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水泥熟料产能排名第6的山水水泥是水泥市场的明星企业,但是自2015年发生首起超短融违约以来,山水水泥违约债券总额超过130亿元。本文从水泥行业经营角度和股权争夺角度两方面出发分析公司违约原因。分析发现,2015年水泥行业经营哀鸿遍野,山水水泥也无法独善其身。其次,山水水泥上市前的股权结构设计奠定了其股权争夺的基础,公司原大股东、公司经营层、新大股东之间的矛盾无法平衡,股权争夺严重影响着山水水泥的生产经营。
Shanshui Cement, ranked No. 6 in cement clinker production capacity, is a star enterprise in the cement market. However, since the first ultra short-term financial default in 2015, the total amount of bonds deconsolidated by Shanshui Cement has exceeded 13 billion yuan. This article analyzes the reasons for the company’s default from two aspects: the cement industry management and the equity competition. The analysis found that in 2015, the cement industry was running out of steam and the landscape cement could not stand it alone. Secondly, the design of the equity structure before the listing of Shanshui Cement laid the foundation for its equity competition. The contradictions between the former major shareholder, the company management layer and the new major shareholder can not be balanced, and the equity competition seriously affects the production and operation of Shanshui Cement.