Risk Analysis And Control Research Of Coal Enterprises’ Credit Debt Default ——Take Company Y As An Example

With the rapid development of China’s securities market,credit debt has become one of the main financing methods in China’s financial market.However,with the implementation of the new asset management rules,corporate financing channels gradually tightened,many enterprises are also facing the risk of default on credit debt.In recent years,the issuance scale of credit bonds of coal enterprises has been expanding rapidly,but the profit scale of coal enterprises has been declining gradually due to the influence of coal price downward.Part of the credit debt repayment burden of enterprises facing a greater degree of default risk of credit debt.The default of Y company has a strong impact on the credit bond market,which leads to the dissipation of the "faith in state-owned enterprises" in the bond market,and Y company still holds a large number of existing bonds,which will lead to a greater default risk for a long time.Based on the review of the theories of default risk of credit debt at home and abroad,this paper first sorts out the situation of issuing credit debt of coal enterprises and the pressure of subsequent debt repayment,then through analyzing the financial data of Y Company in the past five years,establishes a scientific index system of default risk evaluation of credit debt,evaluates the default risk of credit debt of Y Company by using the efficiency coefficient method and the principal component analysis method,and probes into the causes of default risk of credit debt of Y Company.The study finds that the main reasons for the high default risk of Y Company are the poor profitability of the company as a whole due to the drag of non-main business,severe restriction of monetary funds,nearly dried up cash liquidity,excessive dependence on debt financing and unreasonable debt structure of the enterprise.Based on the analysis of the causes of Y Company’s default risk,this paper puts forward some suggestions on the applicability from the perspectives of the main body of bond issuance and the supervision institution.The issuers of credit bonds shall gradually focus on the main business and reduce the low-benefit business;control the proportion of monetary funds restricted by enterprises and improve the level of fund management;optimize the debt structure of enterprises and expand financing channels;and establish and improve the early warning and guarantee mechanism for default risks.The regulatory authorities shall also take the initiative to break the bubble of credit rating,strengthen regulation of credit rating,and rebuild a new credit rating system;continuously strengthen default risk management and information disclosure awareness of enterprises,and specify information disclosure responsibilities of enterprises.On the one hand,the study of this paper helps Y company to make timely adjustments to avoid the continued default of existing bonds;on the other hand,it provides reference for other enterprises in the coal industry to prevent the default risk of credit bonds and avoid the negative events of credit debt default again.