Research On Corporate Bond Default

With the rapid expansion of the number and scale of bond issuance in China,the corresponding market risks are increasingly prominent.Since 2011,when yunnan road development and investment co.,LTD broke out the principal repayment crisis of urban investment bonds,the credit risk events in the bond market have been emerging one after another.Based on this,this paper selected the representative "sinosteel debt" as the case ontology.The first part is the introduction.This paper mainly introduces the research background,research significance,literature review,paper framework,research methods and innovation points and difficulties.The second part is the introduction of related concepts and the overall analysis of bond default.This paper introduces the concept of corporate bonds and analyzes the default situation of corporate bonds in China.The third part is the case description of "sinosteel debt".The default event is described,including: the general situation of the issuer,the various elements of this bond issue,the default process and the company's countermeasures.The fourth part is the case analysis of "sinosteel debt".From the macroeconomic factors at that time,the company's industry development trend,micro factors and other aspects of the analysis,find out the cause of the event of default.The fifth part is the conclusion and suggestion.In this paper,all default bonds are taken as samples for general description and analysis,and the main influencing factors obtained from the analysis are used to construct an analysis framework for specific cases.In this paper,sinosteel is taken as an example to analyze the reasons for the occurrence of default events.The company's poor management,resulting in the rupture of working capital;Regulatory bodies and external market constraints in the issuance of audit,information disclosure flaws;In view of these problems,this paper puts forward the following Suggestions: should strengthen the prudent management of enterprises;Improve enterprise financing management ability;Give reasonable play to the role of debt repayment guarantee mechanism;Prevent industry risk penetration;Perfect our country's bond market supervision system;We will improve the standard system for rating agencies.