Case Study Of Salt Lake Stock Bond Default

Bond market is a place to issue and trade bonds,an indispensable and important part of a country’s financial system,and an important carrier to conduct the central bank’s monetary policy.With the development of market economy,China’s bond market has become more and more mature in the development of more than 30 years.However,as the scale of market financing continues to increase,the participants become more diversified,and the product types are constantly enriched,bond default events also gradually increase,and bond investment risks continue to increase.On March 5,2014,the "11 chaori Japanese bonds" issued by Shanghai chaori solar energy technology co.,LTD.,constituted a material default due to the failure to repay the interest on time.Therefore,the "rigid payment" of China’s bond market is broken,which also indicates that China’s bond market is becoming mature.With the macro economic downturn,China’s economic development into the "new normal",low growth and deleveraging became the various countries’ long-term phenomenon,plus supply side structural reform,enterprises financing ability is restrained,the liquidity problem become a big obstacle to the development of the enterprise,the default happened frequently,just a few short years time,number of bond defaults from September in2014,only rise sharply in 2018 to 125,2019 179;The default amount also increased from 1.44 billion yuan to 144.408 billion yuan in 2019.In this paper,the case study method is mainly used to analyze the default event of yanhu stock bond.On the basis of reviewing the default event of yanhu stock bond,the author explores the causes of its default and draws inspiration and Suggestions.In terms of structure,this paper is mainly divided into six parts: the first part is the introduction,which mainly introduces the research background,research significance and related literature of bond default.The second part is the introduction of bond default theory,which mainly introduces the concepts related to bond default.The third part is the development of the bond market and the analysis of the current situation of default.The fourth part is the introduction of the default bonds of salt lake shares.This part mainly introduces the basic information of the company of salt lake shares and the relevant information before and after the default of the three defaulted bonds.The fifth part is the case analysis of the default of salt lake’s share bonds.It mainly analyzes the reasons for the default of salt lake’s share bonds from internal and external perspectives.This part is the core of the paper.The fifth part as the research conclusions and inspirations and Suggestions,is mainly to summarize salt co bond default reasons,and from the Angle of supervision,rating,enterprises,investors and other related enlightenment and Suggestions,for the salt lake shares and the similar enterprise to improve its management level,to prevent bond default risk to provide some reference and reference.