Research On The Mode Of Bond Insurance In Chinese Corporate Bond

Corporate Bonds,as an important channel of direct financing,are playing more and more important role in economy.At present,the scale of corporate bonds in China is increasing continuously,but since bond defaul appear in 2014,Then the bond market appear default more and more frequently.Debt default is little in the past,a solution to this kind of phenomenon is mainly rely on the government,the bank or the secured party to lend money to the companies,it is not fundamentally disperse credit risk.so bond insurance as a kind of measure to reduce the credit risk of the investors and the means to protect the rights of investors,has got more and more people's attention.However,due to our research on bond insurance time is short,such problems as lack of practical experience and relevant data,lead to the bond insurance system of China has not been implemented.In this context,this article will use "Research on the Mode of bond insurance in Chinese Corporate Bond" as the research topics.This article from the following several aspects to study our country bond insurance.First of all,this paper introduces the meaning,characteristics,functions and potential risks of corporate bond insurance,combining with the academic research and practical experience of corporate bond insurance both at home and abroad.Then from the default phenomenon,lack of the means of credit enhancement and to protect the interests of the investors to clarify the necessity of the development of bond insurance;This paper analyzes the feasibility of the development of corporate bond insurance in China from a certain scale of the bond market,the initial establishment of the rating system and the change of the guarantee system.After analyzing,it is concluded that it is necessary and feasible to develop corporate bond insurance in our country.Secondly,through market research to know the willing of the market and the operation mode of the bond insurance after this insurance contract is designed;Then use the credit risk measurement model and the option pricing model to calculate the net rate of the 3-year AA-grade bonds in the pricing model of corporate bond insurance products,and provide a useful reference for solving the pricing model of bond insurance.Thirdly the development situation of foreign bond insurance pattern is summarized.Finally,by summing up foreign bond insurance mode experience,our country's bond insurance regulation suggestions are given...