索取号：F830.91/11.314:190531020
金融硕士学位论文
内部控制视角下“17巴安债”违约
风险研究
研究生：章斯伟
指导教师：刘阳副教授
方桂芳校外导师
培养单位：商学院
专业学位领域：金融
完成时间：2022年5月14日
答辩时间：2022年5月17日
摘要近些年债券市场违约情况愈演愈烈，环保行业于2018年发生首次违约后深
陷其中。民营环保企业因开展PPP 项目对资金需求强烈，筹措资金的方式也更倾
向于债务融资。在此背景下，资金配置的有效性关乎企业的生存与发展。目前，
内部控制机制作为企业经营管理和风险防控的重要手段，影响企业的经营能力和
投资效率，当内部控制作用失效，企业易陷入财务困境，流动性不足将进一步加
剧债券违约风险。因此，文章通过案例分析，基于内部控制视角研究巴安水务公
司债券违约风险，并据此提出有效的风险防控措施，对其他民营环保企业防控债
券违约风险有所裨益。
本文首先论述了研究背景和意义，通过梳理债券违约风险、内部控制以及内
部控制对债券违约风险的影响研究等文献，结合内部控制理论、财务困境理论和
委托代理理论，从内部控制五要素出发探究债券违约风险分析框架。然后介绍了
案例公司的基本情况、内部控制缺陷和债券违约过程及处置，接着研究内部控制
视角下“17巴安债”违约风险，即基于内部环境要素，权力制衡性差导致战略布
局失误、监督职能缺位造成股权质押比例过高和内控文化缺失增加合规风险；基
于风险评估要素，欠缺行业风险评估体系降低经营业绩和忽视经营模式的局限性
削弱盈利能力；基于控制活动要素，资金管理意识薄弱增加短贷长投风险、业务
流程管控不严导致资金占款严重和投资预算管理失当降低投资回报率。因此，经
营和投资能力下降导致公司偿债资金不足，同时再融资陷入瓶颈，使得公司无法
对债务偿还提供充足的资金支持，造成“17巴安债”违约。最后，本文从完善内
部控制角度对案例公司债券违约风险提出防控建议，分别是通过优化公司组织机
构和业务流程、制定和执行严格的奖惩机制来完善内部控制环境建设；健全职责
分工与制衡机制；建立风险评估和预警系统；通过建立资金风险分析和预警模型、
健全应收账款管理制度、完善业务审批流程、建立全面预算体系来优化控制活动
程序和手段；通过设立独立的关联交易监督部门、提升内部审计部门监督能力来
强化信息披露和内部监督，从而充分发挥内部控制作用降低公司债券违约风险。
关键词：内部控制；债券违约；风险防控
I
Abstract
Abstract
In recent years,the default situation in the bond market has intensified,and the
environmental protection industry has been deeply involved after the first default in
2018.Private environmental protection enterprises have a strong demand for funds to
carry out PPP projects,and the way of raising funds is also more inclined to debt
financing.In this context,the effectiveness of capital allocation is related to the survival
and development of enterprises.At present,the internal control mechanism,as an
important means of enterprise operation management and risk prevention and control,
affects the operation ability and investment efficiency of the enterprise.When the
internal control function fails,the enterprise is likely to fall into financial difficulties,
and the lack of liquidity will further aggravate the risk of bond default.Therefore,
through case analysis,this paper studies the bond default risk of SafBon Water from the
perspective of internal control,and puts forward effective risk prevention and control
measures based on this,which is beneficial to other private environmental protection
enterprises in preventing and controlling bond default risk.
This paper first discusses the research background and significance.By sorting out
relevant literatures such as bond default risk,internal control and the impact of internal
control on bond default risk,combined with internal control theory,financial distress
theory and principal-agent theory,based on the five elements of internal control
research The impact mechanism of internal control on bond default risk,that is,the
failure of internal control causes enterprises to fall into financial difficulties and induce
bond default risk.It is found that improving internal control of enterprises has
theoretical significance to prevent bond default risk.Then it introduces the basic
situation of the company issuing "17Baan Bonds",the internal control defects and the
bond default process and disposal,and then studies the bond default risk of Baan Water
Company from the perspective of internal control,that is,based on internal
environmental factors,poor power checks and balances lead to strategic layout
Mistakes and lack of supervisory functions result in a high proportion of equity pledges
and a lack of internal control culture,which increases compliance risks;based on risk
assessment elements,the lack of an industry risk assessment system reduces business
performance and ignores the limitations of business models and weakens profitability;
based on elements of control activities,Poor awareness of fund management increases
II
Abstract
the risk of short-term loans and long-term investment,lax business process control leads
to serious capital occupation and improper management of investment budgets,which
reduces the return on investment.Therefore,the decline in operating and investment
capabilities led to insufficient funds for the company's debt repayment,and at the same
time,refinancing fell into a bottleneck,making it impossible for the company to provide
sufficient financial support for debt repayment,which eventually led to the default of
the "17Baan Debt".Finally,from the perspective of improving internal control,this
paper puts forward suggestions on the prevention and control of the default risk of
SafBon Water's bonds,which are to improve the construction of the internal control
environment,improve the division of responsibilities and check and balance
mechanism,establish a risk assessment and early warning system,optimize the
procedures and means of control activities,Strengthen information disclosure and
internal supervision,in order to give full play to the role of internal control to reduce
the default risk of corporate bonds.
Keywords:Internal control;bond default;risk prevention and control
III
目录
目录
摘要...............................................................................................................................I
Abstract .........................................................................................................................II
第1章绪论..................................................................................................................1
1.1研究背景和意义.............................................................................................1
1.1.1研究背景..............................................................................................1
1.1.2研究意义..............................................................................................3
1.2研究内容和思路.............................................................................................4
1.2.1研究内容..............................................................................................4
1.2.2研究思路..............................................................................................5
1.3研究方法.........................................................................................................6
1.4可能的创新点和不足.....................................................................................6
1.4.1可能的创新点......................................................................................6
1.4.2不足......................................................................................................7
第2章文献综述和理论基础......................................................................................8
2.1文献综述.........................................................................................................8
2.1.1债券违约风险的成因和防控研究......................................................8
2.1.2内部控制的影响因素和经济后果研究............................................10
2.1.3内部控制对债券违约风险的影响研究............................................11
2.1.4文献评述............................................................................................12
2.2相关理论基础...............................................................................................13
2.2.1内部控制理论....................................................................................13
2.2.2财务困境理论....................................................................................14
2.2.3委托代理理论....................................................................................15
2.3基于内部控制五要素的债券违约风险分析...............................................15
2.3.1内部环境对债券违约的影响............................................................16
2.3.2风险评估对债券违约的影响............................................................17
2.3.3控制活动对债券违约的影响............................................................17
2.3.4信息与沟通对债券违约的影响........................................................18
2.3.5内部监督对债券违约的影响............................................................18
第3章“17巴安债”违约案例概况...........................................................................19
3.1巴安水务公司基本情况...............................................................................19
3.1.1公司发展历程....................................................................................19
3.1.2主营业务概况....................................................................................20
3.1.3股权结构分析....................................................................................22
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