天威集团债券违约案例分析

发布时间：2018-01-10 09:01

本文关键词：天威集团债券违约案例分析　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国债券市场发展初期,由于特殊的经济体制,债券市场以国债发行为主。随着市场经济的发展,发债主体以及债券品种日渐多样,规模也在迅速扩张。债券特有的财务杠杆作用使企业越来越偏爱这种融资方式。截止2016年12月31日,我国债券市场余额已经达到43.7万亿元,其中银行间债券市场占比超过90%。在债券市场的飞速发展的同时,我国的经济增长速度却在放缓,由于我国特殊的制度模式,以往发生债券风险时,政府会选择出面托底解决。直到2014年3月“超日债”正式宣告违约开始,我国出现了债券违约浪潮,越来越多的企业债券出现了债券违约现象。在这种情况下,如何保证发债主体的信用资质,降低债券违约风险显得越来越重要。本文以天威集团多次发行债券融资,但最终债券违约破产重组为案例进行了深入研究。首先,分析了本文的研究背景及意义,回顾了国内外学者对债券违约风险、财务困境、信用评级的研究现状;其次,对相关概念及理论进行了概述,对我国债券市场的发展进行了介绍;再次,简单介绍了本文案例公司天威集团及其母公司和相关子公司,探讨了天威集团与其母子公司之间前后的股权变动情况;接下来运用事件研究法和财务分析模型对天威集团财务状况、公司内外部三方面对天威债券违约成因进行分析,在此基础上梳理了本案例的相关启示,并提出了应对措施。本文的研究结论认为,导致天威公司债券违约的主要原因有:(1)盲目扩张新能源产业;(2)经营战略调整不及时;(3)内控不到位以及行业产能过剩、监管体系不完善、信用评级不规范。鉴于此,作者对债券市场的不同主体提出了几点建议:(1)公司方面:珍惜自身信用评级、建立风险预警机制、加强公司内部控制;(2)投资者方面:提高债券风险识别能力、积极维护自身权益;(3)监管机构方面:完善信息披露制度、提高信用评级水平、完善债券投资者司法救治制度。
[Abstract]:In the early stage of the development of China's bond market, due to the special economic system, the bond market is dominated by the issuance of treasury bonds. With the development of the market economy, the main issuers of bonds and the variety of bonds are becoming more and more diverse. The scale is also expanding rapidly. The unique financial leverage of bonds makes enterprises more and more prefer this financing method. As of December 31st 2016, the balance of China's bond market has reached 43.7 tillion yuan. The interbank bond market accounts for more than 90 percent. With the rapid development of the bond market, the economic growth rate of our country is slowing down, because of the special institutional model of our country, the bond risk occurred in the past. The government will choose to come forward to settle the problem. Until March 2014, when the "super Japanese debt" officially declared default, our country appeared the wave of bond default. More and more corporate bonds have been defaulted. In this case, how to ensure the credit qualifications of the issuers. It is more and more important to reduce the risk of bond default. In this paper, Tianwei Group issued many bond financing, but the final bond default bankruptcy restructuring as a case study. First. This paper analyzes the research background and significance of this paper, reviews the domestic and foreign scholars on bond default risk, financial distress, credit rating research status quo; Secondly, the related concepts and theories are summarized, and the development of China's bond market is introduced. Thirdly, this paper briefly introduces the case of Tianwei Group and its parent company and related subsidiaries, and discusses the stock rights changes between Tianwei Group and its parent company before and after; Then use the event research method and financial analysis model to the financial situation of Tianwei Group, the company internal and external three aspects of Tianwei bond default causes are analyzed, and then combed the relevant enlightenment of this case. The research conclusion of this paper is that the main reasons that lead to the bond default of Tianwei Company are: 1) blindly expanding the new energy industry; (2) the adjustment of business strategy is not timely; 3) inadequate internal controls and overcapacity in the industry, imperfect regulatory system and non-standard credit rating. In view of this. The author puts forward several suggestions to the different subjects of the bond market: (1) the company should cherish its own credit rating, establish a risk warning mechanism, and strengthen the internal control of the company; (2) investors: to improve the ability of bond risk identification and actively safeguard their own rights and interests; (3) Supervision: perfecting the information disclosure system, improving the credit rating level and perfecting the judicial treatment system for bond investors.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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