The Default Risk Estimate Study On Chinese Corporate Bonds

Corporate bond is one of the important means of an enterprise financing, plays a very important role in the prevention of financial system risks. Chinese enterprise bonds develop rapidly in recent years.,with the flourishing development, bond default risk has been exposed, and in 2015 gradually into the normalization of credit default.This paper mainly studies the risk assessment of corporate bond defaults. Firstly, analysis some main reasons of default of corporate bonds, and then from qualitative and quantitative aspect to establish the risk assessment model, and lastly use evaluation model to analyze and test "11 Tianwei MTN2" and “15 Tiewuzi SCP004 ” risk of default.Combined with corporate bond risk assessment model established in this paper and study the case of the default of "11 Tianwei MTN2" and “15 Tiewuzi SCP004 ”, lastly, the paper summarizes that we should pay close attention to industry risk and corporate cash flow, and provide the investors with reference.