Credit debt management method and device, medium and equipment

Abstract

The invention relates to the technical field of financial science and technology, and discloses a credit debt management method and device, a medium and equipment, and the method comprises the steps: obtaining the bilateral quotation of a to-be-evaluated credit debt in each quotation time period in a to-be-evaluated time period, determining the effective price difference of the to-be-evaluated credit debt in the to-be-evaluated time period according to the bilateral quotation of each quotation time period; obtaining transaction volume information of the to-be-evaluated credit debt in the to-be-evaluated time period and a circulation stock of the to-be-evaluated credit debt in a reference time period corresponding to the to-be-evaluated time period, and determining a replacement rate of the to-be-evaluated credit debt in the to-be-evaluated time period according to the transaction volume information and the circulation stock; and determining evaluation information of the to-be-evaluated credit debt based on the effective price difference of the to-be-evaluated time period and the exchange rate of the to-be-evaluated time period, and performing credit debt management on the to-be-evaluated credit debt by using the evaluation information. And the credit debt evaluation can be carried out more accurately.

Description

Technical Field

[0001] The present application relates to the field of financial technology, and in particular to a credit debt management method, device, medium and equipment. Background Art

[0002] The credit bond market has enriched the investment varieties of the financial market and also provided an important financing channel for the real economy, helping enterprises optimize their capital structure, reduce financing costs, and promote industrial upgrading and high-quality development.

[0003] Since market participants have similar risk preferences, trading demand is generally focused on bonds issued by a few high-grade entities, and there is an imbalance in the liquidity of credit bonds. In addition, institutional investors have similar behaviors, which tend to aggravate unilateral trends when the market fluctuates greatly, making liquidity problems more prominent. The above manifestations of popularity not only affect the pricing efficiency of credit bonds, but also restrict the ability of the bond market to serve the real economy.

[0004] The quantitative measurement of liquidity level is one of the main research directions of various institutions at present. Establishing reasonable and effective liquidity evaluation indicators will help to more intuitively and comprehensively understand the liquidity status of the secondary market of credit bonds, and provide more reliable support for relevant decisions of different types of market participants. The current market mainly relies on traditional single indicators such as trading volume or turnover rate to evaluate the liquidity of credit bonds, but credit bonds have the characteristics of multiple issuers, large differences in bond stock size, small and uneven trading volume, etc., which will lead to problems such as missing transaction data and biased horizontal comparison of individual bonds when applying the above indicators. Summary of the invention

[0005] In view of this, the embodiments of the present application provide a credit bond management method, device, medium and equipment, which help to more accurately evaluate credit bonds and provide users with more objective and reliable credit bond evaluation data.

[0006] According to one aspect of the present application, a credit debt management method is provided, the method comprising:

[0007] Obtaining the bilateral quotes of the credit bond to be evaluated in each quotation period during the period to be evaluated, and determining the effective price difference of the credit bond to be evaluated in the period to be evaluated based on the bilateral quotes in each quotation period;

[0008] Obtaining the transaction volume information of the credit bond to be evaluated during the period to be evaluated and the circulating stock of the reference period corresponding to the period to be evaluated, and determining the turnover rate of the credit bond to be evaluated during the period to be evaluated based on the transaction volume information and the circulating stock;

[0009] The evaluation information of the credit bond to be evaluated is determined based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated, and the credit bond management of the credit bond to be evaluated is performed using the evaluation information.

[0010] In an optional implementation manner, obtaining the bilateral quotes of the credit bond to be evaluated in each quotation period within the period to be evaluated includes:

[0011] Obtaining bilateral quotation information of the credit bond to be evaluated during the period to be evaluated, wherein the bilateral quotation information includes each buyer's quotation and the duration of the buyer's quotation, each seller's quotation and the duration of the seller's quotation;

[0012] According to the preset time interval, the buyer's quotation duration and the seller's quotation duration, the buyer's quotation and the seller's quotation are divided into a plurality of quotation periods to obtain a bilateral quotation for each quotation period.

[0013] In an optional implementation manner, the buyer's quotation and the seller's quotation are divided into a plurality of quotation periods according to a preset time interval, the buyer's quotation duration, and the seller's quotation duration to obtain a bilateral quotation for each quotation period, including:

[0014] Dividing the period to be evaluated into a plurality of quotation periods according to the preset time interval;

[0015] For any quotation period, the buyer quotations corresponding to the buyer quotation duration at least partially covered by the quotation period and the seller quotations corresponding to the seller quotation duration at least partially covered by the quotation period are divided into the quotation period to obtain the bilateral quotations of the quotation period.

[0016] In an optional implementation manner, determining the effective price difference of the credit bond to be evaluated in the period to be evaluated according to the bilateral quotations in each quotation period includes:

[0017] For any quotation period, if the quotation period includes at least one buyer's quotation and at least one seller's quotation, the highest buyer's quotation in the quotation period is determined as the optimal buyer's quotation based on at least one buyer's quotation in the quotation period, and the lowest seller's quotation in the quotation period is determined as the optimal seller's quotation based on at least one seller's quotation in the quotation period, and the effective price difference in the quotation period is determined according to the optimal buyer's quotation and the optimal seller's quotation in the quotation period; if there is no buyer's quotation or no seller's quotation in the quotation period, the first preset price difference is used as the effective price difference in the quotation period; if there is no buyer's quotation and no seller's quotation in the quotation period, the second preset price difference is used as the effective price difference in the quotation period; wherein, the first preset price difference is smaller than the second preset price difference;

[0018] The sum of the products of the effective price difference of each quotation period and the preset time interval is calculated, and the ratio of the sum of the products to the duration of the period to be evaluated is used as the effective price difference of the period to be evaluated.

[0019] In an optional implementation manner, determining the turnover rate of the credit bond to be evaluated during the period to be evaluated based on the transaction volume information and the circulating stock includes:

[0020] Determine the actual transaction volume corresponding to each quotation period according to the transaction volume information;

[0021] For the actual transaction volume in any quotation period, if the actual transaction volume is less than 1, the simulated transaction volume corresponding to the credit bond to be evaluated is used as the evaluated transaction volume in the quotation period; otherwise, the actual transaction volume is used as the evaluated transaction volume in the quotation period; wherein the simulated transaction volume is determined based on the product of the tradable stock of the credit bond to be evaluated in the period to be evaluated and a preset coefficient;

[0022] The sum of the ratios of the assessed transaction volume in each quotation period to the circulating stock is calculated as the turnover rate of the credit bond to be assessed in the period to be assessed.

[0023] In an optional implementation manner, before calculating the sum of the ratios of the assessed transaction volume in each quotation period to the circulating stock as the turnover rate of the credit bond to be assessed in the period to be assessed, the method further includes:

[0024] The assessed transaction volume of each quotation period is summed with the first preset increment respectively, a logarithm calculation is performed on the summed result corresponding to each quotation period, and the assessed transaction volume corresponding to each quotation period is updated using the calculation result;

[0025] The circulating stock is summed with the second preset increment, a logarithm calculation is performed on the summed result, and the circulating stock is updated using the calculation result.

[0026] In an optional implementation manner, determining the evaluation information of the credit bond to be evaluated based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated includes:

[0027] The ratio of the effective price difference of the period to be evaluated to the turnover rate of the period to be evaluated is inverted, and the product of the inverted ratio and the preset liquidity multiplier parameter is used as the index for index calculation, and the index calculation is performed based on the index and natural constants to obtain the liquidity evaluation information of the credit bond to be evaluated.

[0028] According to another aspect of the present application, a credit debt management device is provided, the device comprising:

[0029] An effective price difference determination module is used to obtain the bilateral quotes of the credit bond to be evaluated in each quotation period within the period to be evaluated, and determine the effective price difference of the credit bond to be evaluated in the period to be evaluated according to the bilateral quotes of each quotation period;

[0030] A turnover rate determination module, used to obtain the transaction volume information of the credit bond to be evaluated during the period to be evaluated and the circulating stock of the reference period corresponding to the period to be evaluated, and determine the turnover rate of the credit bond to be evaluated during the period to be evaluated according to the transaction volume information and the circulating stock;

[0031] A management module is used to determine the evaluation information of the credit bond to be evaluated based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated, and use the evaluation information to perform credit bond management on the credit bond to be evaluated.

[0032] In an optional implementation manner, the effective price difference determination module is further used to:

[0033] Obtaining bilateral quotation information of the credit bond to be evaluated during the period to be evaluated, wherein the bilateral quotation information includes each buyer's quotation and the duration of the buyer's quotation, each seller's quotation and the duration of the seller's quotation;

[0034] According to the preset time interval, the buyer's quotation duration and the seller's quotation duration, the buyer's quotation and the seller's quotation are divided into a plurality of quotation periods to obtain a bilateral quotation for each quotation period.

[0035] In an optional implementation manner, the effective price difference determination module is further used to:

[0036] Dividing the period to be evaluated into a plurality of quotation periods according to the preset time interval;

[0037] For any quotation period, the buyer quotations corresponding to the buyer quotation duration at least partially covered by the quotation period and the seller quotations corresponding to the seller quotation duration at least partially covered by the quotation period are divided into the quotation period to obtain the bilateral quotations of the quotation period.

[0038] In an optional implementation manner, the effective price difference determination module is further used to:

[0039] For any quotation period, if the quotation period includes at least one buyer's quotation and at least one seller's quotation, the highest buyer's quotation in the quotation period is determined as the optimal buyer's quotation based on at least one buyer's quotation in the quotation period, and the lowest seller's quotation in the quotation period is determined as the optimal seller's quotation based on at least one seller's quotation in the quotation period, and the effective price difference in the quotation period is determined according to the optimal buyer's quotation and the optimal seller's quotation in the quotation period; if there is no buyer's quotation or no seller's quotation in the quotation period, the first preset price difference is used as the effective price difference in the quotation period; if there is no buyer's quotation and no seller's quotation in the quotation period, the second preset price difference is used as the effective price difference in the quotation period; wherein, the first preset price difference is smaller than the second preset price difference;

[0040] The sum of the products of the effective price difference of each quotation period and the preset time interval is calculated, and the ratio of the sum of the products to the duration of the period to be evaluated is used as the effective price difference of the period to be evaluated.

[0041] In an optional implementation manner, the turnover rate determination module is further used to:

[0042] Determine the actual transaction volume corresponding to each quotation period according to the transaction volume information;

[0043] For the actual transaction volume in any quotation period, if the actual transaction volume is less than 1, the simulated transaction volume corresponding to the credit bond to be evaluated is used as the evaluated transaction volume in the quotation period; otherwise, the actual transaction volume is used as the evaluated transaction volume in the quotation period; wherein the simulated transaction volume is determined based on the product of the tradable stock of the credit bond to be evaluated in the period to be evaluated and a preset coefficient;

[0044] The sum of the ratios of the assessed transaction volume in each quotation period to the circulating stock is calculated as the turnover rate of the credit bond to be assessed in the period to be assessed.

[0045] In an optional implementation manner, the turnover rate determination module is further used to:

[0046] The assessed transaction volume of each quotation period is summed with the first preset increment respectively, a logarithm calculation is performed on the summed result corresponding to each quotation period, and the assessed transaction volume corresponding to each quotation period is updated using the calculation result;

[0047] The circulating stock is summed with the second preset increment, a logarithm calculation is performed on the summed result, and the circulating stock is updated using the calculation result.

[0048] In an optional implementation manner, the management module is further used to:

[0049] The ratio of the effective price difference of the period to be evaluated to the turnover rate of the period to be evaluated is inverted, and the product of the inverted ratio and the preset liquidity multiplier parameter is used as the index for index calculation, and the index calculation is performed based on the index and natural constants to obtain the liquidity evaluation information of the credit bond to be evaluated.

[0050] According to another aspect of the present application, a storage medium is provided, on which a computer program is stored, and when the program is executed by a processor, the above-mentioned credit debt management method is implemented.

[0051] According to another aspect of the present application, a computer device is provided, including a storage medium, a processor, and a computer program stored on the storage medium and executable on the processor, wherein the processor implements the above-mentioned credit debt management method when executing the program.

[0052] By means of the above technical solution, a credit bond management method, device, medium and equipment provided in the embodiment of the present application obtains the bilateral quotes, transaction volume and circulating stock information of the credit bonds in a specific period of time, and uses these data to calculate the effective price difference and turnover rate, so as to evaluate the credit bonds based on the above indicators, and make management decisions on the credit bonds accordingly. The embodiment of the present application obtains and analyzes key data such as bilateral quotes, transaction volume information and circulating stock, calculates the effective price difference and turnover rate evaluation indicators, which helps to evaluate credit bonds more accurately, and provides users with more objective and reliable credit bond evaluation data, thereby helping users make more rational investment decisions and timely discover potential market risks and credit risks.

[0053] The above description is only an overview of the technical solution of the present application. In order to more clearly understand the technical means of the present application, it can be implemented in accordance with the contents of the specification. In order to make the above and other purposes, features and advantages of the present application more obvious and easy to understand, the specific implementation methods of the present application are listed below. BRIEF DESCRIPTION OF THE DRAWINGS

[0054] The drawings described herein are used to provide a further understanding of the present application and constitute a part of the present application. The illustrative embodiments of the present application and their descriptions are used to explain the present application and do not constitute an improper limitation on the present application. In the drawings:

[0055] Figure 1 A flow chart of a credit debt management method provided in an embodiment of the present application is shown;

[0056] Figure 2 A structural schematic diagram of a credit debt management device provided in an embodiment of the present application is shown. DETAILED DESCRIPTION

[0057] The present application will be described in detail below with reference to the accompanying drawings and in combination with embodiments. It should be noted that the embodiments and features in the embodiments of the present application can be combined with each other without conflict.

[0058] In this embodiment, a credit debt management method is provided. Figure 1 As shown, the method includes:

[0059] Step 101: Obtain bilateral quotations of the credit bond to be evaluated in each quotation period within the period to be evaluated, and determine the effective price difference of the credit bond to be evaluated in the period to be evaluated according to the bilateral quotations in each quotation period.

[0060] Step 102: Obtain the transaction volume information of the credit bond to be evaluated during the period to be evaluated and the circulating stock during the reference period corresponding to the period to be evaluated, and determine the turnover rate of the credit bond to be evaluated during the period to be evaluated based on the transaction volume information and the circulating stock.

[0061] Step 103: Determine evaluation information of the credit bond to be evaluated based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated, and use the evaluation information to perform credit bond management on the credit bond to be evaluated.

[0062] The embodiment of the present application proposes a credit bond management method, which aims to evaluate and manage the credit status and market performance of credit bonds by analyzing and utilizing key data such as bilateral quotes, trading volume information, and circulating stocks of credit bonds in a specific period of time. Specifically, in the credit bond market, buyers and sellers usually provide different quotes, namely, buyer quotes and seller quotes, which reflect the market's current valuation and expectations of credit bonds. According to the bilateral quotes of each quotation period in the period to be evaluated, the effective price difference in the period to be evaluated can be calculated, that is, the difference between the buyer's quote and the seller's quote. The effective price difference is an important indicator for measuring market liquidity and market efficiency. Further, the turnover rate of the credit bond to be evaluated in the period to be evaluated is calculated based on the trading volume information and circulating stocks in the period to be evaluated. Among them, the trading volume information records the actual trading volume of credit bonds in the period to be evaluated, reflecting the market activity and investor participation. The circulating stock refers to the total circulation of credit bonds in the reference period corresponding to the period to be evaluated, that is, the number of credit bonds available for trading in the market. Finally, by combining the effective spread and turnover rate, a comprehensive evaluation of credit bonds can be conducted. Based on the evaluation information, investors or managers can make corresponding decisions, such as adjusting investment strategies, optimizing investment portfolios, conducting risk warnings and other management operations.

[0063] By applying the technical solution of this embodiment, the bilateral quotes, transaction volume and circulating stock information of credit bonds in a specific period of time are obtained, and these data are used to calculate the effective price difference and turnover rate, so as to evaluate the credit bonds based on the above indicators, and make management decisions on credit bonds accordingly. The embodiment of the present application obtains and analyzes key data such as bilateral quotes, transaction volume information and circulating stock, calculates the effective price difference and turnover rate evaluation indicators, which helps to evaluate credit bonds more accurately, and provides users with more objective and reliable credit bond evaluation data, thereby helping users make more rational investment decisions and timely discover potential market risks and credit risks.

[0064] In an embodiment of the present application, optionally, obtaining the bilateral quotation of the credit bond to be evaluated in each quotation period within the period to be evaluated includes: obtaining the bilateral quotation information of the credit bond to be evaluated in the period to be evaluated, wherein the bilateral quotation information includes each buyer's quotation and the buyer's quotation duration, each seller's quotation and the seller's quotation duration; according to a preset time interval, the buyer's quotation duration and the seller's quotation duration, the buyer's quotation and the seller's quotation are divided into multiple quotation periods to obtain the bilateral quotation for each quotation period.

[0065] In this embodiment, first, comprehensive bilateral quotation information of the credit bond to be evaluated during the period to be evaluated is collected. This information includes not only the quotations of buyers and sellers, but also the duration of each quotation. The buyer's quotation and its duration reflect the buyer's valuation of the credit bond and the persistence of the willingness to purchase, while the seller's quotation and its duration reveal the seller's willingness to sell the credit bond and price expectations. Next, according to the preset time interval and the duration of the buyer's and seller's quotations, the collected bilateral quotations are divided into multiple quotation periods. The preset time interval can be set according to factors such as market practice, trading activity or regulatory requirements to ensure the rationality and representativeness of the quotation period. By dividing the quotation period, the quotation behavior of the credit bond market in different time periods can be observed and analyzed more carefully. Finally, based on the above division, the buyer's quotation and the seller's quotation in each quotation period can be obtained, and these quotations will be used for subsequent effective spread calculation and analysis. By subdividing the quotation period, the quotation characteristics and trends of the credit bond market in different time periods can be more deeply understood. Based on the bilateral quotations in each quotation period, key indicators such as effective spreads can be calculated more quickly and accurately, providing data support for the evaluation and management of credit bonds.

[0066] In an embodiment of the present application, optionally, the buyer's quotation and the seller's quotation are divided into multiple quotation periods according to a preset time interval, the buyer's quotation duration, and the seller's quotation duration to obtain a bilateral quotation for each quotation period, including: dividing the period to be evaluated into multiple quotation periods according to the preset time interval; for any quotation period, dividing the buyer's quotation corresponding to the buyer's quotation duration at least partially covered by the quotation period and the seller's quotation corresponding to the seller's quotation duration at least partially covered by the quotation period into the quotation period to obtain a bilateral quotation for the quotation period.

[0067] In this embodiment, first, the entire period to be evaluated is evenly divided into multiple quotation periods according to a preset time interval. These quotation periods can be fixed time lengths, such as every minute, every hour, etc. Next, for each divided quotation period, it is necessary to determine which buyer quotations and seller quotations should be included in the period. For a buyer's quotation, if its quotation duration overlaps with a certain quotation period (i.e., at least partially covers), the buyer's quotation is included in the period. Similarly, the same processing method is adopted for the seller's quotation. This ensures that even if the duration of a quotation spans multiple quotation periods, its impact will be reasonably allocated to each relevant period. After determining the buyer's quotation and the seller's quotation in each quotation period, a bilateral quotation for the period can be constructed. The bilateral quotation includes a collection of all buyer's quotations and seller's quotations valid in the period for subsequent analysis and evaluation. The embodiment of the present application can improve the flexibility of data processing by dividing the quotation period according to the quotation duration, rather than simply allocating quotations according to timestamps. This method can better reflect the actual situation of market activities, because market quotations are often not completed instantly, but last for a period of time. And dividing the quotations into corresponding quotation periods according to the duration can ensure that the quotation data in each period is more complete and accurate.

[0068] In an embodiment of the present application, optionally, determining the effective price spread of the credit bond to be evaluated in the period to be evaluated based on the bilateral quotes in each quotation period includes: for any quotation period, if the quotation period contains at least one buyer's quote and at least one seller's quote, determining the highest buyer's quote in the quotation period as the optimal buyer's quote based on at least one buyer's quote in the quotation period, determining the lowest seller's quote in the quotation period as the optimal seller's quote based on at least one seller's quote in the quotation period, and determining the effective price spread of the quotation period according to the optimal buyer's quote and the optimal seller's quote in the quotation period; if there is no buyer's quote or no seller's quote in the quotation period, taking the first preset price spread as the effective price spread of the quotation period; if there is no buyer's quote and no seller's quote in the quotation period, taking the second preset price spread as the effective price spread of the quotation period; wherein the first preset price spread is smaller than the second preset price spread; calculating the sum of the products of the effective price spread of each quotation period and the preset time interval, and taking the ratio of the sum of the products to the duration of the period to be evaluated as the effective price spread of the period to be evaluated.

[0069] In this embodiment, for each quotation period, if there is at least one buyer's quotation and at least one seller's quotation, the highest buyer's quotation (i.e., the best buyer's quotation) and the lowest seller's quotation (i.e., the best seller's quotation) will first be determined from these quotations. These two quotations represent the highest price that the buyer is willing to pay and the lowest price that the seller is willing to accept during the period, respectively. After determining the best buyer's quotation and the best seller's quotation, the effective spread of the quotation period can be calculated. The effective spread is the difference between the best seller's quotation and the best buyer's quotation, which reflects the degree of price disagreement between buyers and sellers in the market. If a buyer's quotation or a seller's quotation is missing in a certain quotation period, a preset spread is used instead. Specifically, if a buyer's quotation is missing, the first preset spread is used as the effective spread for the period; if a seller's quotation is missing, the first preset spread is also used (here it is assumed that the first preset spread is a reasonable estimate preset according to market conditions, used to fill the information gap when the quotation is missing), for example, 20bps. If both the buyer's quote and the seller's quote are missing during a certain quotation period, the second preset spread is used as the effective spread for that period, and the second preset spread is greater than the first preset spread, for example, 40bps, to reflect the uncertainty or risk of the market when the quote is completely missing. Finally, in order to obtain the effective spread for the entire period to be evaluated, calculate the sum of the products of the effective spread of each quotation period and the preset time interval, and then divide this sum of products by the length of the period to be evaluated. In this way, a weighted average effective spread can be obtained, which reflects the average bid-ask spread level of the market during the entire period to be evaluated. Specifically, the effective spread for the period to be evaluated can be calculated by the following formula Among them, t iFor Spread i Duration, ∑ i t i =T,t i Represents the duration of the i-th quotation period, and T represents the total duration of the period to be evaluated. The embodiment of the present application determines the best buyer's quotation and the best seller's quotation in each quotation period, and calculates the effective spread accordingly, which can more accurately reflect the market's buying and selling spreads and avoid the misleading situation caused by simple average quotations, because the highest buyer's quotation and the lowest seller's quotation can better represent the market's true trading intention. And in the case of missing quotations, by introducing a preset spread to replace it, the robustness of the spread calculation can be enhanced, avoiding the interruption of the effective spread calculation caused by the missing quotations, and also reflecting the degree of influence of the missing quotations on the market spread through the size of the preset spread.

[0070] In an embodiment of the present application, optionally, determining the turnover rate of the credit bond to be evaluated in the period to be evaluated based on the trading volume information and the circulating stock includes: determining the actual trading volume corresponding to each quotation period based on the trading volume information; for the actual trading volume of any quotation period, if the actual trading volume is less than 1, then using the simulated trading volume corresponding to the credit bond to be evaluated as the evaluated trading volume of the quotation period, otherwise using the actual trading volume as the evaluated trading volume of the quotation period; wherein, the simulated trading volume is determined based on the product of the tradable stock of the credit bond to be evaluated in the period to be evaluated and a preset coefficient; and calculating the sum of the ratios of the evaluated trading volume of each quotation period to the circulating stock as the turnover rate of the credit bond to be evaluated in the period to be evaluated.

[0071] In this embodiment, first, the actual transaction volume corresponding to each quotation period is determined based on the transaction volume information, that is, the number of actual transactions of the credit bonds to be evaluated during the quotation period. Then, for the actual transaction volume of each quotation period, if the actual transaction volume is less than 1 (possibly because the transaction volume data is recorded in smaller units, such as one part per million, one part per ten million, etc., and the actual transaction volume is very small), a simulated transaction volume is used to replace the evaluated transaction volume of the period. This simulated transaction volume is determined based on the product of the tradable inventory of the credit bonds to be evaluated in the period to be evaluated and the preset coefficient. The preset coefficient is an empirical value or a value preset according to market conditions, which is used to adjust the size of the simulated transaction volume to make it closer to the actual market situation. For example, the simulated transaction volume is one ten-thousandth of the tradable inventory of the credit bonds to be evaluated in the period to be evaluated. If the actual transaction volume is greater than or equal to 1, the actual transaction volume is directly used as the evaluated transaction volume. The evaluated transaction volume V of the i-th quotation period di This can be reflected by the following formula:

[0072] tradevolume_i represents the actual trading volume in the i-th quotation period, S represents the accessible trading volume in the period to be evaluated, and the preset coefficient is 10000. Finally, the sum of the ratios of the evaluated trading volume to the circulating volume in each quotation period is calculated as the turnover rate of the credit bond to be evaluated in the period to be evaluated. Specifically, the following formula can be used to calculate the turnover rate Turnover: Among them, V di represents the evaluated trading volume of the ith quotation period, S di Represents the circulating stock in the ith quotation period. The turnover rate is an indicator that reflects the market activity. It represents the ratio of the transaction volume of the credit bonds to be evaluated in the market to their circulating stock within a certain period of time. By calculating the turnover rate, we can understand the trading activity of the credit bonds to be evaluated in the market. The embodiment of the present application introduces the concept of simulated trading volume and uses simulated trading volume as a substitute when the actual trading volume is small, so as to avoid the distortion of the turnover rate calculation result caused by too small trading volume, so as to make the turnover rate calculation more accurate and better reflect the real situation of the market.

[0073] In an embodiment of the present application, optionally, before calculating the sum of the ratios of the assessed trading volume of each quotation period to the circulating stock as the turnover rate of the credit bond to be assessed in the period to be assessed, the method also includes: summing the assessed trading volume of each quotation period with a first preset increment, performing logarithm calculation on the sum result corresponding to each quotation period, and updating the assessed trading volume corresponding to each quotation period using the calculation result; summing the circulating stock with a second preset increment, performing logarithm calculation on the sum result, and updating the circulating stock using the calculation result.

[0074] In this embodiment, before calculating the ratio of the assessed transaction volume to the circulating stock in each quotation period, the assessed transaction volume in each quotation period may be processed first. Specifically, the assessed transaction volume in each quotation period is summed with a first preset increment, and then the logarithm of the sum is calculated. This first preset increment is a very small positive number, such as 1, which is used to avoid mathematical errors in logarithmic calculations (such as taking the logarithm of 0 or a negative number). The logarithmic calculation can convert the original transaction volume data into data on a logarithmic scale. The advantage of this is that it can reduce the impact of extreme values ​​on the turnover rate calculation, making the turnover rate more stable. For example, the following formula can be used to update the assessed transaction volume: V′ d =Ln(V d +1), V′ dRepresents the updated assessed trading volume. Similarly, the circulating stock can also be processed. Sum the circulating stock with a second preset increment (the second preset increment here is also a very small positive number to avoid mathematical errors), such as 1, and then take the logarithm of the sum. The circulating stock processed in this way will be used for subsequent turnover rate calculations. After the above logarithmic transformation processing, the calculation results are used to update the assessed trading volume and circulating stock corresponding to each quotation period. These updated data will be used in the subsequent turnover rate calculation steps. For example, the following formula can be used to update the assessed trading volume: S' d =Ln(S d +1), S' d Represents the updated assessed trading volume. After completing the logarithmic transformation and update of the assessed trading volume and the circulating stock, continue to calculate the sum of the ratios of the assessed trading volume and the updated circulating stock for each quotation period according to the original method, as the turnover rate of the credit bond to be assessed in the period to be assessed. The embodiment of the present application can reduce the impact of extreme trading volume or circulating stock on the turnover rate calculation by introducing a logarithmic transformation processing step, making the turnover rate more stable. Logarithmically transformed data usually has better properties in statistics, such as being closer to a normal distribution and having a more stable variance. This makes the results of the turnover rate calculation easier to interpret and analyze, and helps investors better understand market dynamics. Through this preprocessing step, even in the face of extreme market conditions (such as very small or very large trading volume or circulating stock), the turnover rate calculation results can remain relatively stable and accurate.

[0075] In an embodiment of the present application, optionally, the evaluation information of the credit bond to be evaluated is determined based on the effective price difference of the time period to be evaluated and the turnover rate of the time period to be evaluated, including: negating the ratio of the effective price difference of the time period to be evaluated and the turnover rate of the time period to be evaluated, using the product of the negated ratio and a preset liquidity multiplier parameter as the index for index calculation, and performing index calculation based on the index and the natural constant to obtain the liquidity evaluation information of the credit bond to be evaluated.

[0076] In this embodiment, first, the ratio of the effective spread to the turnover rate in the period to be evaluated is calculated, and the ratio is negated. The purpose of this step is to combine the effective spread (usually indicating the level of transaction costs) and the turnover rate (indicating market activity) to form a comprehensive indicator that can reflect the liquidity of credit bonds. The smaller the effective spread, the lower the transaction cost; the higher the turnover rate, the higher the market activity. Therefore, the result after the ratio is negated can be regarded as a liquidity indicator, where a smaller value indicates higher liquidity. Next, the result of the negated ratio is multiplied by a preset liquidity ratio parameter. This parameter is an empirical value or a value preset according to market conditions, which is used to adjust the size of the liquidity index to make it more in line with the actual market conditions or the preferences of investors. The preset liquidity ratio parameter can be taken as the ratio of the credit bond transaction volume to the debt duration transaction volume, for example, set to 10%, but the size of this parameter will only affect the size of the liquidity evaluation information, and will not affect the ranking of the credit bond liquidity evaluation. Finally, the above product is used as the index for index calculation, and the index calculation is performed based on the index and the natural constant (usually the mathematical constant e). The result of the index calculation will be used as the liquidity evaluation information of the credit bond to be evaluated. This evaluation information is a numerical indicator that can intuitively reflect the liquidity status of the credit bond in the market. For example, the liquidity evaluation information L can be calculated using the following formula: L = 100e -aρ , a represents a preset liquidity ratio parameter. The embodiment of the present application provides a comprehensive liquidity evaluation information by combining the effective spread and turnover rate to invert the ratio and calculate the index. This evaluation information not only takes into account the level of transaction costs, but also takes into account the market activity, so it can more comprehensively reflect the liquidity status of credit bonds. In addition, after introducing the preset liquidity ratio parameter, the sensitivity of the liquidity evaluation information to changes in the effective spread and turnover rate can be increased or decreased by adjusting the parameter. Furthermore, since the liquidity evaluation information is a numerical indicator, it can be conveniently used for comparison and ranking between different credit bonds, which helps investors quickly identify credit bonds with better liquidity when selecting investment targets, and provides investors with valuable reference information.

[0077] By applying the technical solution of this embodiment, the comprehensive liquidity index of credit bonds is based on the Hui-Heubel liquidity ratio idea, and the market optimal bilateral quotation width factor is added to construct a widely applicable credit bond liquidity evaluation model. The index result can provide intuitive and objective individual bond scores for the credit bond market, and can compare the liquidity of individual bonds of different issuers and different time periods. In addition, the individual bond index results support group statistics, and can compare the liquidity changes of credit bonds between issuers, bond varieties, and time periods in the horizontal and vertical directions. It can be used as one of the scales for measuring the function of the secondary market of bonds, and has a certain reference application value for all types of market participants. ① Index compilation institutions can select bond indices dominated by high-liquidity credit bonds based on the results of liquidity indicators, better reflect the overall trend of the bond market, provide the market with a more reliable performance comparison benchmark, and facilitate credit bond index funds to track target bonds, and help reduce transaction costs. ② In the process of bond issuance and management, issuing companies can more accurately understand the status of their own bonds in the secondary market through model scoring, so as to formulate reasonable bond issuance strategies. ③ In the decision-making process, bond investors need to fully consider the importance of liquidity scoring, especially in the field of credit bond investment. Using model scoring to provide objective quantitative scoring results can comprehensively evaluate the overall liquidity risk of holding bonds, which will help investment managers to more accurately optimize the liquidity of investment portfolios and reasonably avoid the impact of market fluctuations. ④ Based on the results of model monitoring, regulators can grasp the overall liquidity status of the credit bond market in real time, strengthen the control of market behavior in a targeted manner, guide market participants to balance the allocation of liquidity assets in management accounts, avoid irrational selling of inactive credit bond assets by some institutions, and cause panic in the overall secondary market, maintain market fairness, justice and transparency, and promote the improvement of liquidity and stable development of the credit bond market.

[0078] Further, as Figure 1 The specific implementation of the method, the embodiment of the present application provides a credit debt management device, such as Figure 2 As shown, the device comprises:

[0079] An effective price difference determination module is used to obtain the bilateral quotes of the credit bond to be evaluated in each quotation period within the period to be evaluated, and determine the effective price difference of the credit bond to be evaluated in the period to be evaluated according to the bilateral quotes of each quotation period;

[0080] A turnover rate determination module, used to obtain the transaction volume information of the credit bond to be evaluated during the period to be evaluated and the circulating stock of the reference period corresponding to the period to be evaluated, and determine the turnover rate of the credit bond to be evaluated during the period to be evaluated according to the transaction volume information and the circulating stock;

[0081] A management module is used to determine the evaluation information of the credit bond to be evaluated based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated, and use the evaluation information to perform credit bond management on the credit bond to be evaluated.

[0082] In an optional implementation manner, the effective price difference determination module is further used to:

[0083] Obtaining bilateral quotation information of the credit bond to be evaluated during the period to be evaluated, wherein the bilateral quotation information includes each buyer's quotation and the duration of the buyer's quotation, each seller's quotation and the duration of the seller's quotation;

[0084] According to the preset time interval, the buyer's quotation duration and the seller's quotation duration, the buyer's quotation and the seller's quotation are divided into a plurality of quotation periods to obtain a bilateral quotation for each quotation period.

[0085] In an optional implementation manner, the effective price difference determination module is further used to:

[0086] Dividing the period to be evaluated into a plurality of quotation periods according to the preset time interval;

[0087] For any quotation period, the buyer quotations corresponding to the buyer quotation duration at least partially covered by the quotation period and the seller quotations corresponding to the seller quotation duration at least partially covered by the quotation period are divided into the quotation period to obtain the bilateral quotations of the quotation period.

[0088] In an optional implementation manner, the effective price difference determination module is further used to:

[0089] For any quotation period, if the quotation period includes at least one buyer's quotation and at least one seller's quotation, the highest buyer's quotation in the quotation period is determined as the optimal buyer's quotation based on at least one buyer's quotation in the quotation period, and the lowest seller's quotation in the quotation period is determined as the optimal seller's quotation based on at least one seller's quotation in the quotation period, and the effective price difference in the quotation period is determined according to the optimal buyer's quotation and the optimal seller's quotation in the quotation period; if there is no buyer's quotation or no seller's quotation in the quotation period, the first preset price difference is used as the effective price difference in the quotation period; if there is no buyer's quotation and no seller's quotation in the quotation period, the second preset price difference is used as the effective price difference in the quotation period; wherein, the first preset price difference is smaller than the second preset price difference;

[0090] The sum of the products of the effective price difference of each quotation period and the preset time interval is calculated, and the ratio of the sum of the products to the duration of the period to be evaluated is used as the effective price difference of the period to be evaluated.

[0091] In an optional implementation manner, the turnover rate determination module is further used to:

[0092] Determine the actual transaction volume corresponding to each quotation period according to the transaction volume information;

[0093] For the actual transaction volume in any quotation period, if the actual transaction volume is less than 1, the simulated transaction volume corresponding to the credit bond to be evaluated is used as the evaluated transaction volume in the quotation period; otherwise, the actual transaction volume is used as the evaluated transaction volume in the quotation period; wherein the simulated transaction volume is determined based on the product of the tradable stock of the credit bond to be evaluated in the period to be evaluated and a preset coefficient;

[0094] The sum of the ratios of the assessed transaction volume in each quotation period to the circulating stock is calculated as the turnover rate of the credit bond to be assessed in the period to be assessed.

[0095] In an optional implementation manner, the turnover rate determination module is further used to:

[0096] The assessed transaction volume of each quotation period is summed with the first preset increment respectively, a logarithm calculation is performed on the summed result corresponding to each quotation period, and the assessed transaction volume corresponding to each quotation period is updated using the calculation result;

[0097] The circulating stock is summed with the second preset increment, a logarithm calculation is performed on the summed result, and the circulating stock is updated using the calculation result.

[0098] In an optional implementation manner, the management module is further used to:

[0099] The ratio of the effective price difference of the period to be evaluated to the turnover rate of the period to be evaluated is inverted, and the product of the inverted ratio and the preset liquidity multiplier parameter is used as the index for index calculation, and the index calculation is performed based on the index and natural constants to obtain the liquidity evaluation information of the credit bond to be evaluated.

[0100] It should be noted that for other corresponding descriptions of the functional units involved in the credit debt management device provided in the embodiment of the present application, reference can be made to Figure 1 The corresponding description in the method will not be repeated here.

[0101] The embodiment of the present application also provides a computer device, which can be a personal computer, a server, a network device, etc. The computer device includes a bus, a processor, a memory and a communication interface, and can also include an input and output interface and a display device. Among them, the processor of the computer device is used to provide computing and control capabilities. The memory of the computer device includes a non-volatile storage medium and an internal memory. The non-volatile storage medium stores an operating system, a computer program and a database. The internal memory provides an environment for the operation of the operating system and the computer program in the non-volatile storage medium. The database of the computer device is used to store location information. The network interface of the computer device is used to communicate with an external terminal through a network connection. When the computer program is executed by the processor, the steps in each method embodiment are implemented.

[0102] Those skilled in the art will appreciate that the structure of the above-mentioned computer device is only a partial structure related to the solution of the present application, and does not constitute a limitation on the computer device to which the solution of the present application is applied. The specific computer device may include more or fewer components, or combine certain components, or have a different arrangement of components.

[0103] In one embodiment, a computer-readable storage medium is provided. The computer-readable storage medium may be non-volatile or volatile, and stores a computer program thereon. When the computer program is executed by a processor, the steps in the above-mentioned method embodiments are implemented.

[0104] In one embodiment, a computer program product is provided, including a computer program, which implements the steps in the above method embodiments when executed by a processor.

[0105] It should be noted that the user information (including but not limited to user device information, user personal information, etc.) and data (including but not limited to data used for analysis, stored data, displayed data, etc.) involved in this application are all information and data authorized by the user or fully authorized by all parties.

[0106] Those skilled in the art can understand that all or part of the processes in the above-mentioned embodiment methods can be completed by instructing the relevant hardware through a computer program, and the computer program can be stored in a non-volatile computer-readable storage medium. When the computer program is executed, it can include the processes of the embodiments of the above-mentioned methods. Among them, any reference to the memory, database or other medium used in the embodiments provided in the present application can include at least one of non-volatile and volatile memory. Non-volatile memory can include read-only memory (ROM), magnetic tape, floppy disk, flash memory, optical memory, high-density embedded non-volatile memory, resistive random access memory (ReRAM), magnetoresistive random access memory (MRAM), ferroelectric random access memory (FRAM), phase change memory (PCM), graphene memory, etc. Volatile memory can include random access memory (RAM) or external cache memory, etc. As an illustration and not limitation, RAM can be in various forms, such as static random access memory (SRAM) or dynamic random access memory (DRAM). The database involved in each embodiment provided in this application may include at least one of a relational database and a non-relational database. Non-relational databases may include distributed databases based on blockchains, etc., but are not limited to this. The processor involved in each embodiment provided in this application may be a general-purpose processor, a graphics processor, a digital signal processor, a programmable logic device, a data processing logic device based on quantum computing, etc., but are not limited to this.

[0107] The technical features of the above embodiments may be combined arbitrarily. To make the description concise, not all possible combinations of the technical features in the above embodiments are described. However, as long as there is no contradiction in the combination of these technical features, they should be considered to be within the scope of this specification.

[0108] The above-described embodiments only express several implementation methods of the present application, and the descriptions thereof are relatively specific and detailed, but they cannot be understood as limiting the scope of the present application. It should be pointed out that, for a person of ordinary skill in the art, several variations and improvements can be made without departing from the concept of the present application, and these all belong to the protection scope of the present application. Therefore, the protection scope of the present application shall be subject to the attached claims.

Claims

1. A credit debt management method, characterized in that: The method comprises: Obtaining the bilateral quotes of the credit bond to be evaluated in each quotation period during the period to be evaluated, and determining the effective price difference of the credit bond to be evaluated in the period to be evaluated based on the bilateral quotes in each quotation period; Obtaining the transaction volume information of the credit bond to be evaluated during the period to be evaluated and the circulating stock of the reference period corresponding to the period to be evaluated, and determining the turnover rate of the credit bond to be evaluated during the period to be evaluated based on the transaction volume information and the circulating stock; The evaluation information of the credit bond to be evaluated is determined based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated, and the credit bond management of the credit bond to be evaluated is performed using the evaluation information.

2. The method according to claim 1, characterized in that The obtaining of bilateral quotations of the credit bond to be assessed in each quotation period within the period to be assessed includes: Obtaining bilateral quotation information of the credit bond to be evaluated during the period to be evaluated, wherein the bilateral quotation information includes each buyer's quotation and the duration of the buyer's quotation, each seller's quotation and the duration of the seller's quotation; According to the preset time interval, the buyer's quotation duration and the seller's quotation duration, the buyer's quotation and the seller's quotation are divided into a plurality of quotation periods to obtain a bilateral quotation for each quotation period.

3. The method according to claim 2, characterized in that The step of dividing the buyer's quotation and the seller's quotation into a plurality of quotation periods according to the preset time interval, the buyer's quotation duration, and the seller's quotation duration to obtain a bilateral quotation for each quotation period includes: Dividing the period to be evaluated into a plurality of quotation periods according to the preset time interval; For any quotation period, the buyer quotations corresponding to the buyer quotation duration at least partially covered by the quotation period and the seller quotations corresponding to the seller quotation duration at least partially covered by the quotation period are divided into the quotation period to obtain the bilateral quotations of the quotation period.

4. The method according to claim 2, characterized in that: The determination of the effective price difference of the credit bond to be evaluated in the period to be evaluated based on the bilateral quotations in each quotation period includes: For any quotation period, if the quotation period includes at least one buyer's quotation and at least one seller's quotation, the highest buyer's quotation in the quotation period is determined as the optimal buyer's quotation based on at least one buyer's quotation in the quotation period, and the lowest seller's quotation in the quotation period is determined as the optimal seller's quotation based on at least one seller's quotation in the quotation period, and the effective price difference in the quotation period is determined according to the optimal buyer's quotation and the optimal seller's quotation in the quotation period; if there is no buyer's quotation or no seller's quotation in the quotation period, the first preset price difference is used as the effective price difference in the quotation period; if there is no buyer's quotation and no seller's quotation in the quotation period, the second preset price difference is used as the effective price difference in the quotation period; wherein, the first preset price difference is smaller than the second preset price difference; The sum of the products of the effective price difference of each quotation period and the preset time interval is calculated, and the ratio of the sum of the products to the duration of the period to be evaluated is used as the effective price difference of the period to be evaluated.

5. The method according to claim 1, characterized in that Determining the turnover rate of the credit bond to be evaluated during the period to be evaluated based on the transaction volume information and the circulating stock includes: Determine the actual transaction volume corresponding to each quotation period according to the transaction volume information; For the actual transaction volume in any quotation period, if the actual transaction volume is less than 1, the simulated transaction volume corresponding to the credit bond to be evaluated is used as the evaluated transaction volume in the quotation period; otherwise, the actual transaction volume is used as the evaluated transaction volume in the quotation period; wherein the simulated transaction volume is determined based on the product of the tradable stock of the credit bond to be evaluated in the period to be evaluated and a preset coefficient; The sum of the ratios of the assessed transaction volume in each quotation period to the circulating stock is calculated as the turnover rate of the credit bond to be assessed in the period to be assessed.

6. The method according to claim 5, characterized in that Before calculating the sum of the ratios of the assessed transaction volume in each quotation period to the circulating stock as the turnover rate of the credit bond to be assessed in the period to be assessed, the method further comprises: The assessed transaction volume of each quotation period is summed with the first preset increment respectively, a logarithm calculation is performed on the summed result corresponding to each quotation period, and the assessed transaction volume corresponding to each quotation period is updated using the calculation result; The circulating stock is summed with the second preset increment, a logarithm calculation is performed on the summed result, and the circulating stock is updated using the calculation result.

7. The method according to any one of claims 1 to 6, characterized in that The step of determining the evaluation information of the credit bond to be evaluated based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated includes: The ratio of the effective price difference of the period to be evaluated to the turnover rate of the period to be evaluated is inverted, and the product of the inverted ratio and the preset liquidity multiplier parameter is used as the index for index calculation, and the index calculation is performed based on the index and natural constants to obtain the liquidity evaluation information of the credit bond to be evaluated.

8. A credit debt management device, characterized in that: The device comprises: An effective price difference determination module is used to obtain the bilateral quotes of the credit bond to be evaluated in each quotation period within the period to be evaluated, and determine the effective price difference of the credit bond to be evaluated in the period to be evaluated according to the bilateral quotes of each quotation period; A turnover rate determination module, used to obtain the transaction volume information of the credit bond to be evaluated during the period to be evaluated and the circulating stock of the reference period corresponding to the period to be evaluated, and determine the turnover rate of the credit bond to be evaluated during the period to be evaluated according to the transaction volume information and the circulating stock; A management module is used to determine the evaluation information of the credit bond to be evaluated based on the effective price difference in the period to be evaluated and the turnover rate in the period to be evaluated, and use the evaluation information to perform credit bond management on the credit bond to be evaluated.

9. A storage medium having a computer program stored thereon, characterized in that: When the computer program is executed by a processor, the method according to any one of claims 1 to 7 is implemented.

10. A computer device comprising a storage medium, a processor, and a computer program stored in the storage medium and executable on the processor, characterized in that: When the processor executes the computer program, the method according to any one of claims 1 to 7 is implemented.

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