| Credit bond is a direct financing tool issued based on the credit quality of the issuer and affected by the credit status.It has the characteristics of high flexibility,strong liquidity and low financing cost.With the continuous improvement of my country’s economic development level,fund raising through the issuance of credit bonds has become one of the main financing channels for Chinese enterprises,and the stock and scale of my country’s credit bond market continue to rise.However,with the rapid expansion of social credit scale,affected by the slowdown of economic growth and the adjustment of industrial structure,the probability and scale of default of credit bonds have shown an increasing trend.Since the first credit bond default event occurred in my country’s open market in March 2014,the credit bond market has gradually broken the market inertia of rigid payment,and credit bond defaults have shown a normal trend.For a long time,my country’s credit debt default entities have been concentrated in private enterprises,but in recent years,the credit risks of local state-owned enterprises have gradually been exposed.This has severely impacted market investment confidence,and the collapse of state-owned enterprises’ belief has caused investors to worry about state-owned enterprises and even the entire credit bond market.With the continuous improvement of the marketization,legalization and internationalization of my country’s bond market,it is the general trend for state-owned enterprise credit bonds to break the rigid payment.The early warning of corporate credit debt defaults will promote the accelerated realization of high-quality development of state-owned enterprises and the stable and efficient operation of my country’s bond market.As a large state-owned enterprise in Liaoning Province,HC Group has maintained a high AAA credit rating for its main body and related debts for a long time.It is one of the top ten automobile manufacturers in my country and has a good shareholder background and external rating.However,on October 23,2020,the "17 Huaqi 05" credit bond material default event occurred despite sufficient monetary cash stock in the consolidated financial statements,which caused heated discussions in the market.From the macro level,industry level,enterprise level and supervisory level,the solvency of the company is analyzed to analyze the causes of HC Group’s credit debt default.Among them,the weakening profitability of the parent company and the high short-term debt repayment pressure are the main reasons for the substantial default of HC Group’s credit bonds.Tightening macro environment,sluggish auto industry and weak regulatory constraints are the secondary reasons for the substantial default of HC Group’s credit bonds.As the share of credit bonds in the financing market continues to expand,the continuous default events of high-credit state-owned enterprise credit bonds will affect the smooth operation of the bond market.Therefore,it is necessary to unify regulatory standards,establish an early warning mechanism for the default risk of state-owned enterprise credit bonds,improve the independence of credit rating,return rating research to the fundamentals,and create a market supervision environment where supervision is in place and early warning is effective;it is necessary to strengthen independent brand building and strengthen independent innovation capabilities.Arrange the debt structure reasonably,adjust the expansion progress of the company,enhance the profitability of the issuer,and reduce the short-term debt repayment pressure;it is necessary to improve the risk identification ability,reduce the belief in state-owned enterprises,pay attention to the "strong children and weak mothers" enterprises,and further strengthen the risk awareness of bond investors.,reconstruct a reasonable investment analysis framework.Only in this way can we effectively prevent the default risk of credit bonds from the root cause and ensure the stable and healthy development of the bond market. |
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