Research On The Causes And Countermeasures Of Bond Default Of High Tech Enterprises

As one of the important financing methods for enterprises,bond financing has the advantages of low cost,large scale,and long debt repayment period.More and more enterprises are financing through the issuance of bonds to meet their own capital needs.In recent years,the scale of my country’s bond market has grown,and bond types and bond entities have become more diversified,forming a relatively complete bond market system.At the same time,my country is actively advancing supply-side structural reforms,financial market regulatory policies have been continuously introduced,credit risks in the bond market have gradually been exposed,and bond defaults have occurred frequently.Among the entities that have defaulted on bonds,emerging high-tech companies have gradually defaulted.The number of defaults on their bonds and the amount of defaults have increased significantly in recent years.As a newly developed industry,high-tech enterprises play an important role in optimizing industrial structure,developing green economy,and enhancing national core competitiveness.It is of great significance to study the causes and countermeasures of high-tech enterprise bond defaults.In 2019,the number of listed high-tech companies that have defaulted on bonds has the largest number of defaults and the scale of bond defaults in recent years.Among them,Kangdexin Composite Materials Group Co.,Ltd.,established in 2001,is the first batch of recognized in Beijing High-tech enterprises are leading enterprises in the new materials industry,one of the eight high-tech industries.Kangdexin has developed rapidly since its listing.In 2017,its share price doubled and became a white horse stock in the eyes of investors.However,in 2019,two ultra-short-term financing bills and two medium-term notes have experienced substantial defaults.The subject credit rating The decline from AA to C grade not only affects bond investors,but also affects the stock price.The former "White Horse Stocks" are facing delisting and their market value has shrunk severely,which has caused extremely bad effects on companies and investors.Why does a high-tech enterprise with very good prospects have successively defaulted on bonds? The book shows why more than 10 billion monetary funds are less than 1 billion in debt.There are serious inflated profits and the problem of embezzlement of funds by major shareholders.It is worthy of in-depth study.Therefore,this article takes Kangdexin as an example to analyze the causes of its bond defaults and propose corresponding countermeasures to provide some supplements to the research on bond defaults of high-tech enterprises in my country.This paper finds through research that the external factors for Kangdexin’s bond defaults include macroeconomic fluctuations,shrinking financing policies,industry dilemmas,failure to perform duties of auditing agencies,lagging and inflated credit ratings given by credit rating agencies,In terms of the imperfect information disclosure mechanism,internal factors of the company include the company’s aggressive investment strategy,a high percentage of equity pledges by controlling shareholders,and poor financial management.Through the analysis and summary of Kangdexin bond default cases,we hope to provide some countermeasures and suggestions to prevent bond defaults to high-tech issuers,relevant audit institutions,and regulatory agencies,so as to promote the healthy development of my country’s high-tech enterprises and my country’s bond market.