A Study On The Economic Consequences Of China 's Corporate Bond Default And Its Rigidity

Since 2014, credit debt default event escalating, from private to public offering,from private to state-owned enterprises and even to the central enterprises...... Among them, the super debt declared shattered the myth of China’s bond market "zero default" and "rigid payment, Tianwei debt first state-owned debt default and the first inter bank market default two historical, double bonds has also become a history of China’s first central business debt default. State-owned enterprises, the central enterprises, the myth of the myth of the burst also make investors woke up. Previously,there has been no material breach, is rigid payment games continue to be staged, local government, underwriter, sponsor and bank come forward to reveal all the details to maintain the pattern of rigid payment.In recent years, with the continuous progress of the financial market reform, our country banking, trust, securities and other various types of financial products has been rapid development, the bond market overall upward, government bonds,government bonds, corporate bonds and other debt credit still popular. At the same time, the phenomenon of breach of contract also began to appear, the rigidity of the problem arising from the increasingly prominent issue, not only contrary to the basic principles of market participants, but also makes the risk of financial products and income does not match. Based on this research background, in the long run, breaking the bond market rigid payment is inevitable. How to solve the problem of "bond default" and "rigid payment" will be the key to the study of this paper.Based on the extensive search, referring to the relevant literature, the integrated use of case study and event study method, theory and practice, in order to bond default condition, rigid payment as the research target, analyze events before and after the economic consequences from the company, industry and market three aspects of comparison, and the rationality of the rigid payment for analysis, in order to further enhance the understanding of the rigid payment problems, through research, thispaper argues that China’s bond market should be in the range of controllable risk,reasonable break just against government debt, exit regression normalization, the products conform to the risk of the release, so that part of the credit risk events in the market under the regulation of nature "" let every market subject follow the "self management, self financing, self restriction, self development, self risk" principle, So as to provide a reference for future corporate debt default event and its rigid payment issues.