Research On Credit Risk Prevention In Corporate Bond Market

Corporate bond market has developed rapidly in recent years,changing its depressing state and issuing scale expands unceasingly,the issuer is more and more diverse,in enriching multi-level capital market and improving the proportion of direct financing,which is playing an increasingly important role.But at the same time,with the macro economy being on a downward cycle,the government actively promoting structural reform and the supply side company existing many problems,credit risk is increasingly highlighted,which presents the normalization of default.Deadline at the end of 2016,Chinese bond market has appeared more than 80 bond defaults,along with credit defaults surging,it is a credit rating downgrade,evident conduction effect of credit risk and dropping market risk appetite,faced with the upcoming redemption peak as well,the development of corporate bond market is trapped in severe situation,from the repeated outbreaks of credit default events,it can be found that in the corporate bond market in our country there are many problems for the prevention of credit risk,it is urgent to improve the credit risk prevention mechanism,in order to avoid systemic risk in the financial markets.The article first elaborates the development of corporate bond market in China,and analyzes the corporate bond credit risk condition,mainly including the current credit risk,the reasons of credit risk,then analyzing the problems existing in the corporate bond market credit risk prevention,and using the KMV model to identify and measure our country corporate bond credit risk.It mainly selectes the 33 bond samples of listed companies,and collects financial and stock market data of samples,using Matlab software to calculate,then it is concluded that the default probability of 33 listed companies,in order to ensure the rigor,it tests the average default distance of significance by SPSS software.Finally based on the above analysis,I put forward the corresponding countermeasure and the suggestion,this paper argues that the corporate bond market should first clear the principle of credit risk prevention,then puts forward specific measures to prevent credit risk: in the perfection of the corporate bond market risk for early warning system,it should deepen the reform of the credit rating system,the construction of credit disclosure system and strengthen the supervision of market players;On the credit risk sharing channel,it should actively develop default derivatives market,perfect the credit service and enforce repayment of guarantee terms;On the construction of the credit risk of subsequent disposal system,it should perfect the bankruptcy procedure,accelerate reform of capacity,strengthen the bond holders meeting system,and build system of bond insurance,etc.