Analysis On The Reasons For Default Of Private Enterprise Credit Bonds And Risk Early Warning

Private enterprises have played a vital role in the rapid development of my country’s economy.Therefore,the credit security of private enterprises is related to the fate of my country’s financial market and bond market.If private enterprises want to develop quickly and steadily,they must obtain financing funds.Most private enterprises often choose credit bonds with lower thresholds as their main financing methods,because the types of credit bonds are rich and diverse,which can meet the financing needs of enterprises to the greatest extent.However,there are huge hidden security risks in credit bonds,especially after the outbreak of credit bond defaults in2018,the health and stability of my country’s bond market has been seriously affected,which can not help but arouse the market and the public’s concerns about the default of private enterprises’ credit bonds.In the introduction,this article introduces the relevant research background of this article,summarizes the current research status of credit debt default at home and abroad,and sorts out the writing ideas of the article.This article first analyzes the relevant default characteristics of my country’s credit bond market,and finds that the number of credit bond defaults in my country is increasing year by year,the industry is more scattered,and private enterprises account for a larger proportion of default subjects.Then it briefly introduces the basic situation of Kangdexin,the case company of this article,and analyzes the specific aspects of Kangdexin’s credit bond default from the macroeconomic and industry,corporate strategy,corporate financial accounting,corporate governance and other aspects.the reason.After that,it analyzes its related early warning from three aspects: the yield to maturity,the Z-score model and the KMV model,combines the obtained financial indicators with non-financial indicators to construct a credit risk early warning system,and substitutes Kangdexin’s relevant indicators into credit The risk early warning system is verified,and it is concluded that the early warning system has a certain early warning effect on the default risk of corporate credit bonds.Finally,on this basis,relevant suggestions are made from five aspects: third-party intermediaries,regulatory agencies,bond issuers and investors.