债务违约案例分析—以当代集团为例

摘要我国债券市场规模很大，在我国金融市场上发挥着重要作用。自2014年来，我国频繁出现债务违约事件。2020年，大型国企债务违约数量更加大幅增长，刚性兑付逐步被打破。2021年泰禾、华夏幸福、恒大、蓝光发展等大型房地产公司相继发生债务违约，风险防范迫在眉睫。武汉当代科技在2022年4月6日发生了债务实质性违约。本文选取当代集团为研究对象，以债务逾期事件为切入点，在了解当代集团的逾期过程和后续处置以后，分析得出当代集团逾期的原因。最后基于这一案例，对当代集团、监管机构提出几点建议。希望引起当代集团、监管机构等债券市场参与者的重视并获得启示，同时也希望对债券市场的风险把控、监管制度的完善有所帮助。关键词：债务违约，信用风险，财务危机ABSTRACTChina's bond market is very large and plays an important role in China's financialmarket.Since 2014,China has experienced frequent debt default events.In 2020,thenumber of debt defaults by large state-owned enterprises increased significantly,andrigid redemption was gradually broken.In 2021,large real estate companies such asTaihe,Huaxia Happiness,Evergrande,and Blue Light Development have successivelydefaulted on their debts,making risk prevention urgent.Wuhan ContemporaryTechnology experienced a substantial debt default on April 6,2022.This article selectsContemporary Group as the research object,with debt overdue events as the startingpoint.After understanding the overdue process and subsequent disposal ofContemporary Group,it analyzes the reasons for Contemporary Group's overdue.Finally,based on this case,several suggestions are proposed for contemporary groupsand regulatory agencies.I hope to attract the attention and inspiration of contemporarybond market participants such as conglomerates and regulatory agencies,and also hopeto contribute to the risk control and regulatory system improvement of the bond market.Key words:Debt default,credit risk,financial crisis目录第1章绪论……1.1研究背景和意义…1.1.1研究的背景…1.1.2研究的意义…1.2文献综述1.2.1国外研究现状1.2.2国内研究现状21.2.3文献评述.1.3研究内容和方法…31.3.1研究内容..31.3.2研究方法….31.4本章小结3第2章债务违约的理论基础2.1债务违约的界定与类型..42.1.1债务违约的界定2.1.2债务违约的类型2.2相关理论基础….42.2.1信息不对称理论.….42.2.2财务困境理论.42.2.3不完全契约理论..42.2.4风险管理理论.52.3本章小结第3章当代集团债务违约案例介绍0.63.1当代集团概沉….63.1.1集团简介…63.1.2业务概况0.63.1.3财务状况3.1.4债券发行情况.73.2债务违约过程与后果83.2.1债务违约过程…8