Research On The Impact Of Tahoe Group’s Bond Default On Operational Risks

The goal of the existence of an enterprise is to maximize the value of the enterprise.However,in an environment where the economic and social level continues to improve,the changes in the business environment for business development face more uncertain factors.Since the first occurrence of bond defaults and the break of"just redemption",major influential factors have appeared in the business management process of the various links of supply,production,and sales,and some of them are inhibitors.For example,companies make timely adjustments due to signs of bond defaults.With management measures,companies have a better momentum of development,while some companies are on the contrary.For example,companies have defaulted on bonds and the capital chain is broken,leading to business risks and dragging down the company.Therefore,it is necessary to study whether bond defaults have an impact on operating risks.Based on the risk-return theory,debt bankruptcy effect,domino effect theory,debt-deflation theory and other related theories,the thesis selects Tahoe Group as a research case.It uses PEST analysis and SWOT analysis to analyze the causes of bonds from the macro and micro perspectives,respectively.It also reveals how companies approach default from overfinancing step by step.In theory,analyze whether the bond default has an impact on operating risks,from the changes in operating conditions before and after bond defaults,the changes in Z and F values before and after bond defaults,and the changes in the compliance value of the CRITIC-TOPSIS law before and after bond defaults.Several aspects analyze the impact on business risk.Through analysis,it is found that when a bond default occurs,the business situation of the enterprise becomes worse.For further verification,the financial data of each quarter from the first quarter of 2016 to the second quarter of 2021 was used to measure the bond default by the fit₄)value calculated by the CRITIC-TOPSIS method,and the standard deviation of the operating income growth rate to reflect its operation.Risk,using regression analysis to study the impact of Tahoe Group’s bond default on its operating risks.Research shows that bond defaults increase business risks,so relevant recommendations are made before,during and after the event.Beforehand,at the level of financial institutions:improve technological innovation capabilities,increase supervision,and at the corporate level:build an effective early warning system for credit crises to prevent risks;optimize the capital structure and implement a prudent financing strategy.In the event,in terms of enterprise production,the development progress was reasonably controlled to speed up the efficiency of project completion;in terms of enterprise products,the product layout was clarified and the diversified layout was implemented.After the event,under the existing disposal methods,continue to improve the credit risk mitigation tool（CRM）operating mechanism to reduce default losses.