A Case Study On The Default Of Yongtai Energy Bonds From The Perspective Of Maturity Mismatch

In recent years,under the background of "deleveraging" and "strict supervision",Chinese coal industry enterprise bond default events occurred frequently.Among them,the more representative defaults are the defaults of private enterprise Yongtai Energy in 2018 and state-owned enterprise Yongcheng coal power bond in 2020,which caused huge shocks to the coal industry.In the study of domestic enterprise bond default,one of the non-negligible factors is the widespread maturity mismatch phenomenon of "short financing and long term investment",that is,the use of short-term financing funds to support long-term investment activities.Although maturity mismatch can alleviate the financing constraints of enterprises to some extent and provide liquidity for enterprises;However,such strategy of supporting long-term investment by rolling over short-term financing will make enterprises face greater short-term debt repayment pressure,aggravate liquidity risk and fall into bond default crisis.Based on this,this thesis selects Yongtai Energy Company as the research object to analyze the whole process of its bond default from the perspective of maturity mismatch.Through the analysis of the investment and financing situation of Yongtai Energy,it is determined that Yongtai Energy Company has maturity mismatch phenomenon.At the same time,the causes of maturity mismatch and the conduction path of bond default are explored.This thesis draws the following conclusions:First,maturity mismatch exacerbates bond default risk.Second,changes in the financing environment will become a trigger for default.Third,the disposal of bond default will optimize the maturity mismatch phenomenon of enterprises,so that enterprises can return to the right track.This thesis has enriched the research on the factors affecting corporate bond default and provided a reliable measurement method for measuring the degree of corporate maturity mismatch.It has certain reference value for enterprises how to reasonably plan investment and financing structure,strengthen risk control and prevent debt default risk.At the same time,it has very important practical significance to promote the steady development of our bond market and maintain the stability of the financial market.