Research On Fuzzy Comprehensive Evaluation And Control Of BL Corporate Bond Risk Based On Entropy Weight Method

Since 2015,the development of corporate bonds has grown rapidly partly because of policy opportunities,the scale of the corporate bonds market has gone through explosive growth,which proves that the corporate bonds are favored by investors and underwriters.During 2016,the total number of newly issued corporate bonds was 2,843,accounting for 9.86%of the whole bonds market.At the same time,the total scale of newly issued corporate bonds was 2,780,7 billion yuan,accounting for 7.65%of the whole bonds market.Corporate bonds can remarkably increase financing channels for enterprise,enrich China's multi-level capital market,and promote financial capital to serve the economy better.However,various risks accompanied by the rapid development can't be ignored.In particular,due to the surge in bonds defaults and the gradual break-up of rigid redemption,the management of corporate bonds-related risks is becoming more and more important.Based on the phenomenon,from the perspective of the securities company,this paper analyzes the risk factors in the whole process of the corporate bond projects,and establishes the relevant index system and the quantitative model.First of all,this paper introduces the relevant circumstances of corporate bonds,compares the similarities and differences between corporate bonds and other kinds of bonds,and analyzes the existing problems in corporate bond projects.On this basis,the risk of corporate bonds is identified according to their sources,and the results of risk identification are finally collated.A set of six first-level indicators and 32 second-level indicators are established.Then,based on the fuzzy comprehensive evaluation method,the entropy weight method is used to assign the weight to the risk index.The weight of the index is determined objectively by the entropy method,which avoids the subjectivity and arbitrariness of the subjective determination of the weight.On this basis,the fuzzy comprehensive evaluation model of corporate bond project risk based on entropy weight method is constructed.On the basis of the model construction,this paper evaluates the BL company bond project by using the evaluation model,and analyzes the evaluation result according to the actual situation,and explains the rationality of the model.Finally,on the basis of the previous risk assessment,this paper puts forward some suggestions on the risk control measures of corporate bond project and the risk control measures are analyzed according to the specific cases.