Study On The Model Of Corporate Bond Insurance In China

The company USES the company credit to issue the credit bond,the company's bond insurance to a certain extent can to the company issued the credit bond to play the credit enhancement role.This paper mainly studies whether the model of corporate bond insurance can be introduced into the Chinese market,as well as a little reflection on the operation mode of corporate bond insurance.Company general direct financing channels such as bond financing and equity financing,bond financing and other advantages of direct financing means don't have the capital market more debt financing companies developed regions.Corporate bond issue is an important channel of direct financing.China's current issuance of corporate bonds is improving,and as Chinese ipos slow,issuance is becoming the primary option for corporate finance.In China,the first bond default occurred in 2014,and then there was an ongoing bond default.We know that China's previous bond defaults rare,this is mainly because before issuance of bonds is generally state-owned enterprises or state,such enterprises in the case of is going to default will depend on the government or the bank.But now that state-owned enterprises are restructured and joint-stock companies appear on the Chinese stage,it is not enough to solve the problem that bond defaults require government help.And the government's handling of bond defaults has not fundamentally reduced credit risk,just as a result of the taxpayer.The appearance of bond insurance satisfies the investor's desire to reduce the credit risk,and maintains the investor's investment interest.Due to the short time of bond insurance and lack of practical experience and relevant data in the Chinese market,the corporate bond insurance model of our country has not been issued.But in recent years,there has been a trial of corporate bond insurance in China's bond market.Under the above background,this paper carries on the research to carry out the model of our country company bond insurance.The main contents of this paper are as follows:firstly introduce the relevant theories of the bond insurance of the company's bond insurance.Study the theoretical basis of bond insurance system.Through theory study has found that all kinds of the common theories of bond insurance,from all kinds of bonds issued by the returns and risk analysis of the characteristics of its bond insurance the theoretical basis of the information asymmetry theory,signaling theory,market segmentation theory.The second is the introduction of corporate bond insurance models in the United States and other countries.Bond insurance first appeared in the United States,then gradually developed in the U.S.market and accepted by the global capital market.In the final analysis the feasibility of establishing corporate bond insurance system in China,and mode choice,and combining the special environment of capital market in our country puts forward personal Suggestions to conduct company bond insurance in our country.