Study On The Case Of Group Yurun Bond Default

The risk of Bond market fermentation in 2016 and accelerate the release of excess capacity in the local area and industry. The first bond defaults happen in 2014, now the bond market has accumulated amount of bond defaults to 85, more than 37 billion yuan, the total amount of the default in 2016, far more than the default over the past two years the number and the size of the breach of contract. If, in accordance with the distribution to calculate the size of the subject, the public offering market annual default rate rose from 0.07% in 2014 to further to 0.45% in 2015, has reached 0.56% in 2016 to the end of November. In this background, this paper related the introduction of bond defaults and the relevant theoretical research at home and abroad, is nanjing yurun twice in 2016 the development of the bond default events are analyzed. Is divided into internal and external reasons analyzed and compared with the shandong shanshui default. This paper analyzes the nanjing yurun defaults in order to conclude the ins and outs of the events, trying to find the default commonness and characteristics of enterprise, and give a warning when investors to buy bonds in the future, make the domestic bond market and financial market can develop healthily.In this paper, the first part introduces the research background, research significance,the research both at home and abroad, the research content and method. The second part analyzes the present situation of our default vouchers, introduces the current situation of the development of China’s bond market. The third part of the company profile of nanjing yurun group and nanjing yurun 2016 bond default event process is reviewed. The fourth part of nanjing yurun group for case analysis. First of all, analyze the reason of the default directly,divided into two parts, internal cause and external cause. Second of all, the nanjing yurun bond default compared with shandong shanshui cement bond default reasons, in order to find the common and different bond defaults company. Third, the economic consequences of a default are analyzed. The fifth part makes conclusion and gives relevant enlightenmentAnalysis result of nanjing yurun diversification strategy is fail,with falling revenues in the past five years, net income, asset liquidity slow, operating and suspicious, solvency,ability of sustainable operation is not strong in the future.The paper give advice to bond market at last.