南京雨润债券违约案例研究

发布时间：2018-05-13 19:50

本文选题：债券违约 + 成因分析　；参考：《安徽工业大学》2017年硕士论文

【摘要】：2016年债市存在的信用风险越来越大,局部地区和产能过剩的行业成为了风险的高发地。2014年债券打破了零违约率,2016年1-11月发生违约的债券一共85支,违约的总金额超过370亿人民币,2016年远远超出了以往两年发生违约的数量和范围。违约的债券金额与债券市场总额相比的话,2014年的违约率为0. 07%。在2015年则到达了 0. 45%的高点,这些都是公募市场年度的违约率,这个数字到2016年截至11月底为0.56%。债券违约会导致企业信用急剧下降,在股票,债券,信贷等各个方面影响企业融资和经营。在这一背景下,本文结合相关债券违约的介绍以及国内外相关的理论研究,就南京雨润2016年两次债券违约的事件的发展进行了研究分析。分为内外部原因的剖析以及与山东山水违约的比较。本文分析了南京雨润违约事件以求得出该事件的前因后果,力图找到违约企业的共性与特点,并给予相关风险防范建议,使国内债券市场和金融市场可以健康发展。本文第一部分依次介绍研究背景及意义、相关的研究内容和方法,国内外的研究综述等。第二部分对我国公募债券违约的现状进行分析,介绍了我国债券市场的发展现状。第三部分对南京雨润集团的公司概况和南京雨润2016年两次债券违约的事件进程进行了回顾。第四部分则分析了南京雨润债券违约的成因。首先,从内部和外部两个方面对债券违约的原因进行分析。第二,为了分析比较违约案例之间的联系,对比了南京雨润债券违约与山东山水水泥债券违约。第三罗列了南京雨润债券违约的经济影响。第五部分给与了南京雨润相关风险防范建议,第六部分对全文进行总结。案例分析的结果是南京雨润多元化战略失败,过去五年间营业收入不断减少,净利润不佳,资产流动性变慢,营业和偿债能力存疑,未来可持续经营的能力不强。这是导致公司债券违约的根本原因。
[Abstract]:The credit risk in the debt market is getting bigger in 2016, with local areas and overcapacity sectors becoming high risk spots. Bonds broke the zero default rate in 2014, with 85 bonds defaulting in January-November 2016. Defaults totalled more than 37 billion yuan, well beyond the number and scope of defaults in the past two years in 2016. The default rate in 2014 was 0. 5% compared to the total amount of bonds in the bond market. 0710. In 2015, it reached 0. 5%. At a high of 45 percent, these are annual default rates in the public offering market, which stood at 0.56 at the end of November 2016. Bond default will lead to a sharp decline in corporate credit, in stocks, bonds, credit and other aspects of corporate financing and management. Under this background, this paper analyzes the development of two bond defaults in Nanjing Yurun in 2016, based on the introduction of related bond defaults and related theoretical studies at home and abroad. It is divided into the analysis of internal and external reasons and the comparison with Shandong landscape default. This paper analyzes the Nanjing Yurun default event in order to find out the causes and consequences of the incident, tries to find out the commonness and characteristics of the defaulting enterprises, and gives relevant risk prevention suggestions, so that the domestic bond market and financial market can develop healthily. The first part of this paper introduces the research background and significance, related research content and methods, domestic and foreign research review. The second part analyzes the current situation of the default of public offering bonds in China, and introduces the present situation of the development of the bond market in China. The third part reviews the company profile of Nanjing Yurun Group and the process of two bond defaults in 2016. The fourth part analyzes the causes of Nanjing Yurun bond default. First of all, from the internal and external aspects of the bond default reasons are analyzed. Secondly, in order to compare the relationship between Nanjing Yurun bond default and Shandong Shanshui cement bond default, the paper compares the relationship between Nanjing Yurun bond default and Shandong Shanshui cement bond default. The third listed the economic impact of Nanjing Yurun bond default. The fifth part gives the Nanjing rain run related risk prevention suggestion, the sixth part carries on the summary to the full text. The result of the case study is that Nanjing Yurun's diversification strategy has failed. In the past five years, the operating income has been decreasing, the net profit is not good, the liquidity of assets has become slow, the ability of operating and paying debts is doubtful, and the ability of sustainable operation in the future is not strong. This is the root cause of the default on corporate bonds.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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