| In the matured and advanced bond market, bond default events are not rear phenomena. However, the predicament of “rigid payment” of Chinese bond market has always existed. On March 4, 2014, “11 Chaori Bond” unable to pay interest on bonds, the phenomenon of China's bond market zero default is broken. Just when people were still in the shadow of private enterprise bond default, the first case of state-owned enterprise bond default, “11 Tianwei MNT2 Bond”, appeared in April 2015 and raised high concern. In such a context, this paper analyzes and researches the bond default event of Group Tianwei by combing with home and aboard research theories and the bond default process caused by the liquidity crisis of Group Tianwei. Through the deep analysis of the reasons of bond default of Group Tianwei, this paper aims to get some enlightenments which may play roles in future development of enterprise and protection of investor's interests.This article mainly includes five chapters. The first chapter is introduction. The second chapter mainly to our country related theory and the default status of bond defaults were analyzed. The third chapter mainly discusses the Group Tianwei bond defaults process was described. The fourth chapter is mainly to analysis the deep-seated reasons for default event about Group Tianwei; Through the comparison with Chaori sun, find the bond defaults in common. Finally, analyze the economic consequences of breach of contract for bonds. Through the above analysis, this article's conclusion: It is the inappropriate positioning of the company's strategy that lead to the debt default of Group Tianwei. The company made excessive investment in new energy and ignored the development of the traditional power transmission and transformation industry. Step by step, it sinks to the swap of huge loss of new energy. As a result, the break of the capital chain generates the debt default. |
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