| Since 1998,the real estate industry has experienced rapid development in the past twenty years.The real estate industry has developed rapidly.The value added of its industry has increased year by year in proportion to the GDP.It has been playing an important role in the national economy.However,in recent years,the real estate development has been overheated.In order to curb the real estate bubble,the state has constantly implemented policies to control the real estate industry and curb its overheated development.At present,the real estate industry has entered a "cooling off period" of the industry.In addition,the development of the real estate industry is inseparable from the support of bond financing.When the default rate of the bond market increases year by year,it brings greater challenges to the financing of the real economy.Taihe Group,the company selected in this thesis,was listed in 2010 and the only listed real estate enterprise in that year.It showed a very good development trend in the early stage,but in the later stage,due to poor management and high debt,it became the first defaulting enterprise in the top ranking of China’s real estate enterprises,and "16 Taihe 03" was the first defaulting public offering bond of Taihe Group,The study of this case is helpful for China’s real estate enterprises to prevent bond default and promote the healthy and sustainable development of enterprises.This thesis adopts the methods of case analysis and statistical analysis to study the case of Taihe Group.The specific research contents are as follows: the first chapter is the introduction.Firstly,it introduces the background of the topic,which leads to the theoretical and practical significance of this thesis.Secondly,by combing some domestic and foreign literature,it provides a theoretical basis for the following article.Finally,after clarifying the writing ideas and contents of this thesis,this thesis summarizes and puts forward the innovation and shortcomings of this thesis.The second chapter is the theoretical part of this thesis.It mainly introduces the concept of bond,the definition of bond default,the theoretical basis of bond default and how to measure bond default.The third chapter introduces the background of the "16 Taihe 03" bond default case and the basic situation of Taihe Group,and then briefly summarizes the causes,process and disposal of the bond default.The fourth chapter is a specific analysis of the "16 Taihe 03" bond default case.It mainly includes the financial situation,issuance risk of Taihe Group and the early warning of corporate bond default by using Z-score Model,which is verified by the conclusion of empirical model.The fifth chapter draws conclusions and Enlightenment from the case of "16 Taihe 03" bond default,starting from different angles,in order to give countermeasures and suggestions on how to prevent investors’ investment,enterprise bond issuance and supervision at the regulatory level in the future.The sixth chapter is the conclusion and prospect.The main content is a summary and reflection of this thesis.Through the analysis of this case,we can have a deeper understanding of bond default in the real estate industry,and put forward the prospect of the development of enterprises in the real estate industry in the future.Based on the case study of Taihe Group,this thesis puts forward the Enlightenment of preventing bond default: first,from the level of the enterprise itself,the enterprise representative should not only have risk awareness,but also maintain the stability of the management as much as possible,so as to ensure the stable development of the enterprise.In addition,it is also necessary to improve the ability to identify external risks in advance and formulate diversified marketing strategies;Establish financial risk early warning mechanism and expand financing channels.Second,in terms of investors,we should also improve our own risk identification ability of investment and strengthen our awareness of legal rights protection.Third,at the level of rating system,we should improve the information disclosure system,adopt multi-layer supervision mode,and promote the implementation of double rating system.It is hoped that the above enlightenment can provide some reference for enterprises to issue bonds and prevent default in the future. |
