| Since the financial crisis of 2008,China's export-driven economic model has been impacted,and investment has become one of the main economic growth points.In this context,the government actively led enterprises to invest,easy credit policy came into being.Large-scale debt expansion has become the choice of many enterprises,and China has long maintained a "zero default" state of bonds,making many companies pay little attention to the risk of default when financing bonds.In 2014,"super-Japanese debt" defaulted.China became the first bond default,rigid payment was broken.In 2016,under China's industrial policy of "three to one drop and one supplement",large-scale production capacity At the end of 2016,the government began to introduce policy,"deleveraging,strict regulation,free from virtual reality," became the main theme of strong government financial regulation.Financial deleveraging and physical deleveraging went hand in hand,refinancing of heavily indebted enterprises under loose credit policies was restricted,cash flows continued to strain,and the credit crisis broke out.In 2018,47 companies defaulted on bonds in China.The amount of default involved is 111.9 billion yuan,exceeding the total amount of default in 2014-2017.Unlike the bond defaults caused by overcapacity in previous years,a new wave of bond defaults The main problems are excessive borrowing,aggressive investment,tight refinancing channels in deleveraging environment,tight cash flow and default under the broad credit policy of previous years.Yongtai Energy Co.,Ltd.is a "coal,electricity,chemical" as the main private listed company,in 2013,affected by the decline in industry prosperity began to actively seek transformation and upgrading.Since then,the company has opened a comprehensive energy development,commodity logistics,emerging industry investment and other multi-industry pattern.Due to the shortage of its own funds,the company continues to raise funds to support the diversification strategy,and the asset-liability ratio has been gradually increased.The profitability of the new investment projects is low,the cash flow generated by the original operation is difficult to cover the financial expenses brought by the large liabilities,the cash flow of the company is deteriorating,and the strict supervision policy is being issued.The next refinancing was blocked,eventually leading to a credit crisis,"17 Yongtai Energy CP004" default,and triggered more than a dozen bonds cross-default clauses.Taking the default event of "17 Yongtai Energy CP004" as the incision,this paper studies the formation process of default risk.This paper finds that the most important reason for this bond default is that enterprises rely too much on foreign financing and blindly diversify.Under the circumstances of deleveraging,the blocking of refinancing channels is the direct cause of the outbreak of default risk,and the radical financial arrangement of enterprises aggravates the liquidity risk.In addition,in the new wave of bond defaults,there are some problems in the credit rating agencies,bond market supervision and de-leveraging policy,such as lack of credibility of credit rating,excessive deleveraging policy aggravating the difficulty of financing private enterprises,and so on.The system of trustee and the mechanism of dealing with bond default are not perfect and so on.Since Yongtai Energy has already defaulted on its bonds,it is suggested that the company should consolidate its main business,enhance its profitability,strengthen cash flow management,and try its best to avoid the recurrence of default on existing bonds;In view of the problems at the institutional level,it is suggested to promote the double rating system,improve the trustee system,and grasp the relationship between deleveraging and service real economy.In order to protect the investors,the market-oriented default handling mechanism is put forward for the enterprises that have already defaulted on bonds. |
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