同济堂医药债券违约案例分析
研究生姓名：刘德生
导师姓名：杨立
学科：金融
研究方向：中小型金融机构经营管理
年级：2020级
中文摘要
我国债券市场自1981年恢复以来，发展迅速，历经40多年的探索和发展，我国债
券市场的规模不断扩大，相关法律法规不断完善成熟，发行债券的种类愈加多样化，债
券市场已经成为我国金融市场重要组成部分，也是企业筹集资金的重要方式。过去，由
于我国存在政府兜底和隐形担保，我国债券市场一直保持“零违约”，直到2014年首
例债券违约事件的发生，才打破了债券的刚性兑付。自此，我国债券违约呈快速增长态
势。债券违约案件的频发会增加债券市场的信用风险，企业通过债券进行融资的成本也
会因此上升，进而限制其发展。同时，债券违约的发生会对债券投资者造成经济损失，
如果任凭债券违约恣意爆发，这势必会影响我国债券市场的健康良性发展，也会挫伤广
大债券投资者的投资信心。同济堂医药作为我国领先的医药流通企业，在国内备受瞩目，
一直是被机构看好的优质公司，但该公司却于2021年4月份发生债券违约，引起市场
一片哗然，对债券市场也产生了一定影响。所以本文选取同济堂医药作为研究对象，通
过案例研究，分析债券违约的原因，给予其他企业和债券投资者启示。
本文首先介绍了研究背景与意义，以及国内外学者有关债券违约的研究现状，其次
介绍了债券的相关概念以及我国目前债券市场的违约现状。而后进入案例介绍，主要介
绍了公司的发展历程、股权结构以及业务模式，此外还介绍了同济堂医药债券发行的背
景、目的以及违约过程，以便更好的了解企业和债券的情况，便于后续进行违约的原因
分析。本文的重点是同济堂医药债券违约的原因分析，可以从非财务因素和财务因素两
个角度进行分析，通过分析发现同济堂医药发生债券违约是多种因素共同作用造成的，
包括公司盲目扩张，内部控制不完善、融资能力差、公司盈利能力和偿债能力弱。
基于同济堂医药债券违约的原因分析，本文进一步提出了几点启示：企业应该审慎
经营并制定合理经营战略，落实内部控制并规范信息披露；优化融资结构并拓宽融资渠
道；提高公司财务表现能力。而债券投资者应该选择信息披露规范的债券发行人；投资
后保持风险跟踪识别；利用法律武器维护自身权益。以上建议与启示希望能对相关企业
和投资者提供有用借鉴。
关键词：同济堂医药；债券违约；内部控制；财务状况
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Case Analysis of Tongjitang Pharmaceutical Bond Default
Graduate student:Desheng Liu
Supervisor: Li Yang
Major：Finance
Research direction: Operation and management of small and medium-sized financial
institutions
Grate:class 2020
Abstract
China's bond market has developed rapidly since its recovery in 1981. After
more than 40 years of exploration and development, the scale of China's bond market
has been expanding, relevant laws and regulations have been continuously improved
and mature, and the types of bonds issued have become more and more diversified.
The bond market has become an important part of China's financial market and an
important way for enterprises to raise funds. In the past, due to the existence of
government disclosure and invisible guarantee, China's bond market has maintained
"zero default" until the occurrence of the first bond default in 2014, which broke the
rigid cashing of bonds. Since then, China's bond default has shown a rapid growth
trend. The frequent occurrence of bond default cases will increase the credit risk of
the bond market, and the cost of financing through bonds will rise, thus limiting its
development. At the same time, the occurrence of bond default will cause economic
losses to bond investors. If bond default breaks out arbitrarily, it is bound to affect the
healthy and benign development of China's bond market and frustrate the investment
confidence of bond investors. As a leading pharmaceutical circulation enterprise in
China, Tongjitang pharmaceutical has attracted much attention in China and has
always been a high-quality company favored by institutions. However, the company
defaulted on its bonds in April 2021, which caused an uproar in the market and had a
certain impact on the bond market. Therefore, this paper selects Tongjitang medicine
as the research object, analyzes the causes of bond default through case study, and
gives enlightenment to other enterprises and bond investors.
This paper first introduces the research background and significance, as well as
the research status of domestic and foreign scholars on bond default, and then
introduces the related concepts of bonds and the current situation of bond market
default in China. Then we will enter into the case introduction, mainly introducing the
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development history, ownership structure and business model of the company. In
addition, we will also introduce the background, purpose and default process of
Tongjitang pharmaceutical bonds, so as to better understand the situation of
enterprises and bonds and facilitate the subsequent cause analysis of default. The
focus of this paper is the cause analysis of Tongjitang pharmaceutical's bond default,
which can be analyzed from the perspective of non-financial factors and financial
factors. Through the analysis, it is found that Tongjitang pharmaceutical's bond
default is caused by the joint action of a variety of factors, including blind expansion
of the company, imperfect internal control, poor financing ability, weak profitability
and solvency.
Based on the analysis of the causes of Tongjitang pharmaceutical bond default,
this paper further puts forward some enlightenment: enterprises should operate
prudently, formulate reasonable business strategies, implement internal control and
standardize information disclosure; Optimize the financing structure and broaden the
financing channels; Improve the company's financial performance. Bond investors
should choose bond issuers with standardized information disclosure; Maintain risk
tracking and identification after investment; Use legal weapons to safeguard their own
rights and interests. The above suggestions and Enlightenment hope to provide useful
reference for relevant enterprises and investors.
Key words: Tongjitang medicine; bond default; internal controls; financial situation
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