Research On The Issue Of Agricultural Corporate Bond Default Based On The Perspective Of Creditor Protection

With the rapid growth of China's bond market,the trading subjects in the market are becoming more and more diversified,and the trading varieties are more and more abundant.As an important part of the financial market system,the development of bond marketization is not only conducive to the improvement of financing structure,but also to the optimization of market resource allocation and the reduction of financial systemic risk.Since March 1,2020,the company has fully implemented the registration system for the issuance of bonds,which marks the further maturity of the bond market in China.Because the early capital market of our country has been in the state of strong stock and weak debt,in order to encourage the development of bond marketization,the government will carry out the "bottom selling" treatment to the companies that break the bond contract,so the creditors can also obtain the full repayment of principal and interest,which leads to the phenomenon of "rigid repayment" in the long-term bond market of our country.In 2014,the occurrence of "11 day debt default event" completely broke the unwritten regulations.The government will no longer bear the consequences for the inefficient operation of the company,which is of great significance to promote the development of bond marketization,but also led to more violations in the market.In the past,the interests of creditors under the background of "rigid payment" of the government had practical protection.With the development of bond market and the increase of default events,how to better protect the interests of creditors has become an urgent problem.Based on the background of bond registration system,this paper finds that the lack of effective protection of creditors' interests is mainly manifested in the following aspects:(1)the quality of information disclosure related to the company is not high during the issuance and existence of bonds;(2)the relevant intermediaries are not responsible and the creditor protection system is not effective;(3)the default occurs The proportion of cash after birth is low.Because the agricultural companies in our country have both periodicity and preferential policies of the government,it is of typical significance to select this type of companies for research.Firstly,this paper describes the total default situation of the bond market in terms of the number and type of default;secondly,it introduces the default situation of the agricultural company bond in China,and points out that the company is prone to the problems of information disclosure and poor management,which will lead to the increase of default risk;finally,it uses the debt of the young eagle agriculture and animal husbandry group As an example,this paper analyzes the loss of creditor's interest in the event of default from five aspects: the company's financial situation,information disclosure,credit rating agency's responsibility,creditor protection system and creditor's own,and puts forward corresponding creditor protection suggestions.Through the above research,this paper believes that the current bond market in China has limited protection for creditors,and there are still many areas to be improved.By improving the transparency of information and implementing relevant protection systems,we can not only strengthen the protection of the interests of creditors,but also reduce the cost of issuing bonds,optimize the allocation of market resources and promote the healthy development of bond market.