Study On The Causes And Disposal Effect Of Yinyi Stock Bond Default

Under the background of macroeconomic downturn,the risk of bond default accumulated in China's bond market for a long time began to be exposed,and the bond default events began to erupt frequently in 2018.By the end of 2019,there were 422 bond defaults in China's bond default market,involving 141 issuers.The problems of credit risk and default frequently occur,which is a more and more important problem.On the basis of the research results of domestic and foreign scholars on the influencing factors of bond default,the measure of bond default risk,the subsequent disposal of bond default and the credit rating of bond,this paper analyzes the case of Yinyi stock bond default by case analysis.This paper mainly studies the causes of default and the effect of disposal after default.The study found that: the impact of macroeconomic downturn and national policy changes,the real estate industry overcapacity,the overall automotive market downturn and fierce competition is macro-industry causes;and corporate diversification strategy transformation is not ideal risk,high proportion of internal equity pledge brings huge crisis,profitability significantly weakened,The scale of debt continues to expand,and the major defects in corporate governance lead to the related party occupying a large amount of funds is the internal cause of the company;the external supervision level of Yinyi shares bond credit rating agencies did not follow the investigation in time,there is lag,insufficient market supervision is also one of the external reasons for Yinyi shares bond default.The way of disposal after the default of Yinyi shares is to meet the debt,provide credit enhancement guarantee,and apply to the court for bankruptcy reorganization.So far,the effect of disposal has not been satisfactory in terms of the repayment of default bonds,the increased difficulty of repaying the company's maturing debt,the massive freezing of shareholders' shares,the fact that the increase in stock prices has not had a significant positive impact on the repayment of the entire default bond,and the uncertainty of thecompany's current bankruptcy reorganization,which has also severely undermined investor confidence that most of the bonds can not be repaid.Finally,this paper analyzes and summarizes the default events of Yinyi stock bonds,which form some enlightenment from the corporate level,investor level and market supervision level,hopeing can provide some help for other private enterprises to issue bonds and contribute their own strength to the better development of the bond market in the future.