| As part and parcel of China’s financial market,bond market has become the main financing way to boost economic growth.China’s bond market has always had special situations such as "rigid cashing",which makes it easy for investors to overlook its risk.In 2014,the first defaulted bond appeared in China,destroying the myth of "rigid cashing".On July 11,2021,Blu ray development failed to pay the principal and interest of "19 Blu ray mtn01" as scheduled,which constituted a material breach of contract.The cross default clause signed by the bond accelerated the maturity of other bonds of the company.It is a real estate enterprise with relatively many bond defaults in the same year.Many bond defaults of Blu ray development have attracted the attention of relevant government departments,investors and other real estate enterprises.On this basis,using the research method which is an integration of case analysis and quantitative analysis,this thesis introduces the process of Blu Ray’s development default,conducts an in-depth study on its reasons,and finally draws the corresponding conclusions and gives recommendations.Firstly,through the analysis and introduction of the background and meaning of the research,as well as the collection and sorting of relevant literature at home and abroad,this thesis leads to the research ideas of this thesis,and expounds the possible innovations and deficiencies of this thesis;Secondly,it defines the key concepts such as bond default,analyzes the main causes of bond default,and analyzes the overall and unique situation of bond default in the real estate industry and nationwide;Then there is the case introduction,which summarizes the development and operation status of Blu ray development company,then expounds the issuance of Blu ray development bonds,explains the relevant situation before the default of Blu ray development bonds,reviews the default events of Blu ray development bonds,and analyzes the consequences and Countermeasures of the default of Blu ray development bonds;Then it analyzes the reasons for its bond default from the internal and external aspects of the company.The internal factors of the company mainly consist of the strategic of the company’s expansion,the company’s debt structure,the company’s poor financial situation,etc.the external reasons mainly include the macroeconomic downturn,the tightening of policies in the real estate industry and the continuous decline of external credit rating.Finally,the relevant conclusions of the case analysis are drawn,and different suggestions are given for different subjects: first,the bond issuer should formulate reasonable enterprise management strategies to avoid the harm caused by blind expansion.At the same time,enterprises need to adjust their debt structure in time and reasonably and control the asset liability ratio in an appropriate range;Second,regulators need to clarify their responsibilities,strengthen supervision,and strengthen the punishment of defaulting subjects.Credit rating agencies need to strengthen their own construction,and relevant departments of the bond market need to promote the legalization and marketization of default disposal mechanism as soon as possible;Third,investors should improve their ability to identify market risks and make reasonable investments. |
