Study On Risk Management Of Non-public Corporate Debt Financing Of M Company

The bond market plays a pivotal role in the financial market,and China is still in the initial stage of development.Corporate bonds are one of the main and most dynamic varieties in the bond market.In recent years,along with the introduction of new terms and conditions for corporate bonds,the corporate bond market has become increasingly prosperous and the number of its issues has exploded.Under the impact of the New Crown epidemic and the global economic recession,the size of the corporate bond market,as one of the main channels for raising funds,has also been affected by the macro economy,local policies and the use of companies.And,during the bond issuance phase,the real situation of bond sales differed significantly from the expected plan,i.e.they were not sold as expected,which in turn led to unsatisfactory bond issuance.Private placement bonds are inherently risky.Issuance risk does not just cause the overall issuance time to increase,but also has the potential to increase the overall operating costs of the issuance.This thesis focuses on risk management in the issuance phase of non-public corporate bonds.This thesis first defines the concepts of corporate bonds,non-public corporate bonds,and non-public corporate bond financing risks,followed by an overview of the risk management framework for non-public corporate bond financing.It also elaborates the application of relevant theories in the latter part of the thesis.The case section first introduces the basic situation of Company M and the issuance of this non-public offering of corporate bonds,and makes an analysis of the risk management in its issuance process.Then it is found that the main problems of financing risk management in the non-public offering of corporate bonds of Company M are inadequate financing risk assessment and inadequate financing risk supervision.The reasons were further analyzed.The reasons are mainly the low profitability of itself and high issuance risk;the high threshold of investors for non-public issuance of corporate bonds and the inactive secondary market;the sluggish infrastructure investment market;and the lack of a standardized financing risk supervision system.In view of several problems found in the research process,the author makes suggestions in four aspects according to the actual business situation and future planning of Company M:selecting a high-quality rating agency by adopting market mechanism;choosing a suitable timing for issuance to reduce the bond financing market risk;increasing bond-related information disclosure and doing a good job in issuance promotion;and improving corporate regulations and internal management system,hoping that the analysis and research of the case in this thesis can give It is hoped that the analysis and research of this case study can provide some reference to Company M and related companies in the industry in terms of risk management of non-public issuance of corporate bonds.