Analysis On The Default Factors Of Chinese Corporate Bonds And Research On The Subsequent Treatment Scheme

Bond market is an essential part of capital market and plays an important role in economic development.In recent years,with the astonishing development of China's capital market,the bond market has also developed rapidly,and the bond financing scale even exceeds the equity financing scale.At present,bond financing is more and more widely used by enterprises.However,with the continuous advancement of China's marketization process,defaults occur frequently,especially the decline in macroeconomic growth and the emergence of overcapacity.Many private enterprises are affected and their solvency declines.Since 2014,the first substantive default of"11 super Japanese bonds" occurred in China,defaults in China's bond market have occurred frequently.By the end of July 2019,there had been 376 defaults in China's bond market.The overall situation is not optimistic.For investors,how to do a good job in the market environment of high credit risk screening;For the enterprises that have defaulted,how to deal with the risk management plan.The study of bond default has important reference significance for market regulators,market investors and bond issuers.From the perspective of the overall development of China's corporate bond market and the overall default situation,this paper summarizes the default factors and overall characteristics of China's corporate bond market,and analyzes the common problems existing in China's corporate bond market default events.Selection of the coal industry in our country the only private listed companies,in the industry to the focus of the production capacity and environmental governance yongtai energy co.,LTD as a case,from a macro background,meso,and micro three Angle analysis,enterprise financial situation and early warning information is focus on the object,in order to explore the causes of the crisis for the debts of the enterprise.From the perspective of enterprises and regulators,this paper puts forward a series of Suggestions on preventing credit risks and strengthening the early-warning mechanism in the future,hoping to provide some reference for participants in the corporate bond market.