Risk Management And Evaluation Of Bond Fund

Since 2018,there have been frequent outbreaks of credit events in the bond market.Default subjects include not only old faces like Dandong Port Group Co.,Ltd.,China Urban Construction Holding Group Co.,Ltd.,but also companies like Shenwu Environmental Technology Co.,Ltd.,Kaidi Ecological and Environmental Technology Co.,Ltd.,Fuguiniao Co.,Ltd.In 2018,there were 123 defaulting bonds,amounting to 119.851 billion yuan.As the bond of the credit crisis,triggered a series of negative chain reaction.Some bond funds suffered a sharp drop in net worth as a result of unlucky default bonds,with individual bonds down nearly 50 percent.Some fund companies due to"trampling on thunder" led to a large decline in the net value of their bond funds,a sharp decline in performance.Bond fund risk occurs frequently,risk management is urgent.Therefore,it is important to analyze the influencing factors of bond default,discover the risk early and manage the risk to reduce the risk.Based on the idea of risk management,this paper studies the risk identification,risk reasons and risk management of bond fund,starting from the external and internal environment of the company,taking the event of "stepping on the thunder" of the pure debt of ZRT Company as an example to identify the risk of the bond fund,the reasons for the risk,and the response to the risk management.The credit risk and management risk of bond fund are analyzed.External analysis of bond issuing company,from the bond market situation,macroeconomic environment,industry status quo,corporate performance management,corporate financial analysis;Internal analysis of ZRT company situation,from the company system,business processes and actual operations,bond pool management and management team,finally based on the above analysis to build an internal credit risk rating model for corporate bonds.This paper puts forward the dynamic management scheme of bond pool,and puts forward some suggestions for risk management of fund companies.The main conclusions of this paper are as follows:first,the fund management company does not attach importance to the credit risk,the fund management team is not strong enough,the actual operation is not in conformity with the business process,and the bond pool management is insufficient;Secondly,the company should pay more attention to the credit risk,perfect the internal credit risk rating,establish the dynamic management mechanism of the bond pool,strengthen the research team,perfect the investment portfolio,and improve the level of risk technology management.Thirdly,the macro-economic downside,the recession cycle of the industry and the bad management of the company are all the important reasons for the occurrence of bond default.Fourth,from the point of view of financial indicators,the relevant indicators of profitability,the ratio of retained income to total assets,the multiple of interest earned,the current ratio,and the quick ratio can reflect the risk earlier.It has a warning effect on the occurrence of default.