Research On The Risk Management Of The Duration Of Bond Trust Projects

With the promulgation of a series of policy documents such as the " New regulations on capital management" in 2018,on the one hand,the licensing dividend of the trust industry has been weakened,and the competition among trust companies has intensified;.At the same time,the vigorous development of the bond market has also made the investment objectives of bond trusts more diverse.Under the bidirectional guidance of policy and market,the development of bond trusts ushered in new opportunities.However,in recent years,bond default events have occurred frequently,and the scale of default has been increasing,which has led to a rapid increase in the risk of bad trust trust operations or even non-payment.This puts higher requirements on the risk management of the duration of bond trust projects.In this context,this article raises the core research questions: What are the risk points in the duration of a bond trust project that will cause the trust project to default or operate poorly? How to effectively manage these risk points?At present,the research on bond default is relatively mature,but the research on the trust industry is mainly concentrated in the real estate trust field,and the research on trust risk is also mainly concentrated on the establishment of trust projects.The risk management of the duration of bond trust projects is less involved.This article takes the B trust project as a case,combs the risk points existing in each link of the bond trust project based on the logical steps of risk identification,risk assessment and risk response,and analyzes the identification basis,transmission path and prevention and control measures of the risk.Finally,the risk management system for the duration of bond trust projects is extracted from the case analysis.This paper finds that: during the duration of a bond project,it mainly involves 14 risk points including industry concentration risk,position liquidity risk and position credit risk,moral hazard,operational risk,network risk,and timeliness risk.These risk points can be identified on the basis of the industry's economic situation,the degree of active bond holdings,the credit rating of position holding bonds,pressure on yields,and pressure on the workload of orders.At the same time,the above risk points interfere with the long-term stable operation of the trust project and the scheduled payment by affecting the default risk of the position bond,project income,client sentiment,unit volatility and authenticity.Finally,by combining the advantages and disadvantages of the risk management of B trust projects,this article summarizes the experience or improvement suggestions to deal with the relevant risk points,and refines the risk management system for the duration of bond trust projects.This article reveals the identification basis,assessment method and response measures of the duration of bond trust projects,and then extracts the risk management system of the duration of bond trust projects based on cases.It provides ideas for the risk management of the duration of the trust company's bond-type trust projects,and provides a reference for external regulatory authorities to carry out risk control and monitoring of similar projects.