it difficult to guarantee the legitimate rights and interests of investors,and even broke the belief of rigid payment once again,exposing the "rottenness" of Chinese bond market.Therefore,how to reduce the occurrence of bond default events,reduce the risk loss probability of investors,and steadily dilute the expectation of rigid payment is an urgent problem for us to solve.In this paper,unigroup Group private debt "17 Unigroup PPN005" substantive default event on November 16,2020 as the research object,combined with the current situation of bond default in China,unigroup Group bond default causes,economic consequences,post-default disposal mechanism and risk prevention mechanism in the whole process analysis and research.First of all,through the reading of literature,the credit rating of bonds,reasons for default,existing disposal methods and other aspects of the study are summarized to determine the research ideas and methods of this paper.The theoretical basis of this paper is obtained,including "information asymmetry theory","financial distress theory","credit rating theory" and "bankruptcy reorganization theory".Secondly,it introduces the current situation and default situation of China's bond market,and summarizes the reasons and basic characteristics of China's bond default from the macroeconomic environment and enterprises themselves.Then,it introduces the basic situation of Unigroup group,sorts out its bond issuing process,reviews the bond default process,and sorts out the bond default cases of Unigroup Group.Thirdly,it is the core chapter of this paper.Through the analysis of unigroup's financial statements and financial indicators in recent years,the reasons for the bond default are obtained.From the enterprise itself,subsidiaries and parent companies,the bond market three points of view to summarize the economic consequences of the bond default;To study the feasibility of the reorganization draft,analyze the effectiveness of unigroup's prevention mechanism,and put forward optimization suggestions.Finally,from the government,market,rating agencies three aspects of the corresponding prevention of bond default suggestions.This paper is expected to provide suggestions for regulatory authorities and external stakeholders to play their respective functions and roles,and at the same time provide some reference for enterprises that may face bond default.