Research On The Case Of Bond Default Of Guangxi Non-Ferrous Metals Group

With the implementation of supply-side structural reform,China's economic development has entered a "new normal" situation,the economic growth rate is gradually slowing down,industrial structure optimization adjustment has promoted.Under the above background,the downward pressure on the economy has increased.The operating risks and financial difficulties that had been whitewashed by the economic boom were no longer hidden.The bond market continued to expand and its volume continued to rise.At the same time,it pushed the debt risk to the forefront of the storm,especially in industries with overcapacity.In the macroeconomic environment of promoting deleveraging and deproductivity,credit risk is more worthy of our attention.Since 2014,many bond defaults have occurred in China's bond market,and the credit risk of bonds has gradually emerged,which has caused a great impact on the legitimate interests of investors and the stability of the financial market.This situation has given us new requirements,we must continue to sum up,seek the reasons for bond default,in order to find a good way to deal with default bonds,to maintain the healthy and stable development of the bond market.This article takes Guangxi Non-ferrous Group as the research object,through combing the event time line,analyzes the cause of the default event and the negative influence,and then obtains the corresponding enlightenment on the basis of the above research.This case covers the common problems of most of the local state-owned enterprises in China,and has certain representativeness and value in studying the causes of bond default of state-owned enterprises.At the same time,Guangxi Non-ferrous Group also has its own place worth our in-depth study.First of all,briefly introduced the case of the main body of the basic situation of Guangxi Non-ferrous Group;Secondly,according to the present situation of bond market and the background of the industry,the paper analyzes the external inducement of non-ferrous debt default in Guangxi,and analyzes the causes of the non-ferrous debt default in Guangxi from the angle of enterprise's own management and the financial situation of the enterprise.And the influence of nonferrous default events in Guangxi is summarized.Finally,on the basis of the facts of default and liquidation of bonds of Guangxi Non-ferrous Group,this paper considers the deficiency of debt financiers,investors and the main body of supervision of bond market,and gets the corresponding enlightenment and suggestions.For the participants in the bond market to provide certain reference and reference,ultimately promote the bond market in China more healthy,orderly and stable development.