本文關(guān)鍵詞：東北特鋼債券違約案例研究　出處：《北京交通大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：由于我國(guó)宏觀經(jīng)濟(jì)增速下行,導(dǎo)致債券市場(chǎng)的風(fēng)險(xiǎn)開(kāi)始暴露。自從2014年我國(guó)債券市場(chǎng)發(fā)生首只債券違約以來(lái),債券市場(chǎng)進(jìn)入違約頻發(fā)期。盡管債券違約將會(huì)成為債券市場(chǎng)的一種常態(tài),但也會(huì)沖擊一級(jí)市場(chǎng)與二級(jí)市場(chǎng),影響企業(yè)的融資功能與加劇市場(chǎng)波動(dòng)。2016年,我國(guó)債券市場(chǎng)違約的數(shù)量和規(guī)模均已超過(guò)2015年的2倍。由于債券市場(chǎng)長(zhǎng)期未發(fā)生實(shí)質(zhì)違約,在投資人眼中,債券市場(chǎng)仍然是一個(gè)不敗的場(chǎng)所,即使偶有風(fēng)險(xiǎn),也能毫發(fā)無(wú)損,由此在造就債市"長(zhǎng)牛"生態(tài)的同時(shí),投資者也養(yǎng)成了漠視風(fēng)險(xiǎn)、不計(jì)風(fēng)險(xiǎn)的思維定勢(shì)與投資偏好,同時(shí)也扭曲了市場(chǎng)定價(jià)機(jī)制與貶損了市場(chǎng)自我循環(huán)功能。如今債券市場(chǎng)信用被打破,市場(chǎng)信用還原到本來(lái)面目,債券的發(fā)行成本也隨之上升。本文通過(guò)閱讀和參考國(guó)內(nèi)外學(xué)者債券違約的相關(guān)研究,深入分析了東北特鋼集團(tuán)債券違約的原因和違約的處置過(guò)程。通過(guò)研究發(fā)現(xiàn):東北特鋼集團(tuán)債券集中于2016年償付,其所在的鋼鐵行業(yè)存在產(chǎn)能?chē)?yán)重過(guò)剩的狀況,雖然公司每年都有盈利,但是由于債務(wù)融資偏短期化、其他應(yīng)收款被長(zhǎng)期占用,公司流動(dòng)性不足,公司的過(guò)度擴(kuò)張導(dǎo)致了公司資金鏈的斷裂,最終導(dǎo)致了債券違約集中爆發(fā)。監(jiān)管者則是造成東北特鋼集團(tuán)債券違約的另一種原因。對(duì)于違約后的處置,東北特鋼集團(tuán)通過(guò)債權(quán)人、股東、發(fā)行人等多方力量的斡旋,最終選擇了重整�？v觀東北特鋼集團(tuán)債券違約事件,最終的結(jié)果是包括東北特鋼集團(tuán)在內(nèi)的三家公司進(jìn)行重整。本文通過(guò)描述東北特鋼集團(tuán)的違約過(guò)程,從監(jiān)管、評(píng)級(jí)、行業(yè)、公司和違約處置層面分析發(fā)生債券違約的原因,最后從監(jiān)管、評(píng)級(jí)、公司和投資者層面提出一定的對(duì)策,希望本文能夠?qū)ν苿?dòng)中國(guó)債券市場(chǎng)的健康發(fā)展,提高投資者的風(fēng)險(xiǎn)防范意識(shí)。
[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.

【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F426.31;F832.51

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