Bonds Default Risk Assessment And Cause Study Of Oceanwide Holding Co.,Ltd

With the continuous development of Chinese bond market,bond issuance has gradually become an important external financing method for enterprises,and the bond default risk has been exposed constantly.Since the first bond default occurred in the financial industry in2018,the scale of default in 2019 and 2020 fell slightly.However,in the past two years,the scale of bond default has experienced explosive growth.At the same time,with the gradual deepening of economic globalization,in order to realize the transformation and upgrading of enterprises,financial holding companies emerge at the historic moment.By holding financial institutions or establishing industrial investment funds,financial holding companies cross the industry threshold to realize the optimization and distribution of internal resources of enterprises.In recent years,financial holding companies such as "Delong" have been exposed to risks,which has aroused widespread concern in the society.In this context,this paper selects the financial holding company Oceanwide Holdings Co.,Ltd as the research object,firstly sorts out the bond default process of Oceanwide Holdings Co.,Ltd,and then uses the Z-score model and KMV model to evaluate the risk status.After evaluation,it is found that there is a high risk level before the company defaults on bonds,but due to the company’s neglect,the default risk eventually evolves into a real risk.In this regard,based on the summary of relevant literature and the transmission path of risk from outside to inside,this paper makes a path diagram of default risk evolving into real risk,and analyzes the cause of the risk situation of Oceanwide Holdings Co.,Ltd bonds before default.Through analysis,it is found that the causes of default risk of Oceanwide Holdings Co.,Ltd are caused by both external and internal levels.Under the background of tight financing environment,the market downturn of the real estate and financial industry has affected the level of corporate profitability,and the inflated and lagging credit rating has also indirectly promoted corporate bond defaults.At the same time,corporate strategic transformation is too radical,corporate governance is deficient,insufficient attention is paid to risk control,resulting in the company in default risk,and eventually bond default.Finally,according to the deep reasons of bond default,this paper obtains the following enlightenment and suggestions,follow up the external environment and adjust the business strategy in time;legal compliance management and careful implementation of diversification strategy;strengthen internal control and improve financial risk management;improve information disclosure system and improve risk awareness;improve the financing structure and introduce strategic investors;improve the third-party credit rating system and give full play to the role of "goalkeeper".