东北特钢债券违约案例研究

发布时间：2018-01-12 07:17

本文关键词：东北特钢债券违约案例研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：由于我国宏观经济增速下行,导致债券市场的风险开始暴露。自从2014年我国债券市场发生首只债券违约以来,债券市场进入违约频发期。尽管债券违约将会成为债券市场的一种常态,但也会冲击一级市场与二级市场,影响企业的融资功能与加剧市场波动。2016年,我国债券市场违约的数量和规模均已超过2015年的2倍。由于债券市场长期未发生实质违约,在投资人眼中,债券市场仍然是一个不败的场所,即使偶有风险,也能毫发无损,由此在造就债市"长牛"生态的同时,投资者也养成了漠视风险、不计风险的思维定势与投资偏好,同时也扭曲了市场定价机制与贬损了市场自我循环功能。如今债券市场信用被打破,市场信用还原到本来面目,债券的发行成本也随之上升。本文通过阅读和参考国内外学者债券违约的相关研究,深入分析了东北特钢集团债券违约的原因和违约的处置过程。通过研究发现:东北特钢集团债券集中于2016年偿付,其所在的钢铁行业存在产能严重过剩的状况,虽然公司每年都有盈利,但是由于债务融资偏短期化、其他应收款被长期占用,公司流动性不足,公司的过度扩张导致了公司资金链的断裂,最终导致了债券违约集中爆发。监管者则是造成东北特钢集团债券违约的另一种原因。对于违约后的处置,东北特钢集团通过债权人、股东、发行人等多方力量的斡旋,最终选择了重整。纵观东北特钢集团债券违约事件,最终的结果是包括东北特钢集团在内的三家公司进行重整。本文通过描述东北特钢集团的违约过程,从监管、评级、行业、公司和违约处置层面分析发生债券违约的原因,最后从监管、评级、公司和投资者层面提出一定的对策,希望本文能够对推动中国债券市场的健康发展,提高投资者的风险防范意识。
[Abstract]:Because of China's macroeconomic growth down, resulting in the bond market risk exposure began. Since 2014, China's bond market occurred first bond defaults, the bond market will enter a period of frequent default. Although bond defaults become a norm in the bond market, but also the impact of a market with two market, affect the company's financing function with the increasing market volatility for.2016 years, 2 times the number and size of China's bond market default exceeded 2015. Because of the long-term bond market without a substantial breach of contract, in the eyes of investors, the bond market is still not a failure of the place, even if the occasional risk can also unscathed, which was created in the "long bull bond market" ecology at the same time, investors also formed the thinking and ignore the risk, the risk of excluding investment preferences, but also distorts the market pricing mechanism and market self derogatory cycle. Now Credit bond market is broken, the credit market to restore it, the cost of issuing bonds is also increasing. This article through reading and referring to the domestic and foreign scholar bond default, in-depth analysis of the reasons of Dongbei special steel group bond default and breach of the disposal process. Through the study found: the Northeast Special Steel Group in 2016 to pay bond, there serious excess capacity situation in the steel industry, although there are profits every year, but the debt financing is short-term, other receivables are up for a long time, the company liquidity is not enough, the excessive expansion of company led to the rupture of capital chain company, eventually led to the default concentrated outbreak is caused by other regulators. A reason for the Northeast Special Steel Group bond default. For breach of contract after the disposal, the Northeast Special Steel Group by creditors, shareholders, issuers and other multi power The mediation, finally chose the reorganization. Throughout the Northeast Special Steel Group bond default event, the final result is three companies, including the Northeast Special Steel Group restructuring. This paper describes the default process, Dongbei special steel group from supervision, rating, industry, and company level analysis of causes of disposal of default bond defaults, finally from the supervision put forward some countermeasures, rating companies and investors level, I hope this paper can promote the healthy development of Chinese bond market, investors' risk awareness.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F832.51

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