A Case Analysis Of The Default Of "15SHANSHUI SCP001 Bond"

Corporate bond is one of the significant methods of an enterprise financing,plays a very vital role in the prevention of financial system risks.Chinese enterprise bonds has grown rapidly in the past years.With the prosperous development,bond default risk has been exposed,and in 2015 gradually into the normalization of credit default.In the matured bond market of advanced countries,bond default events are not rear phenomena.The thesis analyze China Shanshui Cement Group Limited,which is typical of the private-run corporate playing an important role in Building materials industry in China.It is transformed from state enterprises into marketing company,some of the problems with corporate governance institutions,including aspect of ownership structure,the corporate structure of the Board of Directors and senior management remuneration incentive mechanisms.The article is divided into six parts in the structure,its main content is as follows.The first part is the introduction of the article.This part introduces the background of the bond market firstly.Then,interpret the meaning of the research on “15 SHAN SHUI SCP001 Bond” credit event.The rest of this part introduces the framework and content of this paper.The second part of the article is an introduction of SCP market in China.This part introduces the concept of SCP,the features and advantages firstly.And also said the significance and meaning of SCP ’launch to the development of banks in China.At the last,we forecast the trend of it will be.The third part of the article is the review of “15 SHAN SHUI SCP001 Bond” credit event.The fourth part of the article is about the reasons that caused the default of “15 SHAN SHUI SCP001 Bond”.It is the core part of the article.The fifth part of the article is the enlightenment of “15 SHAN SHUI SCP001 Bond” case,this is the foothold of the article.The last part is the conclusion of the article,this part emphasize the value of “15 SHAN SHUI SCP001 Bond” credit event on how to prevent the credit risk of the bond market as well as the importance on corporate governance structure.Based on the comprehensive search,referring to the relevant literature,the use of case study method,theory and practice,By the analysis of this case,the authors expect to provide reference for the bond market participants.