Case Analysis On The Bond Default Of Yongmei Group

By the end of December 2021,the number of defaulted bonds in China’s credit bond market has increased to 239,with 77 defaulting subjects.Since 2020,the characteristics of defaulting subjects in the Chinese bond market have gradually changed,the number of defaulting subjects with high credit rating has gradually increased,and the nature of defaulting subjects has transformed from private enterprises to state-owned enterprises,showing a trend of irregular expansion.The "halo" of state-owned enterprises in the bond market is dissipating as more and more state-owned enterprises default on their bonds.Nowadays,with the rapid development of the Chinese bond market,the concentrated exposure of bond default risk should cause enough attention.This paper selects Yongmei Group’s bond default event as a case study,analyzes the factors causing Yongmei Group’s default event from multiple angles,and on this basis,puts forward some feasible suggestions for the long-term stable development of the Chinese bond market.The first part is the introduction,which introduces the background and significance of the topic,the research methods and content,and expounds the research status of the subject,and explains the shortcomings in the process of analysis and research.The second part elaborates the related theories and concepts of bond default;The third part introduces the overall situation of the Chinese bond market and the default situation and characteristics of the Chinese bond market;The fourth part introduces Yongmei Group and elaborates the specific situation and influence of the bond default event of Yongmei Group;The fifth part mainly analyzes the influence factors of the event,combined with the economic situation,monetary policy,financial regulation,industry cycle,such as external causes,and wing coal group,ownership structure,management structure,profitability,solvency,liquidity,such as internal causes on the analysis,analyze the factors lead to default and find out the main reason;Finally,the paper summarizes the analysis results and puts forward suggestions to avoid bond default in order to promote the scientific and rational development of the Chinese bond market.