發(fā)布時(shí)間：2018-01-10 09:01

  本文關(guān)鍵詞：天威集團(tuán)債券違約案例分析　出處：《石河子大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 天威集團(tuán) 債券違約 違約成因

【摘要】：我國(guó)債券市場(chǎng)發(fā)展初期,由于特殊的經(jīng)濟(jì)體制,債券市場(chǎng)以國(guó)債發(fā)行為主。隨著市場(chǎng)經(jīng)濟(jì)的發(fā)展,發(fā)債主體以及債券品種日漸多樣,規(guī)模也在迅速擴(kuò)張。債券特有的財(cái)務(wù)杠桿作用使企業(yè)越來(lái)越偏愛(ài)這種融資方式。截止2016年12月31日,我國(guó)債券市場(chǎng)余額已經(jīng)達(dá)到43.7萬(wàn)億元,其中銀行間債券市場(chǎng)占比超過(guò)90%。在債券市場(chǎng)的飛速發(fā)展的同時(shí),我國(guó)的經(jīng)濟(jì)增長(zhǎng)速度卻在放緩,由于我國(guó)特殊的制度模式,以往發(fā)生債券風(fēng)險(xiǎn)時(shí),政府會(huì)選擇出面托底解決。直到2014年3月“超日債”正式宣告違約開(kāi)始,我國(guó)出現(xiàn)了債券違約浪潮,越來(lái)越多的企業(yè)債券出現(xiàn)了債券違約現(xiàn)象。在這種情況下,如何保證發(fā)債主體的信用資質(zhì),降低債券違約風(fēng)險(xiǎn)顯得越來(lái)越重要。本文以天威集團(tuán)多次發(fā)行債券融資,但最終債券違約破產(chǎn)重組為案例進(jìn)行了深入研究。首先,分析了本文的研究背景及意義,回顧了國(guó)內(nèi)外學(xué)者對(duì)債券違約風(fēng)險(xiǎn)、財(cái)務(wù)困境、信用評(píng)級(jí)的研究現(xiàn)狀;其次,對(duì)相關(guān)概念及理論進(jìn)行了概述,對(duì)我國(guó)債券市場(chǎng)的發(fā)展進(jìn)行了介紹;再次,簡(jiǎn)單介紹了本文案例公司天威集團(tuán)及其母公司和相關(guān)子公司,探討了天威集團(tuán)與其母子公司之間前后的股權(quán)變動(dòng)情況;接下來(lái)運(yùn)用事件研究法和財(cái)務(wù)分析模型對(duì)天威集團(tuán)財(cái)務(wù)狀況、公司內(nèi)外部三方面對(duì)天威債券違約成因進(jìn)行分析,在此基礎(chǔ)上梳理了本案例的相關(guān)啟示,并提出了應(yīng)對(duì)措施。本文的研究結(jié)論認(rèn)為,導(dǎo)致天威公司債券違約的主要原因有:(1)盲目擴(kuò)張新能源產(chǎn)業(yè);(2)經(jīng)營(yíng)戰(zhàn)略調(diào)整不及時(shí);(3)內(nèi)控不到位以及行業(yè)產(chǎn)能過(guò)剩、監(jiān)管體系不完善、信用評(píng)級(jí)不規(guī)范。鑒于此,作者對(duì)債券市場(chǎng)的不同主體提出了幾點(diǎn)建議:(1)公司方面:珍惜自身信用評(píng)級(jí)、建立風(fēng)險(xiǎn)預(yù)警機(jī)制、加強(qiáng)公司內(nèi)部控制;(2)投資者方面:提高債券風(fēng)險(xiǎn)識(shí)別能力、積極維護(hù)自身權(quán)益;(3)監(jiān)管機(jī)構(gòu)方面:完善信息披露制度、提高信用評(píng)級(jí)水平、完善債券投資者司法救治制度。
[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.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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