| In 2001,The People’s Bank Of China promulgated the Interim Provisions on the intermediary business of commercial banks.Under the mode of separate supervision,the government gradually relaxed the control on the investment banking business.The underwriting business of debt financing instruments of non-financial enterprises has become one of the most important growth points of investment banking business.By the end of 2019,there were 10,800 outstanding debt financing instruments of the National Association of Interbank Market Dealers,with a total outstanding value of 10.97 trillion yuan.The default value exceeded 80 billion yuan and the default rate was rising year by year.Bond default is the result of cyclical,institutional and behavioral factors,but the reason is that most of the traditional qualitative analysis is used in the evaluation of bond underwriting access by Chinese commercial banks,while the quantitative analysis method is not mature,resulting in different degrees of losses in the actual business development.KMV model has been studied and demonstrated by many scholars at home and abroad,and the default distance and expected default probability can effectively measure the credit risk of issuers.Therefore,this paper innovatively applied the KMV model in the bond underwriting access assessment of Fujian Branch of Bank J,aiming to explore common methods as a supplement to the bond underwriting access assessment of commercial banks.This paper first analyzes the development status of debt financing instruments in the interbank market and the underwriting status of debt financing instruments of commercial banks including Bank J.It believes that with the continuous development and maturity of the market,the bond underwriting business of Bank J has great development potential.Secondly,through the analysis of the bond underwriting access methods of the Fujian branch of Bank J,it is concluded that the current bond underwriting access assessment methods of commercial banks represented by Bank J have limitations.Therefore,this article nearly ten years experience in interbank market bond issuance of listed companies as samples,interpretation by using KMV model to measure the risk of listed companies is feasible,and then combined with J bank fujian branch for bond underwriting business practice,prove the KMV model is applied to J bank fujian branch for the actual bond underwriting access evaluation has strong practical significance,it can effectively reduce the loss of commercial banks in the bond underwriting business.This paper also puts forward countermeasures and suggestions from three aspects:improving the credit risk measurement model,the construction and development of China’s bond market,and the internal management of Bank J Fujian Branch. |
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