| In recent years,with the continuous development of China's bond market,the bond issuance system has been gradually improved and the scale has been continuously expanded,and bond issuance has gradually become an important means of investment,financing and capital exchange in the capital market.But in the process of the rapid development,some problems also gradually revealed,the declaration of the default of "11 CHAO RI Bond" on March 7,2014,the first occurred due to failed to fully repaid defaults,since then,the bond market default events are occurring,a record high in 2018,by the end of 2018 the bond market in the event of default of 194,the default number of private enterprises is the largest.As a representative of private enterprises,foal eagle agriculture and animal husbandry has the reputation of "raising the first stock of pigs" and has always been a high-quality listed company favored by institutions.However,the company defaulted on its bonds in November2018 and was forced to be delisted in August 2019,which caused an uproar in the market and had a certain impact on the bond market.Therefore,this paper selects foal eagle agriculture and animal husbandry as the research object,analyzes the reasons for bond default through case analysis,and provides effective suggestions to other companies in the market.This paper is mainly divided into three modules.The first module introduces the basic information of foal eagle agriculture and animal husbandry group,mainly including the basic information of the company,the company's equity and main business.The second module briefly describes the detailed process of the default of chick bond and its impact on the company and bond market.The third module analyzes the cause of young eagles farming bond defaults the third module as the focus of this article,from the macro level,industry level and company level analysis in three aspects,including macro structural reform mainly relates to the supply side,the external financing environment partial two modules on the influence of bond defaults;At the industry level,it mainly analyzes the development characteristics and competitive status of the whole industry,with the focus on 2018,the year with the highest default.Finally from the company level is analyzed,the main analysis of the company's business strategy,internal governance,investment decision-making,and four aspects,financial situation finally demonstrates an agriculture and animal husbandry the main problem is the company's bond defaults in deviation of investment strategy in business expansion,the company internal governance and internal control failure,lead to the serious inadequacy ofsolvency,profitability.Finally,through the analysis of the above modules,the paper finds out the reasons for bond default,and puts forward effective enlightenment and Suggestions for bond issuers and bond market regulators.By analyzing the default event of foal eagle agricultural and animal husbandry debt and giving play to the typical significance of this event,it can serve as a good warning to future default events,so as to do a good job in risk avoidance and give relevant Suggestions to enterprises and regulators.I hope to increase the innovation points of my own research on the original research results,so as to provide more rich experience for avoiding bond default,so as to improve and optimize the credit environment of the bond market. |
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