摘要
我国债券市场经过数十年的变革，成为金融经济发展中的重要一环。但由于
宏观经济的波动以及我国经济结构的转型发展，企业整体效益增速放缓，债券市
场上的风险也日渐凸显。较为典型的事件就是 2014年的“11超日债”事件，自
此刚性兑付成为历史。不论是何种性质或处于哪一行业的企业，每年均有违约事
件发生，高评级企业发生违约的事件也屡见不鲜，且债券违约数量和规模均逐年
增加。因此，对债券违约的研究显得尤为重要。
东旭光电作为民营企业 500强，于 2019年末遭遇债务危机。企业自身高存
高贷的财务特点引起深交所和投资者的关注，且在科技进步和节能环保的背景下，
所处的显示器件行业和新能源汽车行业也具有一定的特殊性，因此东旭光电债券
违约背后的成因所反映出的问题值得深思。基于以上背景，本文以东旭光电作为
研究对象，首先，介绍东旭光电的公司概况，财务情况，已违约债券的发行情况
和违约过程。继而，详细地从五方面分析债券违约的原因，主要得出以下结论：
第一，宏观经济下行和紧缩的信用政策导致企业融资难度加大。第二，显示器件
行业整体利润下滑和新能源汽车行业政府补贴收紧的背景下，企业经营效果欠佳。
第三，不合理的多元发展战略和高比例股权质押问题反映出企业治理层面存在问
题，影响企业发展。第四，存贷双高现象下企业受限资金占比较高，货币资金偿
还负债难度大，且短期偿债能力不乐观、利润质量低、盈利能力差等问题均是发
生违约的导火索。第五，政府监督管理不力一定程度上增加了企业债券违约的风
险，信用评级机构专业性缺失，未发挥其警示作用，纵容违约发生。最后，对以
上问题提出几点相关政策建议：企业应避免盲目的多元发展，应综合分析后再制
定发展规划；应避免股权质押率过高现象，健全公司治理机制；在财务状况方面
企业应提高资金使用的有效性，完善财务管理制度；评级机构自身应提高专业性
和独立性；监管层面应完善信用债监管法律制度；投资者也应提高自身风险识别
能力，保持理性判断。
关键词：债券违约；东旭光电；存贷双高；财务风险
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Abstract
After decades of reform, China’s bond market has become an important part of
development of economy. However, due to the fluctuation of macro-economy and the
transformation of China’s economic structure, the overall efficiency of enterprises has
slowed down, and the risks in the bond market have become increasingly prominent.
Due to the occurrence of “11 Chaori bonds” event, rigid payment becomes history.
Regardless of the nature of the company or the type of industry in which it is located,
defaults occur every year. Defaults on high-rated bonds become common, and the
number and scale of Bond defaults are increasing year by year. Therefore, the study of
bond default is particularly important.
Tunghsu Optoelectronic, a top 500 private company, suffered a debt crisis at the
end of 2019. The financial characteristic of Tunghsu Optoelectronic's high deposits
and high loans has attracted the attention of Shenzhen Stock Exchange and investors.
In the context of technological progress and energy conservation and environmental
protection, the display device industry and the new energy automobile industry where
Tunghsu is located also have particularities, so the problems reflected in the Tunghsu
Optoelectronic bond default incident are worth pondering. Based on the above
background, this paper takes Tunghsu Optoelectronic as the research object. Firstly, it
introduces the general situation of Tunghsu Optoelectronic, its financial situation, the
issuance of defaulted bonds and the default process. Then, the paper analyzes the
reasons of bond default from five aspects in detail, and draws the following
conclusions: first, the macro-economic downturn and tight credit policy make it more
difficult for enterprises to raise funds. Second, in the context of the overall profit
decline in the display device industry and the tightening of government subsidies in
the new energy automobile industry, the business performance of the company is not
optimistic. Third, the unreasonable multi-development strategy and the high
proportion of equity pledge reflect the problems of managment, affecting the
development of the company. Fourth, under the phenomenon of high deposits and
loans, the company's restricted funds account for a relatively high proportion, and it is
difficult for monetary funds to repay debts. Poor short-term solvency, low profits and
poor profitability are the default fuse. Lax government supervision has increased the
risk of corporate bond default to a certain extent, and the lack of professionalism of
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