Risk Measurement and Utility Analysis of Enterprises in Western China Issuing Epidemic Prevention and Control Bonds During COVID-19

Zinan Hu and Ruicheng Yang

Chapter 14 in Internet Finance and Digital Economy:Advances in Digital Economy and Data Analysis Technology, 2023, pp 173-199 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Usually, companies with poor financial conditions at the time of an epidemic issue bonds, and it is particularly important to reasonably measure the various risks associated with the issue of bonds. This paper uses the Conditional Cost at Risk (CCaR) risk measurement technology based on the Conditional Value at Risk (CVaR) idea to measure the cost risk of epidemic prevention and control bonds issued by enterprises in the western region during the epidemic. We design a Conditional Payment at Risk (CPaR) risk measurement model to measure the liquidity risk brought by the issuance of epidemic prevention and control bonds to enterprises. We also analyze the effectiveness of epidemic prevention and control bonds in the western region based on different bonds and come up with an accurate evaluation. By comparing the calculation results, it can be analyzed that the overall level of financing utility of anti-epidemic bonds issued by non-government financed enterprises in the western region is good, both in terms of the market risk of bonds and the cash liquidity risk faced by enterprises.

Keywords: Internet Economy; Online Finance; Financial Engineering; Big Data; Blockchain; Supply Chain; E-commerce (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2023
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