南京雨润“15雨润CP001”债券违约案例分析

发布时间：2018-01-23 21:46

本文关键词： “15雨润CP001”违约成因经营状况债券市场发展　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,中国债券市场发展十分迅速,债券交易品种日趋丰富,债券发行量、市场融资额不断增加,债券市场极大地满足了企业多元化融资需求,有力地支持了实体经济的发展。然而在全球经济复苏乏力以及国内宏观经济下行压力下,一些强周期行业、产能过剩行业以及食品饮料等弱周期性行业集中爆发了债券违约风险事件,债券违约企业数量及违约金额都创历史新高,对中国债券市场健康稳定的运行产生了较大的冲击。本文以南京雨润“15雨润CP001”债券违约事件为案例分析对象,试图探究如此大规模的债务违约风险事件背后的逻辑,以及对当下公司发展、中国债券市场发展的现实意义。首先,本文分别从历史沿革、股权结构、主营业务三个方面详细地介绍了南京雨润的基本情况。其次,本文从内、外两方面分析了南京雨润“15雨润CP001”债券违约的成因。本文分析认为激进的产能扩张、不断恶化的财务状况、负面事件的溢出效应、关联交易的不利影响是导致南京雨润债券违约的内部成因;而宏观经济及行业的不景气、信用评级机构评级不客观是导致南京雨润债券违约的外部成因。进一步地,在上一章债券违约成因分析的基础上,本文得到了公司发展与中国债券市场发展两方面的启示。从公司发展角度,公司需要合理调整产能扩张战略,注重提高公司经营水平,有效防范关联交易风险,加强公司信誉管理;从中国债券市场发展角度,债券市场的发展需要改革完善债券市场监管体制,提升债券信用评级水平、建立完善债券违约风险分散机制及健全债券市场违约预警机制。最后,本文得出了相应的结论:一是公司经营层面恶化是导致南京雨润债券违约的根本原因;二是负面风险事件的爆发加速了南京雨润债券违约;三是南京雨润债券违约警示要重视公司的持续经营能力;四是南京雨润债券违约凸显进一步完善中国债券市场体制机制的重要性。
[Abstract]:In recent years, China bond market development is very rapid, increasingly rich variety of bond trading, bond issuance, market financing amount is increasing, the bond market has greatly diversified to meet the financing needs of enterprises, vigorously support the development of the real economy. However, in the global economic recovery is weak, the domestic macro downtown pressure on the economy, some strong cyclical industries and the food and beverage industry, such as weak cyclical industry overcapacity concentrated outbreak of the debt default risk events, the number of enterprises and the amount of default bond defaults are a record high, had a big impact on China bond market healthy and stable operation. This paper takes Nanjing Yurun Yurun 15 CP001 "bond default event as a case study. To explore behind the massive debt default risk event logic, and the current development of the company, Chinese bond market development reality Meaning. First, this paper from the history, ownership structure, the three aspects of the main business in detail introduced the basic situation of Nanjing Yurun. Secondly, this paper from two aspects, analyzes the causes of the "15 Nanjing Yurun Yurun CP001" bond default. The paper believes that the radical expansion of production capacity, the deterioration of the financial in the spillover effects of negative events, adverse effects associated with the transaction is the result of the internal causes of Nanjing Yurun bond default; and the macro economy and industry downturn, credit rating is not the objective cause of external causes of Nanjing Yurun bond default. Further, in the last chapter based on the analysis of the causes of debt default, the the Enlightenment of the development and the development of the bond market Chinese two aspects. From the development point of view, companies need to adjust strategic capacity, improve the company management level, effectively Prevent the risks associated with the transaction, strengthen corporate reputation management; from the perspective of China development of the bond market, bond market development needs to reform and improve the bond market supervision system, improve the bond credit rating level, establish and improve the bond default risk dispersion mechanism and perfect the bond market default warning mechanism. Finally, this paper has drawn the conclusion: one is the deterioration of the company's management level is the root cause of Nanjing Yurun bond default; two is the negative risk event has accelerated the outbreak of Nanjing Yurun bond default; three is the Nanjing Yurun bond default warning should pay attention to the company's ability to continue; the four is Nanjing Yurun bond defaults to further improve the bond market Chinese highlights the importance of institutional mechanisms.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F832.51

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