Research On The Causes And Prevention Of Private Enterprise Bond Default

Since 2014,under the economic background of macroeconomic growth from high speed to medium high speed,the bond market in our country with the occurrence of "11 super Japanese bond" default event,ending the history of rigid payment,with the policy environment of deleveraging and strict supervision,the private enterprises became the worst disaster area of bond default,and then ushered in the private enterprise bond "default tide".Through literature research and case analysis,this paper collects several domestic and foreign literatures related to bond default of private enterprises,and sorts out the causes of bond default and countermeasures discussed in the literatures.Then,based on the case of DX corporate bond default,the causes of bond default are analyzed from macro,meso and micro perspectives,and corresponding countermeasures are proposed.Based on the analysis of DX corporate bond default cases,this paper finds that: in the macro aspect,the current downward pressure of the Chinese economy continues to increase,the "deleveraging" policy makes the overall financing environment further tighten,the financing cost of private enterprises increases,financing channels narrow,financing is more difficult,and the external financing environment tightening further aggravates the cash flow pressure of enterprises.At the medium level,the current industrial upgrading has brought structural adjustment in some fields and policy changes in emerging industries,resulting in declining market demand and lower profit margins,leading to difficulties in making profits.Micro level,the privately operated enterprise itself because of strategic development,funds management,debt structure,corporate governance,as well as certain problems,make the enterprise cash flow is affected,further lead to corporate bond default risk further.Based on the analysis of the causes of private enterprise bond default,this paper puts forward some preventive suggestions from the macro,meso and micro levels.From the macro point of view,it is necessary to enhance the sensitivity to the macroeconomic environment and effectively deal with the financing environment of "deleveraging".From the medium perspective,we should pay attention to the development risks of traditional industries,at the same time pay attention to the environment of target industries and prudently carry out new business.From the micro point of view,strategic planning should be changed to avoid blind expansion.Improve the level of corporate governance,improve the internal management environment;Optimize the debt structure and expand financing channels;Optimize the level of fund management,prevent the occurrence of bond default.