Research On The Causes And Governance Of Bond Default Of State-owned Enterprises

Since the first substantial bond default event occurred in the bond market in 2014,the myth of "rigid redemption" has been shattered,the credit rating of defaulting entities in my country’s bond market has gradually changed from low to high,and the focus of market default has gradually changed from private enterprises to state-owned enterprises,and showed a trend of disorderly proliferation and gradually entered the normalization stage.The halo of "state-owned enterprise belief" also gradually disappeared under the influence of negative events such as the reorganization of Brilliance Group and the default of Yongmei Group.As of the end of December 2020,there were 71 violating entities in my country’s credit bond market,193 securities had serious violations,and the scale involved was 162.139 billion yuan.At present,it coincides with a critical period when the state is promoting the reform of the capital market registration system.Therefore,it is necessary for the whole society to pay full attention to the concentrated exposure of the default risk of state-owned enterprise bonds in the credit bond market.This article will focus on the bond default event that occurred in Yongmei Group on November 10,2020 as the main research object,and through the literature research method and case analysis method,to deeply analyze the real cause behind this bond default event that exceeded market expectations.Among them,the internal causes include: serious capital occupation by related parties;unreasonable debt structure;dragged down by non-core businesses.External causes include: macroeconomic downturn and tightening of monetary policy;industry slump and affected by characteristics;unreasonable credit rating system;decreased willingness of the government to make the bottom line.Finally,on this basis,the applicability opinions are put forward for state-owned enterprises,regulatory agencies and intermediaries such as Yongmei Group,which provides practical significance for establishing a risk prevention system,promoting the long-term healthy and stable development of the bond market,and promoting the stable development of the bond market.