A Case Study Of State-owned Enterprise Bond Default Based On Yongmei Holdings

The bond default of state-owned enterprises originated from Baoding Tianwei Group in 2015,but the overall default rate has remained at a low level since then.Since September 2020,state-owned enterprises such as Tianfang group,Shenyang Shengjing energy,brilliance automobile,Yongmei holdings and Ziguang group have defaulted one after another,making the default amount of state-owned enterprises,which has been at a low level,rise rapidly,exceeding the default scale of private enterprises in the same month,causing strong turbulence in the market.In order to deeply study the reasons for the default of state-owned enterprises,the paper selects Yongcheng Coal Power Holding Group Co.,Ltd.as the research object,combs its default process,and analyzes the reasons for the default from three levels:macro,industry and company.The analysis found that: from the macro perspective,affected by the epidemic in 2020,China’s economy fell sharply,financing policies were tightened,and the society was seriously affected.From the perspective of the industry,the emergence of new clean energy and the tightening of environmental protection policies are constantly squeezing the development of the coal industry.At the same time,the epidemic has led to insufficient construction and reduced demand in the downstream coal industry,resulting in the overall decline of coal sales and prices in the first half of 2020,and it will not gradually recover until the second half of 2020.From the perspective of the company,first of all,the long-term profitability of the company’s non coal business is poor,and the impact of the epidemic makes the growth of coal business weak,thus affecting the company’s capital chain;Secondly,the amount of short-term interest bearing debt is huge,its own hematopoietic capacity is insufficient,and the financing from the bond market is less than expected,resulting in poor capital turnover;In addition,as a subsidiary of Henan energy and chemical group,the company provided a large number of inter-bank loans to related parties after financing in the bond market,resulting in the occupation of funds;In addition,the controlling shareholders have poor operating conditions and great capital pressure,so they can no longer rescue Yongmei;Finally,there are some problems in the operation and management of the company,which also paves the way for breach of contract.On this basis,this paper analyzes the impact of the event from the perspective of the company itself and the capital market.Finally,combined with the large-scale mine explosion of state-owned enterprises in the current period,this paper raises the thinking of rationally looking at the aura of state-owned enterprises and strengthening the role of rating agencies,and draws the research conclusion.