Study On Long-term Mechanism Of Debt Risk Management Of Local State-owned Enterprises

In recent years,the default into the normalized development,almost covers various industries,the default theme from the corporation development to state-owned enterprises,default event processing is not timely,inadequate exposed the credit debt market is not mature,all kinds of basic construction in China is not perfect,the debt risk to tackle the problem of long-term mechanism has not yet been established,the stability of the market and financing functions produce certain negative influence.Especially at the end of 2020,large local state-owned enterprises in coal,brilliance,purple light debt violations events,on the market caused a reference to the crisis,far beyond the expectations of regulatory authorities and market main body.The economic form of state-owned enterprises has its special place,default processing also more complicated,Disregard could lead to systemic financial risk.Domestic debt default research more focused on the corporation,and more focus on enterprise financial analysis,secondly,the domestic bond default history is shorter,can be used for reference in the study of case,less so for the improvement of the subsequent default risk handling mechanism research is not enough,though the world has formed a set of mature bond default processing mechanism,but it is a highly developed in the bond market,And our bond market default history is short,so can’t simply apply foreign experience.Therefore,it is urgent to systematically study the debt risk of local state-owned enterprises,analyze the existing default cases,summarize the experience of debt risk management,and construct a long-term mechanism for debt risk management of local state-owned enterprises in line with the development of China’s bond market.Based on the analysis of the status and characteristics of debt default of state-owned enterprises and logistic regression,this paper finds that the debt default rate of state-owned enterprises is very high,and the default is characterized by continuity,diversification and high rating of the main body.At present,judicial organs,securities regulatory authorities,local governments,bond underwriting institutions and issuers have not established a long-term mechanism to deal with debt risks in coordination with each other under existing conditions.Therefore,based on the "permanent coal debt" default event processing as an example,introduced the background of the wing coal group,carding process of bond defaults,credit rating changes and the impact of after bond defaults,By analyzing from the enterprise the management ability,solvency,and repayment willingness and so on,the author analyzes the reasons of permanent coal holdings bond defaults,summed up the wing coal debt default is not the black swans on the market,but the enterprise management,debt management the inevitable result of final also appear through the case analysis perspective establish long-term effective mechanism of debt to deal with some difficulties,the main reasons include insufficient market-oriented degree.Limited disposal of state-owned assets,government positioning fuzzy under market mechanism,the credit rating is difficult to early warning of credit risk,investors in debt risk after power is not enough.In the end,This paper through the transition period to define the government and the market mechanism in the positioning of the debt,and for the transition period after establish long-term effective mechanism of local state-owned enterprise debt risk treatment from state-owned enterprise debt default processing way,strengthen risk control ability of state-owned enterprises and credit system construction,strengthens the bond market regulation put forward policy Suggestions.