資源描述：
《credit analysis and credit risk modeling》由會(huì)員上傳分享，免費(fèi)在線(xiàn)閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫(kù)。
1、PARTFOURCREDITANALYSISANDCREDITRISKMODELINGCopyright?2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.ThispageintentionallyleftblankCHAPTERTHIRTY-TWOCREDITANALYSISFORCORPORATEBONDSFRANKJ.FABOZZI,PH.D.,CFA,CPAFrederickFrankA
2、djunctProfessorofFinanceSchoolofManagementYaleUniversityThepurposeofthischapteristoprovideaframeworkforthecreditanalysisofcorporatebonds.Althoughtherearenumeroustypesofcorporatebondsout-standing,threemajorissuingsegmentsofbondscanbedifferentiated:industrials,ut
3、ilities,and?nancecompanies.Thischapterprimarilywilladdressindustrialsinitsgeneraldescriptionofbondanalysisandthendiscusstheutilityand?nanceissues.Specialfactorsthatmustbeconsideredinthecreditanalysisofhigh-yieldcorporateissuesarediscussed.Attheendofthischapter,
4、creditscoringmodelsforidentifyingpotentialissuersthatmaydefaultaredescribed.APPROACHESTOCREDITANALYSISTraditionally,creditanalysisforcorporatebondshasfocusedalmostexclusivelyonthedefaultriskofthebond—thechancethatthebondholderwillnotreceivethescheduledinterestp
5、aymentsand/orprincipalatmaturity.Thisone-dimensionalanalysisconcerneditselfprimarilywiththecalculationofaseriesofratioshis-toricallyassociatedwith?xedincomeinvestment.Theseratiostypicallywouldinclude?xedchargecoverage,leverage,andfunds?ow/totaldebt.Thisapproach
6、wasdeemedappropriatewheninterestrateswerestableandinvestorspurchasedbondswiththepurposeofholdingthemtomaturity.Inthisscenario,?uctuationsinthemarketvalueofthebondsowingtointerest-ratechangeswereminimal,and?uctuationsowingtocreditchangesofthebondissuerweremitiga
7、tedbythefactthattheinvestorhadnointentionofsellingthebondbeforematurity.Duringthepastthreedecades,however,thepurposeofbuyingbondshaschangeddramati-cally.InvestorsstillpurchasebondsforsecurityandtherebyforgothehigherThecoreofthischapterisbasedonthechapterbyJaneT
8、rippHowethatappearedinpreviousedi-tionsofthisbook.733Copyright?2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.734PART4CreditAnalysisa
