Case Research On Debt Default Of Tongjitang

In recent years,China’s bond market has developed steadily.At present,it has developed into the second largest bond market in the world,which better meets the capital needs of enterprise production,operation and investment expansion.However,due to the gradual breaking of rigid cashing and other factors,the number of default cases in China’s bond market has increased.Especially under the influence of the epidemic,the coverage of bond default continues to expand,and the risk of bond default continues to appear.Some even believe that China’s bond default has entered the normalization stage.The overdue bonds issued by Tongji Tong pharmaceutical on April 18,20201 constitute the default of Tongji Tong pharmaceutical.Taking Tongjitang as an example,this paper introduces the process of Tongjitang’s bond default,deeply analyzes the causes of its bond default,and puts forward targeted countermeasures and suggestions.Firstly,it briefly introduces the basic situation,bond issuance and bond default process of Tongjitang,and analyzes the situation,influence and treatment of Tongjitang’s bond default;Secondly,combined with the external factors such as the macro environment,industry environment and financial environment faced by the enterprise,as well as the internal factors such as the financial level and operation level of the enterprise,this paper makes a qualitative analysis on the causes of Tongjitang bond default.On this basis,this paper also uses the Z-score Model and f-value analysis to quantitatively evaluate and analyze the risk of Tongjitang.Finally,from the perspective of enterprises,this paper puts forward targeted countermeasures for the future operation and management of Tongjitang and other enterprises and the risk management of bond default.