本文選題：債券違約 + 成因分析　； 參考：《安徽工業(yè)大學(xué)》2017年碩士論文

【摘要】：2016年債市存在的信用風(fēng)險(xiǎn)越來越大,局部地區(qū)和產(chǎn)能過剩的行業(yè)成為了風(fēng)險(xiǎn)的高發(fā)地。2014年債券打破了零違約率,2016年1-11月發(fā)生違約的債券一共85支,違約的總金額超過370億人民幣,2016年遠(yuǎn)遠(yuǎn)超出了以往兩年發(fā)生違約的數(shù)量和范圍。違約的債券金額與債券市場總額相比的話,2014年的違約率為0. 07%。在2015年則到達(dá)了 0. 45%的高點(diǎn),這些都是公募市場年度的違約率,這個(gè)數(shù)字到2016年截至11月底為0.56%。債券違約會(huì)導(dǎo)致企業(yè)信用急劇下降,在股票,債券,信貸等各個(gè)方面影響企業(yè)融資和經(jīng)營。在這一背景下,本文結(jié)合相關(guān)債券違約的介紹以及國內(nèi)外相關(guān)的理論研究,就南京雨潤2016年兩次債券違約的事件的發(fā)展進(jìn)行了研究分析。分為內(nèi)外部原因的剖析以及與山東山水違約的比較。本文分析了南京雨潤違約事件以求得出該事件的前因后果,力圖找到違約企業(yè)的共性與特點(diǎn),并給予相關(guān)風(fēng)險(xiǎn)防范建議,使國內(nèi)債券市場和金融市場可以健康發(fā)展。本文第一部分依次介紹研究背景及意義、相關(guān)的研究內(nèi)容和方法,國內(nèi)外的研究綜述等。第二部分對(duì)我國公募債券違約的現(xiàn)狀進(jìn)行分析,介紹了我國債券市場的發(fā)展現(xiàn)狀。第三部分對(duì)南京雨潤集團(tuán)的公司概況和南京雨潤2016年兩次債券違約的事件進(jìn)程進(jìn)行了回顧。第四部分則分析了南京雨潤債券違約的成因。首先,從內(nèi)部和外部兩個(gè)方面對(duì)債券違約的原因進(jìn)行分析。第二,為了分析比較違約案例之間的聯(lián)系,對(duì)比了南京雨潤債券違約與山東山水水泥債券違約。第三羅列了南京雨潤債券違約的經(jīng)濟(jì)影響。第五部分給與了南京雨潤相關(guān)風(fēng)險(xiǎn)防范建議,第六部分對(duì)全文進(jìn)行總結(jié)。案例分析的結(jié)果是南京雨潤多元化戰(zhàn)略失敗,過去五年間營業(yè)收入不斷減少,凈利潤不佳,資產(chǎn)流動(dòng)性變慢,營業(yè)和償債能力存疑,未來可持續(xù)經(jīng)營的能力不強(qiáng)。這是導(dǎo)致公司債券違約的根本原因。
[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.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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本文編號(hào)：1884562