Case Analysis Of Corporate Bond Default And Its Enlightenment To Perfecting China's Credit Rating

Because the tradition of rigid payment,there have been no substantial bond default event in Chinese bond market until 2014.In recent years,whether the global economy or the Chinese economy are in a downturn,due to the impact of the financial crisis in 2008.China's bond market in the potential credit risk also gradually revealed and The bond defaults happen one after the other.According to the Wind database data statistics,as of February 13,2017,a total of 114 bonds in China's bond market default,involving a total of 58 issuers and the scale of them is 57.328 billion yuan.May 25,2015,the domestic beverage packaging bottle production enterprises Zhuhai Zhongfu Industrial Co.,Ltd.announced that the company is not able to pay the full amount of the current and current interest of its "12-rich 01" bonds issued in 2012.The bond become the third public offering of corporate debt default cases after the "11 super-debt" and "12 Xiang E debt".In this paper,the incentives of bond default are summarized by using the method of comparative analysis and other methods.First of all,the author sums up the existence of the law of the existence of default by a general descriptive analysis of all the default bonds and builds the framework to analyze the main factors affecting the construction of specific cases in nest chapter.Secondly,according to the previous the framework and the actual situation in Zhuhai Zhongfu,the author does a specific analysis of "12 in the rich 01" to reveal the main reasons for the default of "12 in the rich 01".On the basis of this,the author finally analyzes the present situation and shortcomings of the current credit rating of China's bonds,and arises some suggestions on improving the credit rating of China based on the analysis of the main factors that affect the bond default.