Listed Companies' Debt Default And Risk Prevention

China's economic development has gradually entered the "new normal" stage,and national policies have gradually turned to de-leveraging,dual pillars,and mixed reforms.As a result,economic growth and industrial structure have been greatly adjusted,and the downward pressure on the economy has increased substantially.In the past two or three years,the non-standard business has developed rapidly,the over-the-counter market in the equity pledge market has grown steadily,and under the conditions of financial easing,bond issuance has expanded,enterprises have become over-indebted and over-invested;Under the dual pressure of implementation and breaking the contract,a corporate debt tide will be formed.In the past two decades,the history of the Chinese bond market has gradually highlighted some bond defaults,and the bond credit risk has gradually expanded.This new change has brought considerable volatility to the debtor's legitimate rights and the stability of the market.Therefore,we need to constantly summarize and explore the root causes of default of these emerging default bonds,how to deal with the prevention of bond defaults,and how to maintain a stable and healthy development of the bond market.This paper takes Kaidi Eco as a specific research object,and conducts an in-depth discussion on a series of bond default events.Based on the analysis of the causes of default,it draws a strong inspiration.The industry in which the company in this case is located is an environmental protection industry.Before the default,it was the leading enterprise in the environmental protection industry.As a leading enterprise in the industry,it is worthwhile to study because of the debt default.This paper first analyzes the external causes of financial environment and industry background,and then focuses on the causes of Kaidi's ecological defaults from the perspective of corporate governance,corporate strategy,company's operational capability and corporate cash flow.Half of Kaidi's ecological debt default comes from the decision-making mistakes of the governance layer,and half of it stems from the changes in the macro financing environment.In this regard,the author put forward relevant suggestions from the perspective of supervision,financial institutions and investors.