Debt evasion of state enterprises is a movement to destroy the construction of the market

Original title: The evasion of the debts of the state companies is a measure to destroy the construction of the market

On November 23, some media reported that the financial stability and development of the Council of StateCommitteeThe 43rd meeting was held on 21meeting, Research SpecificationsLinkmarketDevelopment and maintenanceBond marketstablejobs. According to the report, the background to this meeting was the default on state-owned company bonds that had lasted for more than 10 days.

Judging from the Yongmei Bond default process and its impact previously reported by the media, the Yongmei Bond default incident is what people often talk about.Gray rhino“. On November 10, Yongmei Group launchedadIt claimed that its 1 billion yuan bond “20 Yongmei SCP003” was unable to repay principal and interest upon maturity, which constituted a substantial default. However, in the previous 20 days, Yongmei also promised to declare hisSolvency“No problem” andborrowThis issued a new bond. Coincidentally, on November 16, Brilliance Automobile Group also issued a similar announcement, stating that Brilliance Group has constituted a predetermined amount of debt of 6.5 billion yuan and a total amount of past due interest of 144 million yuan. .companymoneyTensions, approval of credit renewal has not been completed, resulting in inability to pay Today’s latest news shows that Brilliance Auto announced on the Hong Kong Stock Exchange, where it is listedshareholderBrilliance Group has receivedChina Securities Regulatory CommissionWritten Notice: The China Securities Regulatory Commission has launched an investigation into Brilliance on suspicion of violation of information disclosure laws and regulations. At the same time, the Liaoning Supervisory Office of the China Securities Regulatory Commission issued a warning letter on Brilliance’s failure to comply with its information disclosure obligations in a timely manner and to announce the impact of certain major issues on repayment. of your bonds.

The news of the 43rd meeting of the State Council’s Financial Stability and Development Committee indicated that the Yongmei and Brilliance debt defaults have raised the highest alert from the central government.responsibilityAnd territorial responsibilities, supervise all kinds ofMarket playersStrictly carry out the main responsibility, establish a good local financial ecology andcreditThe environmental requirements send a signal that the central government aims to stabilize market sentiment. Market credit and market confidence are closely related, and there is no equivalent value between credit and confidence. The credit “anthill” can lead to the collapse of trust and the collapse of the market. This is also the meeting mentioned above proposed to maintain fairness and order of the market, and strictly investigate various violations of laws and regulations, such as fraudulent issuance , disclosure of false information, malicious transfer of assets and misappropriation of issued funds.behaviorTo severely punish all kinds of “debt avoidance” behaviors, protectinvestmentThe basis of the legitimate rights and interests of people.

State companies evade debtCredit marketThe impact was particularly severe, as the market chain reaction triggered by Yongmei’s announcement has shown. SOEs are the “guests” of financial institutions, and the “gold content” of SOEs is reflected in itsloanPre-attached credit when issuing bonds. State-owned companies don’t care about credit and take advantage of the law to play the trick of avoiding debt. It will undoubtedly play the role of financial institutions, thus destroying the entire market structure and destroying the entire economic operation.

Financial stability has always been considered a role of the “gray rhinoceros” and has received special attention. In recent years, people have paid close attention to the direction of the bond market to avoid the sudden appearance of the “gray rhino.” To fundamentally solve the problem, it is necessary to operate in the related systems of state-owned companies and the bond market.

(Source: Oriental Today News)

(Responsible editor: DF522)