Case Analysis Of Bond Default Of Oceanwide Holdings Basing On The Risk Factor Perspective

The bond market has developed for more than 40 years.From the beginning of the implicit rigid redemption in the bond market,the bond default events are not surprising now.In 2022 alone,there were 188 bond default events,involving more than 221.1 billion Yuan.A large number of bond defaults have greatly affected the normal development of the bond market,strike investor confidence and have a negative effect on the whole financial market that cannot be ignored.Therefore,in view of excessive bond default phenomenon,it is necessary to analyze and study typical bond default events,apply relevant theories and models,sort out the characteristics of bond default,conduct risk early warning and monitoring,explore important risk factors of bond default,and give enlightenments and suggestions to different subjects.It has certain practical significance to control the default risk of bond of issuing enterprises,reduce the losses of bond market investors and effectively curb the bad development of bond market.In this thesis,Oceanwide Holdings Co.,LTD.(hereinafter referred to as "Oceanwide Holdings"),whose main business is finance and real estate,is selected as the research object,and its "18 Oceanwide MTN001" bond default event on August 30,2021 and a series of subsequent bond default events are analyzed.Literature research method,case analysis method and statistical econometric analysis method are used comprehensively to analyze the risk factors of bond default of Oceanwide Holdings.This thesis first introduces the theories and models involved in bond default,and then combs the basic situation of Oceanwide Holdings Company and bond default history.Then,the thesis makes a comprehensive qualitative analysis of the default risk factors of Oceanwide Holdings bonds.At the same time,the KMV Model is used to analyze the default early warning of Oceanwide Holdings,and the default distances are used to quantify the default risk.Then,the default distances of Oceanwide Holdings which are taken as the explained variable,and the risk factors obtained from the qualitative analysis of Oceanwide Holdings’ bond default are analyzed by regression to screen out the risk factors that have a significant impact on the bond default risk,which can help enterprises and investors choose the risk factors to focus on when judging the corporate bond default risk.Finally,this thesis draws enlightenments from Oceanwide Holdings’ bond default events at different levels:bond issuers should reasonably formulate transformation plans,avoid blind mergers and acquisitions,establish and improve compliance risk control system,and pay attention to internal governance;Regulators should improve the information disclosure system and strengthen dynamic supervision,at the same time,optimize the approval process of bond issuance and strengthen the check of key links;Rating agencies should enhance professional competence,cultivate conscientiousness,adjust business fee models and maintain independence.Investors should always maintain a cautious investment attitude and learn the knowledge related to investment and financial management.