| The bond market is an important part of China’s capital market.In recent years,the bond market has developed very rapidly,but at the same time,there have been frequent bond defaults,especially in 2018,when the country’s economic growth slowed down.Overcapacity,structural adjustment,deleveraging and the economic downturn created by new regulations on capital management have seen a large number of defaults on private corporate bonds,an increasing number of defaulters and a growing risk of default,not only to the detriment of investors and creditors.The crisis of trust has also triggered large volatility in bond markets.From the point of view of bond default,the article reviews and combs the relevant documents of domestic and foreign bond default,and describes the overall situation of bond default in the bond market and the situation of bond default in private listed companies in recent years.This paper analyzes the influencing factors of bond default of 9 private listed companies.Then,the article focused on the case of the default of the "15 China Anxiao" bond of China Anke Corporation,reviewed the major issues before and after the company’s bond default,and analyzed the macroeconomic policies,the company’s management and financial conditions.To explore the external and internal influencing factors of debt default in zhonganke.This paper finds that the external factors of bond default of private listed companies include macroeconomics and policy supervision,while the internal factors include internal management changes,legal litigation,equity pledge and financial situation.This paper then puts forward some relevant countermeasures and suggestions from the aspects of company management,policy supervision and investor protection,hoping to provide some references for private listed companies and investors,as well as supervision,and promote the further development and perfection of the bond market in China. |
