Case Analysis Of Breach Of Commercial Acceptance Bill Of Muyuan Shares

In recent years,with the increasing improvement of the infrastructure of Chinese bill market and the continuous improvement of the commercial credit environment,the number of participants in the domestic commercial acceptance bill market has gradually increased,and the market scale has also continued to expand.However,the problem of corporate credit risk has become increasingly prominent.Previously,Lifan Finance Company issued bills that could not be cashed at ST,and later,Evergrande Real Estate’s capital chain broke and was deeply involved in bill disputes.In 2018,the Shanghai Bill Exchange was put into operation and launched online,which improved market transparency through information disclosure services,effectively avoided the risk problems caused by the untimely circulation of paper bills,and also made more stringent supervision on business such as enterprise credit rating and performance.This thesis takes the breach of commercial acceptance bill of Muyuan Food Co.,Ltd.as the research object,reflecting the problems of some enterprises in bill business.In terms of the default risk,influencing factors and prevention mechanism of commercial acceptance bills,this thesis combs the research literature of domestic and foreign scholars,and analyzes the cases of commercial acceptance bills of Muyuan Shares based on the relevant theoretical basis of commercial acceptance bills default.In the case analysis part,first of all,take the continuous overdue situation of the commercial acceptance bill of Muyuan Shares as an entry point,introduce its main business,strategic choice and profit model from the basic overview of the enterprise,form the background and case selection basis of the enterprise studied in this thesis,and sort out and review the default events of the commercial acceptance bill of Muyuan Shares;Secondly,it analyzes the possible economic consequences of the breach of the commercial acceptance bill of Muyuan Shares;Then,from the macro perspective,industry cycle and other aspects,respectively from the company’s internal profitability,solvency,strategic layout,management system and other perspectives,this thesis analyzes the root causes of the breach of commercial acceptance bills of Muyuan Shares;Finally,according to the main reasons for the breach of the commercial acceptance bill of Muyuan Shares,this thesis analyzes and summarizes the practical experience and lessons of the breach of the commercial acceptance bill of Muyuan Shares,and draws the following conclusions:(1)Radical strategy will increase the risk of debt default;(2)Improper financing planning will lead to excessive interest bearing debt;(3)The essence of the breach of commercial acceptance bill is that the asset quality is too low.The following industry enlightenment can be obtained:(1)Pay close attention to industrial policies and industry trends,and adjust the development direction in a timely manner;(2)internal governance capabilities and avoid debt crisis caused by excessive financing;(3)The ability of risk control should be improved under the heavy asset model;(4)Strengthen bill business management and staff training.The default case of the commercial acceptance bill of Muyuan Shares was the first time that it fell into the suspicion of financial fraud,which had a great impact on the credit rating of the enterprise and further attracted attention.This default is caused by multiple pressures such as excessive expansion of enterprises and downturn of the industry.Through research and case analysis,this thesis proposes corresponding countermeasures based on the reasons obtained,which enriches the research on the breach of commercial acceptance bills,and hopes to provide more favorable reference for promoting the orderl development of the current domestic commercial acceptance bill market.