中文摘要
随着债券市场注册制的推行，债券市场准入门槛变低，债券违约事件将变得越来
越常态化。债券市场作为重要的融资渠道，其风险防控问题应给予高度重视。2020年
受新冠疫情影响，中国乃至世界众多行业都处于停摆状态，企业的经营活动受负面影
响较为严重，投融资活动也变得不顺畅。据 WIND统计，截至 2020年 12月 31日，
我国共有 155只信用债券发生违约，违约规模高达 1757.72亿元，违约主体没有明显
的行业以及公司属性之分，且违约主体逐渐向高评级企业蔓延，国有企业违约规模较
大，影响较为广泛，引起了社会对国有企业债券违约的广泛关注。如何减少债务违约
事件的发生，在违约后如何选择恰当的处置方式，最大限度地保障投资者的权益成为
市场关注的焦点。
永城煤电控股集团有限公司（以下简称“永煤控股”）是河南省著名的地方性国
有企业，其 2020年 10月两期到期债权按期足额偿还，而 2020年 11月 10日，突然
宣布“20永煤 SCP003”发生实质性违约，引起市场轩然大波，一度怀疑其存在“逃
废债”的行为。本文通过文献研究法，梳理了前人研究的理论成果为本文奠定理论基
础，对比分析宏观方面、利益相关者方面以及公司层面的影响因素发现，宏观环境方
面受新冠疫情冲击、融资环境收紧、环保政策的压力等因素影响，提高了永煤控股的
违约概率；利益相关者方面，各利益主体均在违规行为包括中诚信信用评级过程中未
按照自律管理规则执行评级程序，缺乏实地访谈与主要经营管理部门负责人的现场访
谈，对风险信息未能及时揭露，存在债券评级主体错位且虚高的问题、希格玛会计师
事务所缺少必要审计程序、海通证券协助结构化发行等因素都帮助永煤控股隐藏了其
存在的违约风险；追本溯源债券违约的根本原因是由公司本身的债务期限规划不合理、
“子强母弱”的经营结构不合理、非核心业务拖累整体利润等因素引起的。同时还存
在着虚增货币资金的问题，给市场投资者对企业现金流状况造成了误判，从而引发了
超市场预期违约事件。
最后在剖析原因的基础上，针对永煤控股违约的原因，在宏观环境方面、利益相
关者方面以及公司治理方面提出了本人的建议。宏观环境方面，完善应急机制，制定
应急预案；积极落实已有政策，加强企业创新能力；统一监管格局，加强对发债企业
的跟踪监测。利益相关者方面，重建信用评级体系，提高评级质量；承销商应切实行
业自律规则，遵守诚实守信原则；审计机构应保持自身独立性，严格执行审计程序，
提高审计报告质量。债券发行主体方面，应当聚焦主业发展，切实履行信息披露义务，
重视企业的资本结构，优化债务结构。
关键词：永煤控股；超预期债券违约；国企违约风险；债务处置
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Abstract
With the implementation of the bond market registration system, the bond market
access threshold becomes lower, and bond default events will become more and more
normalized. As an important financing channel, the bond market should attach great
importance to its risk prevention and control. Affected by the new coronavirus epidemic in
2020, many industries in China and even the world are in a state of stagnation. The business
activities of enterprises are seriously affected, and the investment and financing activities
have become unsmooth. According to WIND statistics, as of December 31, 2020, a total of
155 credit bonds in China have defaulted, with a default scale of CNY 175.772 billion. The
default subject has no obvious distinction between industries and corporate attributes, and
the default subject gradually spreads to high-rated enterprises. The default scale of state-
owned enterprises is large, and the influence is extensive, which has attracted wide attention
from the society to the default of state-owned enterprise bonds. How to reduce the
occurrence of debt default, how to choose the appropriate disposal after default, to maximize
the protection of investors ' rights and interests has become the focus of market attention.
Yongcheng Coal and Electricity Holding Group Co., Ltd. ( hereinafter referred to as '
Yongmei Holding ' ) is a famous local state-owned enterprise in Henan Province. Its two
expired claims in October 2020 are paid in full on time. On November 10, 2020, it suddenly
announced that ' 20 Yongmei SCP003 ' had a substantive breach of contract, which caused
market turmoil and suspected its existence of ' escaping debt '. Through literature research,
this paper sorts out the theoretical results of previous studies to lay a theoretical foundation
for this paper. By comparing and analyzing the influencing factors at the macro level,
stakeholder level and corporate level, it is found that the macro environment is affected by
factors such as the impact of the new coronal epidemic, the tightening financing environment
and the pressure of environmental protection policies, which improves the default
probability of Yongmei Holding. Stakeholders, all stakeholders in violation of the credit
rating process, including the integrity of the credit rating process did not follow the rules of
self-regulation of the implementation of the rating process, the lack of field interviews and
field interviews with the head of the main business management department, the risk
information failed to disclose in time, the existence of bond rating subject dislocation and
false high problem, the lack of necessary audit procedures, Haitong Securities to assist in
structured issuance and other factors have helped Yongmei Holding hidden its default risk ;
the root cause of the default is caused by the unreasonable debt maturity planning of the
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company itself, the unreasonable business structure of ' son strong mother weak ' and the
non-core business dragging the overall profit. At the same time, there is also a problem of
virtually increasing monetary funds, which has caused market investors to misjudge the cash
flow situation of enterprises, thus triggering a super market expected default.Finally, on the
basis of the analysis of the reasons for the default of Yongmei Holding Company, I put
forward my suggestions in the macro environment, stakeholders and corporate governance.
Macro environment, improve the emergency mechanism, formulate emergency plans ;
actively implement the existing policies, strengthen enterprise innovation ability ; unified
regulatory structure, strengthen the monitoring of bond issuers. Stakeholders, the
reconstruction of credit rating system, improve the quality of rating ; underwriters should
practice industry self-discipline rules and abide by the principle of honesty and
trustworthiness ; audit institutions should maintain their independence, strictly implement
audit procedures and improve the quality of audit reports. Bond issuers should focus on the
development of the main industry, effectively fulfill the obligation of information disclosure,
pay attention to the capital structure of enterprises, optimize the debt structure.
Key Words: Yongmei Holding Company; unexpected bond defaults; default risk of state-
owned enterprise; debt disposal
III
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