Analysis On Reasons And Countermeasures Of Credit Bonds Default Of Yongmei Holdings

In recent years,there have been more and more default incidents in China’s bond market,and the bonds of large-scale state-owned enterprises group represented by Brilliance Auto,Ziguang Group,Yongmei Holdings were broken by 2020.In particular,the ultra-expectance of Yongmei Holding Bonds Default,bring great panic to the bond market,resulting in serious sale,the price has fallen sharply,and multi-bond issuance cancels.The thesis is based on the reasons for the study of the research object,analyzing the continuous breach of contracts in the continuous contract of Yongmei Holding Bonds.This thesis first introduces the related theoretical concepts of credit bond default risk,including the concept and characteristics of credit bonds,the concept of bonds default,and the impact of default,this thesis’ s Theoretical Basics: Information Asymmetry Theory,Financial Difficult Theory and Financial Analysis Theory.Secondly,the incident of the continuous default of Yongmei Holdings,from Yongmei Holding Bonds,a substantive breach of contract,a continuous bond episode of the company’s continuous bond episode,and can more clearly understand Yongmei Holdings Bonds default process and subsequent processing results.It is again analyzed the cause of the deposit of Yongmei Holdings,the reason analysis is mainly from the company’s controlling shareholders and related parties to reduce the company’s liquidity.The company’s excessive liability and liability structure is unreasonable.The company’s business strategy is unclearly leading to the company’s profitability.And the rating agency’s rating is unfair to expand.Continuous default for Yongmei Holding Bonds is caused by multifacence,but the incompleteness of internal control is the most important reason for the breach of contract.Finally,on the basis of case analysis,from the view of bond issuers,the regulatory agencies,the rating agencies,it is crucial to the development of China’s bond market.