南京雨润食品有限公司债务违约案例研究
发布时间：2018-07-28 07:56
【摘要】：我国经济已进入新常态时期,近年来,政府积极推进供给侧改革,调结构去产能政策不断出台,债券市场信用风险正在加速释放。在行业经济持续低迷的情况下,微观层面企业现金流持续恶化,信用违约风险不断爆发。2016年前4个月,累计已有11家企业共计22只债券构成实质性违约,接近2015年企业债务违约事件的总和,市场波动的加剧和违约事件的发生给债券投资者带来极大的风险。南京雨润食品有限公司(以下简称“南京雨润”)曾经是一家拥有强大品牌和市场影响力的屠宰及肉类加工民营企业,但是其发行的企业债券在主营业绩亏损、自有资金不足以及现金流量欠佳的情况下,违约风险不断升高。本文以此作为案例研究对象,探讨和研究企业违约风险形成的原因并总结出债务违约启示。首先,对财务风险理论进行了概述,对财务风险形成原因及风险防范策略进行了详细阐述。其次,对南京雨润基本情况进行了简单介绍,对债券违约过程进行了全面回顾和梳理。然后,对南京雨润公司行业状况、企业运营管理、企业财务状况以及监管层面等进行了深入的分析,揭示债务违约的真实原因,并通过Z-score预警模型验证了债务违约的结果。最后在此基础上,作者得出了企业在战略目标选择上应该恰当,不能盲目扩张,以规避投资风险;企业必须具备应对行业经营风险的能力及措施;同时,企业要加强内部运营管理,提高资金利用效率;以及完善我国债券市场准入和监管机制等违约启示。作者也希望通过该案例研究,为同行业经营者或债券投资者提供一定的借鉴和参考。
[Abstract]:China's economy has entered a new normal period, in recent years, the government actively promote supply-side reform, adjust the structure to the production capacity policy constantly issued, bond market credit risk is accelerating release. With the industry economy in the doldrums, the cash flow at the micro level continues to deteriorate and the risk of credit default continues to erupt. In the first four months of 2016, a total of 11 companies have accumulated 22 bonds that constitute material defaults. Near the sum of corporate debt default events in 2015, the aggravation of market volatility and default events bring great risk to bond investors. Nanjing Yurun Food Co., Ltd (hereinafter referred to as "Nanjing Yurun") was a strong brand and market influence slaughtering and meat processing private enterprises, but its corporate bonds issued in the main performance losses, The risk of default continues to rise when there is insufficient equity and poor cash flows. This article takes this as the case study object, discusses and studies the enterprise default risk formation reason and summarizes the debt default enlightenment. Firstly, the theory of financial risk is summarized, and the reasons for the formation of financial risk and the strategy of risk prevention are expounded in detail. Secondly, the basic situation of Nanjing Yurun is briefly introduced, and the bond default process is comprehensively reviewed and combed. Then, the paper makes a deep analysis on the industry situation, business operation management, financial situation and supervision level of Nanjing Yurun Company, reveals the real causes of debt default, and verifies the result of debt default through Z-score early-warning model. Finally, on this basis, the author draws the conclusion that the enterprise should be appropriate in the choice of strategic objectives, should not expand blindly to avoid investment risk, the enterprise must have the ability and measures to deal with the risk of industry management; at the same time, Enterprises should strengthen internal operation management, improve the efficiency of capital utilization, and improve bond market access and supervision mechanism in China. The author also hopes to provide some reference for the same industry managers or bond investors through the case study.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
本文编号：2149423
[Abstract]:China's economy has entered a new normal period, in recent years, the government actively promote supply-side reform, adjust the structure to the production capacity policy constantly issued, bond market credit risk is accelerating release. With the industry economy in the doldrums, the cash flow at the micro level continues to deteriorate and the risk of credit default continues to erupt. In the first four months of 2016, a total of 11 companies have accumulated 22 bonds that constitute material defaults. Near the sum of corporate debt default events in 2015, the aggravation of market volatility and default events bring great risk to bond investors. Nanjing Yurun Food Co., Ltd (hereinafter referred to as "Nanjing Yurun") was a strong brand and market influence slaughtering and meat processing private enterprises, but its corporate bonds issued in the main performance losses, The risk of default continues to rise when there is insufficient equity and poor cash flows. This article takes this as the case study object, discusses and studies the enterprise default risk formation reason and summarizes the debt default enlightenment. Firstly, the theory of financial risk is summarized, and the reasons for the formation of financial risk and the strategy of risk prevention are expounded in detail. Secondly, the basic situation of Nanjing Yurun is briefly introduced, and the bond default process is comprehensively reviewed and combed. Then, the paper makes a deep analysis on the industry situation, business operation management, financial situation and supervision level of Nanjing Yurun Company, reveals the real causes of debt default, and verifies the result of debt default through Z-score early-warning model. Finally, on this basis, the author draws the conclusion that the enterprise should be appropriate in the choice of strategic objectives, should not expand blindly to avoid investment risk, the enterprise must have the ability and measures to deal with the risk of industry management; at the same time, Enterprises should strengthen internal operation management, improve the efficiency of capital utilization, and improve bond market access and supervision mechanism in China. The author also hopes to provide some reference for the same industry managers or bond investors through the case study.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
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