Research On Bond Default And Restructuring Of State-Owned Enterprisps

Since the reform and opening up,China’s social and economic development has been rapid,the capital market is more and more mature,the bond market is growing.By 2020 China’s bond market has become the world’s second largest bond market,bond as an important financial tool in plays an important role in the financing activities of the enterprise,followed by the emerging bond default phenomenon,corporate bond default normalized,default phenomenon almost covers all subjects and all industries in the market.The frequent bond default phenomenon not only weakens investors ’enthusiasm for investment,but also brings inconvenience to the financing environment of enterprises,and is not conducive to the healthy and stable development of China’s capital market.Therefore,how to prevent the occurrence of bond default,how to carry out follow-up disposal after the bond default,and what measures are taken to successfully resolve the financial crisis to make enterprises return to the normal track of operation are the key issues that enterprises at all levels need to think about and solve when faced with bond default.This paper takes Tsinghua Unigroup,a national key high-tech enterprise,as the research object,taking the current situation of China’s bond market as the background.Starting from the material default of "17 Ziguang PPN005" occurring on November16,2020,combing through its default process,analyzed the reasons for the bond default of Tsinghua Unigroup,and track the whole process of the subsequent disposal of the default,focus on the disposal method of the bankruptcy reorganization adopted by Tsinghua Unigroup.Taking the important node of the end of the restructuring process on July 13,2022,combined with the relevant theoretical knowledge and the financial index analysis method,further discusses the implementation effect of its bankruptcy reorganization program.Finally,the successful experience of bond default disposal can draw the research conclusions and research implications of this paper.The research shows that the reasons for the bond default of Tsinghua Unigroup are mainly internal factors: the business strategy of blind expansion,the capital source relying too much on external financing,and the corporate structure with strong children and weak parents.In the follow-up disposal process of the default,the new strategic investor,is introduced to upgrade the strategic investment and optimize the industrial layout,so as to help enterprises get out of financial difficulties and start a new journey.The selected cases in this paper have large scale and good operation,and the bond rating is high before the default and low default risk,so their bond default and subsequent disposal have certain representativeness and effectiveness.Through a series of studies in this paper,it broadens the research direction of bond default,and provides reference for how to avoid the default risk and how to actively deal with the substantive default,so as to achieve new breakthroughs.