Research On Our Country’s Credit Debt Problem And Analysis Of Default Of KMV Model

Credit bond market in our country is developing rapidly since 2010,in 2016 alone,24318 credit debt were issued in our country,amounted to 22.773499 trillion yuan.As the credit debt increasingly large scale,credit debt default problem gradually surfaced,especially at the end of 2016,the central bank focused on financial deleveraging,face a squeeze on the financing side,as well as to the fed’s rate hike,credit debt default event occurrence frequency.KMV model is a modern measurement,used as a measure of the probability of default credit bond market has good forward-looking and the advantage of date source is simple,it’s one of the main model of the current credit risk management.This review introduced the current status of the credit debt,specific review 2016 bond issuance and trading,analyses the problems existing in the credit debt;Delve into the problem of the current credit debt default,introduced KMV model and and the modified KMV model,and the default distance of KMV model is in line with the empirical study on the credit bond market in China,understand the bond investment risk,on the basis of the empirical,verify the default distance effectiveness of China’s bond market,and under the overall understanding of the credit debt market on the part of the problem put forward the corresponding countermeasures.