Tsinghua Unigroup Bond Default Case Analysis

With the rapid development of China's bond market,the scale has become the second largest in the world.However,because the "rigid payment" in the bond market is expected to exist for a long time,the first bond default event did not occur until 2014.China is in the process of steadily advancing the supply-side reform,adhering to the implementation of policies such as overcapacity reduction,inventory reduction,deleveraging,strengthening of weak links,and cost reduction.Therefore,market risks have also begun to be exposed,and default events in the bond market have become normal.In this context,on November 16,2020,due to tight liquidity,Unigrop Group announced that its private debt "17 Unigrop PPN005" could not be repaid due to maturity,which constituted a material default.This thesis uses literature analysis method and case analysis method to introduce the whole process of unigroup group's bond default,and makes an in-depth analysis of the reasons for its default from the macro,medium and micro perspectives,and draws corresponding conclusions and puts forward some enlightenment.First of all,this thesis introduces the background of the topic and the significance of the research.Based on a large number of domestic and foreign literature that I have read and combed,this thesis puts forward the research content and method of this thesis,and introduces the concept and theoretical basis of relevant bonds.Secondly,it introduces the relevant content of this bond default case,including the process of default event and the subsequent progress;Then,from the macro level,credit rating and company three levels,the specific reasons for this bond default are analyzed,analyze the external reasons for this default,not only from the macro level,but also from the credit rating level,pointed out that China's bond credit rating system is not perfect: The rating results of bond issuing subjects are high and lag behind,failing to truly reflect the credit rating and not updated in time;Finally,after analyzing the process and reasons of this case,some conclusions are drawn,and some inspirations are put forward for each relevant subject: bond issuing enterprises should formulate a steady development strategy and maintain the core competitiveness of the main business;At the same time adjust the structure of financing debt,improve the risk early warning and control measures;Strengthen group management and control to eliminate the mode of "strong sons and weak mothers".Regulators should strictly control bond issuing enterprises and credit rating agencies,raise the cost of corporate bond issuance,and ensure the objective independence of credit rating agencies.Credit rating agencies should keep pace with The Times,update their credit rating methods according to market conditions,and avoid over-rating and lagging behind.Investors should take the initiative to learn and do a good job in investment planning,improve the market risk identification ability and risk bearing ability.