【作者】 韩旭；

【导师】 王海侠；

【作者基本信息】 东华大学 ， 会计硕士（专业学位）， 2022， 硕士

【摘要】 近年来我国债券市场规模稳步增长,债券种类日益丰富。截至2021年底,我国债券市场存量为131.21万亿元,存量规模位居世界第二;债券品种多样,地方债、金融债、企业债和资产支持证券等共同组成我国多层次的债券市场。然而,随着债券市场规模的发展壮大,债券违约风险也在不断增加。早期的债券市场还存在着不成文的“刚性兑付”和“政府兜底”规则,但2018年“资管新规”的出台,明确要求降低杠杆、打破刚性兑付和缓解金融风险。我国债券市场很快就出现了一波违约潮,当年就有近200只债券发生违约此后三年,违约数量和金额仍居高位,但是违约企业的构成从数量众多的中小企业变为了单体违约规模庞大的混合型控股企业,每一家混合型企业的违约都会严重影响我国的债券市场稳定。在此背景下,2020年11月16日,混合型控股企业之一紫光集团有限公司旗下“17紫光PPN005”债券的展期方案没有通过全体持有人一致同意,构成实质性违约。本文运用案例、量化和对比分析等方法,以紫光集团这一混合型企业为例,研究混合型控股企业违约的原因和防范对策建议。第一章介绍了本文的研究意义和背景,整理并列举了已有的国内外研究文献。第二章从概念界定和理论基础出发,再分别讲述我国企业债券违约的普遍原因和混合型控股企业违约的特有因素。第三章从数量金额、评级和企业性质三个角度介绍了我国债券违约的现状,再详细列举我国发生过债券违约的混合型控股企业并分析其违约现状和影响。第四章详细介绍了紫光集团的基本信息、债券违约的过程和处置方案。第五章先分析了紫光集团的财务报表,以问题为导向,再从外部环境、评级机构、混合型控股构架和公司内部因素这四个角度深入研究紫光集团的债券违约原因。第六章在原因分析的基础上,分别从混合型控股企业和外部机构角度提出几点对策建议:混合型控股企业要提高本部的优先度、优化融资结构并且建立风险防范模型;评级机构要针对不同类型的企业运用不同的分析模型,加强评级管理;监管机构可以建立双评级模式,确保评级机构的独立性和评级结果的准确性。第七章为结论。更多还原

【Abstract】 The scale of China’s bond market has grown quickly,and the types of bonds are becoming more and more abundant.In 2021,China’s bond market becomes the second in the world;China’s bond market has local bonds,financial bonds,corporate bonds and asset-backed securities together form China’s multi-level bond market.But the risk of bond default is also increasing.The early bond market still had unwritten rules of "rigid cashing" and "government disclosure",but the introduction of the "new asset management regulations" in 2018 clearly required to break the rigid cashing,prevent and control financial risks and deepen financial reform.There was a wave of default in China’s bond market soon.In 2018 alone,165 bonds defaulted,with a total amount of 152.954 billion.In the following three years,the number and amount of default remained high,but the composition of defaulting enterprises changed from a large number of small and medium-sized enterprises to a large-scale hybrid holding enterprise,The default of each hybrid enterprise will have a huge impact on China’s bond market.In this context,on November 16,2020,the extension plan of "17Ziguang ppn005" bonds of Ziguang Group Co.,Ltd.,one of the hybrid holding enterprises,failed to pass the unanimous consent of all holders,which constituted a material breach of contract.Using the methods of case analysis,quantitative analysis and comparative analysis,this paper takes Ziguang group,a hybrid enterprise,as an example to study the causes of default and Preventive Countermeasures of hybrid holding enterprises.The first chapter introduces the research significance and background,research literature at home and abroad,research contents and methods.The second chapter starts from the concept definition and theoretical basis,and then describes the common causes of corporate bond default in China and the unique factors of mixed holding enterprises’ default.The third chapter introduces the current situation of bond default in China from four perspectives: quantity and amount,rating,enterprise nature and industry,then lists in detail the hybrid holding enterprises that have defaulted on bonds in China,and analyzes their default status and impact.The fourth chapter introduces the basic information of Ziguang group,the process of bond default and the disposal plan in detail.The fifth chapter first analyzes the financial statements of Ziguang group,which is problem-oriented,and then deeply studies the causes of bond default of Ziguang group from the four perspectives of external environment,rating agencies,hybrid holding structure and internal factors.Based on the cause analysis,the sixth chapter puts forward several countermeasures and suggestions from the perspective of hybrid holding enterprises and external institutions: hybrid holding enterprises should improve the priority of their headquarters,optimize the financing structure and establish a risk prevention model;Rating agencies should use different analysis models for different types of enterprises to strengthen rating management;Regulators can establish a dual rating model to ensure the independence of rating agencies and the accuracy of rating results.Chapter seven is the conclusion.更多还原