金融中介职能、会计质量与债券违约风险——海龙短期融资券案例分析

Function of Financial Intermediary,Accounting Quality and Bond′s Default Risk:Case Analysis on Hailong′s Short-term Financing Bond

利用案例分析方法分析了短期融资券"11海龙CP01"的发行和兑付过程,发现债券发行公司在发行债券前后均存在会计质量、公司运营以及内部治理等方面的问题,包括评级公司、承销商和会计师事务所在内的金融中介机构并未对这些问题及时披露,而这不利于信用风险市场化体系的建立,阻碍了债券市场的长期健康发展。

This paper uses the case study method to analyze the issuance and payment of short-term financing bond, ＂11Hailong CP01＂ issued by Shandong Hailong Corporation. And it finds that the problems of company＇s accounting quality,operation and internal governance exist before and after the issuance, and financial intermediaries including rating agencies, underwriters and auditors fail to disclose the information of existing problems timely,which hurts the marketization of credit risk system and the long-term development of bond market.