Research On The Influencing Factors And Prevention System Of Bond Default In China

Before the default of "11-chaori bond" in 2014,there was a phenomenon of"rigid payment" in the bond market of our country,and no substantive default occurred.With China's macroeconomic downtum,bond market risks b egan to emerge gradually.In 2017,China's macroeconomic policy is mainly based on "supply-side reform".Economic de-leverage and strict financial supervision have greatly tightened the financing channels of enterprises and made it difficult to sustain the mode of expanding development by borrowing.Eventually,a large number of enterprises have liquidity crisis in 2018,and bond defaults emerge in endlessly.From the outbreak of credit risk events,we can see that the current credit risk prevention mechanism is not mature,so it is urgent to improve the bond default risk prevention system to avoid inducing systemic financial risks.In this paper,case analysis and comparative analysis are used to study the risk factors and pre vention system of bond default,taking Yongtai Energy Bond of private listed companies as an example.Firstly,this paper analyses and summarizes the general influencing factors of bond default;secondly,it makes a general analysis of the current situation of bond market development and the status and characteristics of bond default in China;secondly,this paper combs the whole process of Yongtai energy default,and separately analyses the causes of Yongtai energy default from the internal and external influencing factors of bond default At the same time,the risk identification ability of investors is studied Finally,on the basis of Z-score early warning model,this paper improves it,constructs the framework of bond default risk prevention,and constructs a credit risk prevention system from the perspective of bond issuer,regulator,intermediary agency and bond investors,and puts forward suggestions on how to effectively prevent credit risk and improve risk identification ability.