| After the belief in "rigid payment" was broken,there were more and more defaults in China’s bond market,from private enterprises to state-owned enterprises,from the energy industry to technology manufacturing companies,the high phenomenon of bond defaults made people pay more and more attention to the issuance and payment of bonds,the reasons for bond defaults,and the disposal methods after defaults have also become the focus of current academic discussion and research.In many cases of credit bond default,this paper selects three more typical default cases of energy companies,namely Yongtai Energy,Dongxu Optoelectronics and Yongmei Holdings,which involve two different types of private and state-owned enterprises,and step on multiple modules in energy,have different main businesses,and the reasons for the default of these three companies are different,but they can basically represent the default reasons of most companies in the industry,and the disposal method is also relatively perfect,which can give us relevant enlightenment.It makes a lot of sense to study it.This article first discusses the current issuance status of China’s credit bond market,bond stock,etc.,and briefly introduces the basic characteristics of the current credit bond default in China,naturally leads to the narrative of the case,and gives a detailed description of the relevant situation of Yongtai Energy,Dongxu Optoelectronics and Yongmei Holdings,including the default process and the reasons for default,first compares and analyzes the three cases,and then summarizes the relevant disposal methods after their default to obtain general experience.For subsequent reference.In addition,this paper does not stick to the three cases selected in the paper,but combines more well-known cases in the current bond market and adds more comparisons to make the argument more sufficient.This is also the innovation of this paper,which breaks through the previous limit of studying only a single case.General conclusions can be drawn by inductive sorting and in-depth analysis of different reasons for breach in multiple cases.Finally,the combination of many default reasons and disposal method of bond defaults,the corresponding conclusion,and puts forward some operable policy Suggestions,such as through policy leading,strengthen supervision,to their own innovation places,on the one hand,to facilitate better risk bond issuers,avoid default situation from happening again,Also can let the issuance of the main body of your business have a better future planning,lessons learned,avoid repeating the mistakes of other companies,our government will be able to play their part,on the other hand also allow investors to polish his eyes,choosing a bond investment can have a more sober understanding,multi-dimensional considerations the corporation,as a main body to prevent bad debt to pay. |
