Analysis On The Causes And Countermeasures Of The Bond Default Event Of Yongmei Holding,a Top 500 State-owned Enterprise

This paper selects Yongmei Holdings,a top 500 state-owned enterprise,as the research object,and studies the reasons and countermeasures of bond default.Due to the ownership characteristics and industry leadership of the top 500 state-owned enterprises,the reasons and countermeasures are analyzed in the analysis of Yongmei.Compared with the default of ordinary private enterprises,the holding company has the particularity.After analysis,it is found that,first of all,the difficulties faced by the development of the coal industry are the most fundamental reason for the default case of Yongmei Holdings,and the reorganization of the collection of accounts to the parent company is the direct fuse;secondly,the risk of default should be prevented in advance.Enterprises mainly improve their core competitiveness and get rid of their dependence on the government,and most of the ex-post disposals end in bankruptcy and reorganization.Only a small part,like Yongmei,can be properly resolved only through debt restructuring and equity transfer;The representative top 500 state-owned enterprises,compared with ordinary private enterprises,have special characteristics of ownership and industry leadership.They are greatly affected by external factors,and there is a situation in which the parent and subsidiary companies are linked by default,and their self-rescue ability is weak.