“15雨润CP001”债券违约案例研究

发布时间：2018-04-15 23:34

本文选题：南京雨润食品有限公司 + 债券违约　；参考：《安徽工业大学》2017年硕士论文

【摘要】：2016年3月17日,南京雨润食品有限公司发布《2015年公司短期融资券本息无法按期全额支付的公告》,2015年度第一期短期融资券(即“15雨润CP001”)本息将不能于原定兑付日(2016年3月17日)按期全额偿还,标志着“15雨润CP001”正式出现债券违约。“15雨润CP001”在发行时,主体信用和短期融资券信用等级都为AA,但仅在发行“15雨润CP001”的当年年末,公司就出现了巨额亏损,呈现流动性紧张的状态。信用等级如此高的短期融资券,公司在发行后出现了一连串的问题,不禁让人思考。作为发债主体的南京雨润食品有限公司,公司发行“15雨润CP001”的原因是什么?南京雨润食品有限公司之前进行了大规模、盲目的扩张,消耗了大量的资金,扩张完成后整个屠宰和肉类加工行业出现产能过剩、外部经济环境又发生变化。那么,公司出现亏损的原因是什么、又是哪些原因造成其出现流动性紧张导致其债券违约?本文以南京雨润食品有限公司为案例,对公司发行债券时的背景进行分析,并对发债后公司本身及整个行业经营环境发生的变化,通过对事前及事后信息的分析整理,试图发现造成其发生巨大亏损的原因,从公司本身及外部宏观环境两个层面分析该公司所面临的信用风险,并梳理了一些需要重点关注的风险事件和财务信息,为以后投资者在进行债券风险评估时提供一些参考。
[Abstract]:17 March 2016Nanjing Yurun Food Co., Ltd. Issued a notice that the principal and interest of the company's short term financing coupon cannot be paid in full on schedule. It is suggested that the principal and interest of the first issue of 2015 short term financing bill (i.e. "15 CP001") will not be paid on the original date (March 17, 2016).Date of payment in full,It marks a formal default on the bonds of "15 Rain CP001". At the time of the issue, both the principal credit and short-term financing bond credit rating were AAs, but only at the end of the year when "15 Yurun CP001" was issued, the company suffered huge losses.Presents a tight state of liquidity.Short-term paper with such a high credit rating, the company after the issue of a series of problems, can not help but make people think.Nanjing Yurun Food Co., Ltd. as the main issue of debt, what is the reason why the company issued "15 Rain CP001"?Nanjing Yurun Food Co., Ltd. had a large-scale, blind expansion, consumed a lot of capital, after the expansion, the whole slaughtering and meat processing industry appeared overcapacity, and the external economic environment changed again.So what is the reason for the company's loss and what causes it to default on its bonds due to tight liquidity?This paper takes Nanjing Yurun Food Co., Ltd as a case to analyze the background of bond issuance, and to analyze the changes in the business environment of the company itself and the whole industry after the issuance of the bonds, through the analysis of the information before and after the issuance of the bonds.This paper tries to find out the reasons for its huge losses, analyzes the credit risk faced by the company from the two aspects of the company itself and the external macro environment, and combs some risk events and financial information that need to be paid attention to.For the future investors in bond risk assessment to provide some reference.
【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;F426.82;F406.7

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