我国债券市场经过多年的发展，已经成为了全球第二大规模的债券市场，也是我国最重要的金融市场之一。但是近几年债券的违约率大幅增加，特别是2018年至19年，信用债违约金额及违约数量屡创新高，新增违约的形式趋向于多样化。民营企业的违约位于历史高位，局部的风险更加突出；国企的违约率虽处于较低水平，但也出现了高级别企业及知名企业违约的案例。目前国内外经济形势依然紧张，又受到新型冠状病毒肺炎传染病的影响，2020年的经济下行压力非常大。

沈阳机床是我国机床行业的龙头企业，曾经在2012年创造了世界第一的辉煌成绩。机床行业作为改革开放初期最重要的机床行业重点企业之一，号称“国之重器”。沈阳机床也是国内生产规模最大的综合机床制造厂和国家级数控机床研发制造基地。正因为沈阳机床在国内的地位较高，所以在沈阳机床债券违约时，市场的反响特别大，而且由于沈阳机床是近年来发展比较缓慢地区的国有上市公司，其违约的原因具有一定的代表性，本次违约事件是研究债券违约的典型案例。

基于以上的背景，本文采用了案例分析法和对比分析法，以“沈阳机床”债券违约为案例，分析了沈阳机床债券违约的原因，并将沈阳机床与日发精机做了对比分析，最终对如何防控债券违约提出了相关的建议。首先，本文对我国债券市场、债券违约的定义以及我国债券市场违约的现状进行了分析；其次，本文结合沈阳机床的案例，从外部以及内部对沈阳机床违约的原因进行了深入的分析；然后，通过与同行业企业日发精机的对比，进一步认证了违约的原因；最后，本文基于案例的启示，从发债企业方向提出了对防控债券违约的建议。

本文主要提出了三个建议。一是发债企业中的国有企业应做好公司治理工作，主要是要做好政企分离的工作以及国有企业应该落实好董事会和监事会的责任；二是发债企业应建立完善的财务控制体系，主要是要控制好成本费用的指出、提高资金的使用效率、定期检查资产质量方面着手；三是发债企业在投资时，应制定好合理的投资计划。发债企业的投资应该与企业所处的阶段相匹配，投资规模与企业的实力相匹配，投资开发的产品应该与市场需求相匹配，不能盲目投资。

After years of development, China's bond market has become the second largest bond market in the world and one of the most important financial market in China. However, the default rate of bonds has increased significantly in recent years, especially from 2018 to 2019. The default amount and number of defaults on credit bonds have hit record highs, and the form of defaults has tended to diversify. The defaults of private enterprises are at historically high levels, and some risks are more prominent. Although the default rate of state-owned enterprises is at a low level, there have also been cases of defaults by high-level companies and well-known companies. At present, the domestic and foreign economic forms are still tense, and they are also affected by the new coronavirus pneumonia infectious disease. The downward pressure on the economy in 2020 is very tough.

Shenyang Machine Tool Co., Ltd is a leading enterprise in China's machine tool industry and once created the world's first brilliant achievements in 2012. Shenyang Machine Tool Co., Ltd. is the largest comprehensive machine tool manufacturer and national CNC machine tool R & D manufacturing base in China. Shenyang Machine Tool is also a large-scale backbone of China's machine tool industry, with the ability to provide complete sets of technical equipment for key national projects, and also provide CNC machine tools for the core manufacturing areas of key national industries. Because of the high status of Shenyang Machine Tool in the country, when Shenyang Machine Tool Bonds defaulted, the market response was particularly strong, and because Shenyang Machine Tool is a state-owned listed company in a region that has developed slowly in recent years, the reasons for its default are representative. This default event is a typical case of studying bond defaults.

Based on the above background, this article uses the case study method and comparative analysis method to analyze the default of Shenyang Machine Tool Bonds with the case of "Shenyang Machine Tool" bond defaults, and compares and analyzes Shenyang Machine Tools and Nippon Seiki. Related suggestions were made on how to prevent and control bond defaults. First, this article analyzes the definition of China's bond market, bond defaults, and the status quo of defaults in China's bond market. Second, this paper combines the case of Shenyang Machine Tool to analyze the reasons for Shenyang machine tool defaults externally and internally. Then, by comparing with the company of the same industry, Nippon Seiki, the cause of the breach is further certified. Finally, based on the enlightenment of the case, this article puts forward suggestions for preventing and controlling bond defaults from the corporate side and the investor side.

This thesis mainly makes three suggestions. First, the state-owned enterprises in the bond issuing enterprises should do a good job in corporate governance, which is mainly to do a good job in the separation of government and enterprise, and the state-owned enterprises should implement the responsibilities of the board of directors and the board of supervisors; Second, the debt-issuing enterprise should establish a sound financial control system, mainly to control the indication of costs and expenses, improve the efficiency of the use of funds, and regularly check the quality of assets. Second, the debt-issuing enterprise should formulate a reasonable investment plan. The investment of the debt-issuing company should match the stage of the enterprise, the investment scale should match the strength of the enterprise, and the products developed and invested should match the market demand and should not be blindly invested. Last, investors should increase their risks when investing in bonds. Identifying awareness and strengthening post-investment management, investors should adjust transactions at any time according to their own risk tolerance.