A Case Study On Default Of Wintime Energy Bond

Bond issuance is an important financing method for listed companies.China’s bond market has developed rapidly,but in recent years,due to industrial restructuring,financial deleveraging and other reasons,the bond market has broken the original "rigid payment".The default of " Chaori bond " opened the prelude of bond default,and then bond default events broke out from time to time.Bond default is an important leading signal of credit risk in capital market.The stability of bond market is related to the stability of financial market and has a significant impact on the development of national economy.How to effectively identify the bond default risk of listed companies,establish a reasonable early warning mechanism,and dig the root cause of bond default,and deal with the bond default event reasonably is a hot issue in the current capital market,and also a key issue in the theoretical research.This paper takes Wintime energy bond default case as the research object,and intends to conduct in-depth study on the above issues.By using principal component analysis,event method and other research methods,this paper combs the subjective and objective causes of Wintime energy bond default from two aspects of corporate strategy and micro operation,constructs and verifies the bond default early warning model.At the same time,this paper analyzes the financial impact of Wintime energy bond default on the company,and discusses the market reaction of bond default and the experience of bond default disposal.The research framework of this paper: the first part is the introduction,which introduces the research background and significance,relevant theories and literature;the second part is the case of Wintime energy bond default,which introduces the whole process of bond default;the third part is the cause analysis of Wintime energy bond default,which discusses the internal causes of bond default;the fourth part is the precursor and early warning of Wintime energy bond default,which constructs the early warning;the fifth part is about the financial impact of Wintime energy bond default,and discusses the impact of bond default on corporate finance;the sixth part is about Wintime energy bond default disposal,and discusses the experience of the disposal;the last part is the research conclusion and suggestions.The research shows that:(1)the main cause of Wintime energy bond default is the imbalance of internal investment and financing decisions,which leads to the rupture of the company’s capital chain;(2)by building a rigorous financial early warning model,it can effectively pre warn Wintime energy bond default;(3)the capital market has a normal response to Wintime energy bond default,with continuous decline in excess earnings;(4)the follow-up disposal of Wintime energy bond default is appropriate and has achieved certain results.