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房地产作为我国的支柱型企业，在近20年的时间里对经济的发展作出了巨大的贡献。但是，当房地产发展过热时，就会使房价上涨速度过快，出现资产价格泡沫和债务增加的现象，这会对经济的发展起到反面作用。为了促进房地产行业的平稳发展，国家从2015年起对其加强管控，并提高融资门槛，这使房企获取资金变得困难。由于资金获取出现阻碍，债务到期时无法及时偿还，从2018年开始房企陆续出现债券违约的现象。2020年以后，在经济环境不佳、融资环境收紧以及2020年至2022年新冠疫情的影响下，房企发展陷入困境，债券违约事件频繁发生，这其中也包括恒大集团。恒大集团作为房地产企业的领头者，向来资金实力雄厚，发展势头良好，却在2021年年底爆出了美元债违约的消息，这引起了各界广泛的关注。在这种情况下，本文针对恒大集团债券违约事件展开进一步的研究。

本文首先对企业债券违约成因、违约带来的经济后果以及防范债券违约风险措施方面的文献进行了梳理，然后分析了经济周期理论、信息不对称理论、财务困境理论和风险管理理论在案例中的运用。接着对房地产行业的整体融资情况和债券违约情况进行梳理，之后采用案例研究法，以恒大集团债券违约事件为例，通过近几年的资料和数据，对其债券发行动机、出现债券违约现象的原因及违约产生的后果进行了分析，并以此提出相应的防范债券违约风险的措施。

对恒大集团债券违约事件进行研究，可以对存在类似问题的企业带来一定的参考价值。通过研究发现，恒大集团在前期战略转型时扩张速度过快，后期由于经济下行及政策影响等，其融资受到限制导致资金链断裂，无法及时偿还债务从而出现债券违约的现象，这在给企业自身带来负面影响的同时，也会损害利益相关方的权益。面对债券违约现象，房企应及时调整发展战略，避免盲目扩张，还应加强资金链的管理，提高风险管理水平；监管机构应加强对房企的监管，及时出台利于房企发展的相关政策；投资者应谨慎投资，以减少资金损失；评级机构应提高其评级的专业性，确保信用评级的真实和可靠。

关键词：债券违约 房地产行业 违约防范

As the pillar enterprise of our country, real estate has made great contribution to the economic development in the past 20 years. However, if the real estate industry overheated, it will make housing prices rise too fast, asset price bubbles and debt increase phenomenon, which will play a negative role in economic development. In order to promote the smooth development of the real estate industry, the state has strengthened the control of the real estate industry since 2015, and raised the financing threshold, which makes it difficult for real estate enterprises to obtain funds. Since 2018, because of the difficulty in obtaining funds, real estate enterprises can not be timely debt repayment,,began to appear bond default phenomenon. The economic environment is not good, the financing environment is tight and the covid-19 epidemic from 2020 to 2022 affects, after 2020, the real estate enterprise development falls into trouble, the bond defaults incident frequently occurs, that includes Evergrande Group. As the leader of real estate enterprises, Evergrande Group has always been strong capital and development momentum, but at the end of the 2021 broke the news of US dollar debt default, which has attracted widespread attention. In this case, this paper carries out further research on Evergrande bond default.

This paper sorts the causes of corporate bond default, the economic consequences of default and the measures to prevent the risk of bond default firstly, then analyses the use of business cycle theory, Information asymmetry theory, financial distress theory and risk management theory in case studies. Then it combs the overall financing situation of real estate enterprises and the situation of bond default, and then uses the case study method to take the Evergrande Group bond default event as an example, through the information and data of recent years, analyzes the bond issuing motive, the reasons of bond default and the consequences, then puts forward the corresponding measures to prevent the risk of bond default.

The study of Evergrande Group's bond default events can bring some reference value to the enterprises with similar problems. Through the research, we found that the Evergrande Group expanded too fast during the strategic transition, in the later, the economic downturn and the impact of policies, the capital chain was breakdown, which brings negative impact on the enterprise itself, but also harm the interests of stakeholders. Facing the phenomenon of bond default, real estate enterprises should adjust their development strategy in time to avoid blind expansion, and should strengthen the management of capital chain and improve the level of risk management, in addition, relevant policies for the development of housing enterprises should be introduced in a timely manner; investors should be cautious in their investments to reduce capital losses; and rating agencies should enhance the professionalism of their ratings to ensure the authenticity and reliability of credit ratings.

Keywords：Bond default;Real estate industry;Default prevention