| In recent years,my country’s bond market has continued to develop.The importance of the bond market as a key component of the capital market has received more and more attention.However,the situation of bond defaults has also intensified.The scale of defaults has continued to expand,and the amount of defaults has increased exponentially.The causes of their bond defaults are often closely related to their family-controlled equity structure.By studying the logical chain of equity structure that affects bond defaults,the Bond default has formed a deeper understanding.This paper selects a typical case of company F in which the causes of bond defaults are closely related to the equity structure,and puts forward the research question: What are the risk points of company F’s equity structure? What is the mechanism of influence of company F’s equity structure on its bond default?The research idea of this paper is: first analyze the characteristics of company F’s equity structure and the corresponding risk points,and then analyze the consequences caused by the risk points of company F’s equity structure from the three perspectives of assets,liabilities and business management performance,and then analyze a series of risk consequences for company F What kind of influence caused it to default on its bonds?Finally,based on the findings of the research,corresponding suggestions were made to bond issuers with similar equity structures.Through research,it is found that the ownership structure of company F’s family equity has arbitrary decision-making risks and asset encroachment risks,and the ownership structure of dispersed equity in the family of major shareholders has management risks of fighting for power.These risk points affect company F’s assets,Liabilities and operating activities have had a negative impact.It is difficult to limit the radical strategy of a dominant shareholder as a controlling shareholder.The failure of the strategy leads to the loss of assets.At the same time,the internal equity dispersion leads to the internal control rights of the major shareholders.Management turmoil and investor panic affected the operation and management situation and refinancing.A series of risk consequences led to the massive loss of F company’s assets,increased debt burden,poor operating performance and weakened profitability,making F company eventually a substantial default on bonds due to the break of the capital chain and insolvency.This paper studies the causes of bond defaults from the perspective of the influence of the equity structure.It pays attention to the potential management risks brought by the diversification of large shareholders’ internal equity that has been less concerned by existing research.At the same time,it adds factors such as the kinship of large shareholders when analyzing the causes of bond defaults The analysis broadens the perspective of bond default research.Combining the conclusions drawn from the research,issued a warning to other listed family companies with similar shareholding structures,helping listed companies improve their shareholding structure,and avoiding the operational and management risks caused by the diversification of shareholding. |
