A Case Study Of The Default Bonds Of Dongbei Special Steel Group

In recent years,the direct issuance of bonds for financing has become an important way for many enterprises to obtain funds.In countries where the bond market is more mature,long-term,stable payments through the issuance of bonds have become the primary means of corporate finance.In the case of sustained economic downturn,micro-level corporate cash flow deterioration,credit risk continues to expose.Dongbei Special Steel Group is the largest special steel company in the north,headquartered in Dalian City,Liaoning Province.Liaoning Provincial SASAC is the actual controller of the Dongbei Special Steel.As of the end of June 2015,Liaoning SASAC held a total of 68.81% stake in the Northeast Special Steel,China Eastern Asset Management Corporation and the Heilongjiang Provincial SASAC have their 16.67% and 14.52% of the shares.Since March 2016,the northeastern special steel contingent debt default.As of the end of March 2017,the Northeast Special Steel totaled 10 times,a total of 7.17 billion yuan of debt default.Northeast special steel is known as the "default king" title.This paper analyzes the default process of Dongbei Special Steel and analyzes the possible disposal results after default.I hope that the analysis of this paper can form a certain case of inspiration.It is hoped that through the analysis of this paper,we can clarify the influence of the implicit "rigid payment" rule in the corporate bond market and provide reference for the healthy development of China's bond market,the improvement of the overall risk awareness of the bond market and the improvement of the bond market system.