【作者】 张超；

【导师】 杨文；

【作者基本信息】 深圳大学 ， 金融硕士（专业学位）， 2022， 硕士

【摘要】 2020年全国总共有158只信用债违约,违约金额高达1388.1亿,国有企业违约金额836.05亿,占比60.23%。国有企业近几年违约率大幅上升,带来的负面影响十分深远,是什么原因导致国有企业违约率上升,而国有企业又该如何去避免债务违约的出现,值得我们思考。我选择的案例标的是永城煤电控股集团。永煤控股是一个老牌国有企业,其主营业务为煤炭的生产和销售,2020年11月10日,银行间市场清算所发布公告显示永煤控股在2020年第三期超短期融资券(永煤SCP003)未能按期足额偿付本息,构成了实质性的违约,违约本息和10个亿。并且在之后几个月内,永煤SCP003的违约产生连锁反应,永煤到期债券纷纷出现违约,违约金额本息总计104.31亿。这次恶劣的违约事件在债券市场上引起轩然大波,证监会加强了债券发行的审核,各地国有企业纷纷减少了债券发行。本文的写作重点是通过分析永煤控股的违约原因,对永煤控股提出解决意见。本文查阅了大量的国内外企业债券违约和国企债券违约的文献和论文,通过文献研究、案例研究、财务分析法、行业分析法、信息不对称理论等方法对本案例进行研究。首先对永煤控股违约进行了案例梳理,永煤控股违约的产生,以及永煤控股如何处理的违约和违约产生的影响。其次文章重点分析了永煤控股违约的原因,从永煤控股违约的外部和内部原因入手,外部原因包括了国家的宏观经济下行,新冠疫情的冲击,导致国内投资意愿受挫,永煤筹资难度加大,其次永煤控股所在的河南金融软实力不足,无法提供永煤充足的金融扶持,最后当国家倡导的“碳中和”政策引导下,煤炭行业持续低迷,企业利润缩减,煤炭行业在投资市场上不被投资者看好。内部原因包括了永煤控股的治理结构和公司架构存在着缺陷,公司经营者被监管能力薄弱,永煤母公司被子公司严重拖累,其次永煤控股存在严重的财务问题,通过单独财务数据和Zscore联合进行分析可以得出,永煤控股与同行业在偿债能力、盈利能力、营运能力、现金流量方面的差距。通过这些分析,分别对永煤控股提出外部和内部解决建议,外部层面可以通过进行技术创新,来提高煤炭的燃烧率,降低碳排放,满足“碳中和”的政策,成立新能源子公司,利用企业自身优势,将煤炭与新能源进行结合,进行优势互补,保证发电稳定性的同时也能保证发电的持续性。同时新能源企业也可以获得国家的补贴,在投资市场上比较容易受到投资者的青睐。从内部层面上分别从盈利问题,偿债问题、营运问题提出具体的解决对策,变卖旗下的业绩差的化工行业子公司,轻装上阵,解决企业盈利问题和偿债问题,建立科学合理的收账制度,提高应收账款周转率,从而解决企业营运难题。最后从监管部门、评级机构、国有企业,投资者分别提出意见,进一步而减少违约的产生。更多还原

【Abstract】 In 2020,a total of 158 credit bonds in the country defaulted,with a default amount of138.81 billion yuan,and the default amount of state-owned enterprises was 83.605 billion yuan,accounting for 60.23%.The default rate of state-owned enterprises has risen sharply in recent years,and the negative impact is very far-reaching.It is worth thinking about what causes the default rate of state-owned enterprises to rise,and how can state-owned enterprises avoid the occurrence of debt defaults.The case I chose was Yongcheng Coal and Electricity Holding Group.Yongmei Holding is an old state-owned enterprise whose main business is the production and sales of coal.On November 10,2020,the inter-bank market clearing house issued an announcement showing that Yongmei Holding will be in the third phase of ultra-short-term financing bills(Yongmei)in2020.Coal SCP003)failed to repay the principal and interest on time and in full,which constituted a substantial breach of contract,and the default principal and interest amounted to RMB 1 billion.And in the next few months,the default of Yongmei SCP003 produced a chain reaction,and Yongmei’s matured bonds defaulted one after another,with the default amount of principal and interest totaling 10.431 billion.The bad default caused an uproar in the bond market,with the China Securities Regulatory Commission stepping up its scrutiny of bond issuance,and state-owned enterprises across the country reducing bond issuance.The focus of the writing of this article is to propose solutions to Yongmei Holding by analyzing the reasons for Yongmei Holding’s breach of contract.This paper has consulted a large number of domestic and foreign corporate bond defaults and state-owned enterprise bond default documents and papers,through literature research,case study,financial analysis method,industry analysis method,information asymmetry theory and other methods to study this case.First,the case of the default of Yongmei Holdings was sorted out,the occurrence of the default of Yongmei Holdings,and how Yongmei Holdings handled the default and the impact of the default.Secondly,the article focuses on the reasons for the default of Yongmei Holdings,starting from the external and internal reasons for the default of Yongmei Holdings.The external reasons include the country’s macroeconomic downturn and the impact of the new crown epidemic,which has led to the frustration of domestic investment willingness and the difficulty of Yongmei’s financing.Secondly,Henan,where Yongmei Holding is located,has insufficient financial soft power and cannot provide sufficient financial support for Yongmei.Finally,under the guidance of the "carbon neutrality" policy advocated by the state,the coal industry continues to slump,corporate profits shrink,and the coal industry invests The market is not optimistic about investors.The internal reasons include defects in the governance structure and corporate structure of Yongmei Holding,the weak supervision ability of the company’s operators,the serious drag of Yongmei’s parent company by its subsidiaries,and secondly,the serious financial problems of Yongmei Holding.Through separate financial data and Z-Score joint analysis can draw the gap between Yongmei Holding and the same industry in terms of solvency,profitability,operating capacity and cash flow.Through these analyses,we propose external and internal solutions to Yongmei Holding respectively.The external level can improve the combustion rate of coal,reduce carbon emissions,meet the policy of "carbon neutrality",and establish a new energy subsidiary through technological innovation.Take advantage of the company’s own advantages,combine coal and new energy,and complement each other’s advantages to ensure the stability of power generation and the continuity of power generation.At the same time,new energy companies can also obtain subsidies from the state,and are more likely to be favored by investors in the investment market.From the internal level,specific solutions are put forward from the perspective of profitability,debt repayment,and operational problems,and the chemical industry subsidiaries with poor performance are sold off.System,improve accounts receivable turnover rate,so as to solve business operation problems.Finally,opinions from regulators,rating agencies,state-owned enterprises,and investors were put forward to further reduce the occurrence of defaults.更多还原