我国信用违约互换的法律问题研究

发布时间：2018-02-20 16:36

本文关键词： 信用违约互换信用债务危机衍生工具合同保险担保集中清算机制　出处：《四川省社会科学院》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,在信用债市场迅猛发展与债券、贷款债务风险不断增加的背景下,我国各经济实体的信用风险大幅攀升,市场参与者利益受损,经济发展受到严重影响。我国于2016年9月23日正式推出中国版信用违约互换,以期解决债务危机,保护参与者合法利益,促进经济水平有序回升。信用违约互换作为一种以信用为基础资产、以信用风险为交易对象的场外金融衍生工具,发挥着分散信用风险、补偿损失及保值增值的重要作用;其由于满足合同法律关系的各项要求而被定性为合同,并且具有表彰价值、体现博弈,兼具高收益与高风险、按照信用保险合同及物的担保机理设计的特殊法律内涵。信用违约互换在我国新生不久,还未能在实践中为立法提炼经验,其目前暴露出的问题主要集中于合约结构与交易流程的相关法律规范方面,一是法律规范位阶较低,多是银监会的规章与交易商协会的自律性规则,对市场参与者的约束力度和保护力度均不大;二是现有信用违约互换法律规范的规定本身亦存在诸多不足,包括缺乏信用保护买方对参考债务具有利益的条款、统一适用集中清算机制的条款以及损失赔偿最高限额的条款,这势必导致信用违约互换在实践中出现各种问题。因此,通过引入2008年次贷危机后信用违约互换第一案,分析该案中信用保护买卖双方承担的风险及遭受的损失,审视信用违约互换法律规范的不完善,同时结合我国信用违约互换法律规范存在的问题,最终得出行之有效的完善措施,健全信用违约互换的法律框架,完善信用违约互换的法律环境,包括提高信用违约互换法律规范的位阶,加快立法进程;增设信用保护买方对参考债务具有利益、统一适用集中清算机制以及损失赔偿最高限额的条款。
[Abstract]:In recent years, under the background of the rapid development of credit market and bonds, and the increasing risk of loan debt, the credit risk of various economic entities in China has increased significantly, and the interests of market participants have been damaged. In September 23rd 2016, China officially launched the Chinese version of credit default swaps in order to resolve the debt crisis and protect the legitimate interests of the participants. Credit default swap, as a kind of over-the-counter financial derivative instrument based on credit and taking credit risk as trading object, plays an important role in dispersing credit risk, compensating loss and maintaining and increasing value. It is characterized as a contract because it meets the requirements of the legal relationship of the contract, and it has the recognition value, the embodiment of the game, and the combination of high returns and high risks. According to the special legal connotation of the guarantee mechanism of credit insurance contract and substance, the credit default swap has not been able to refine the experience for legislation in practice. The problems exposed at present mainly focus on the related legal norms of the contract structure and the trading process. One is that the rank of the legal norms is relatively low, most of which are the rules of the CBRC and the self-discipline rules of the dealers' association. The restriction and protection of market participants are not enough. Second, there are many deficiencies in the existing legal regulations of credit default swaps, including the lack of provisions to protect the buyer's interest in the reference debt. The unified application of the provisions of the centralized liquidation mechanism and the provisions of the maximum amount of loss compensation will inevitably lead to various problems in the practice of credit default swaps. Therefore, by introducing the first case of credit default swaps after the subprime mortgage crisis in 2008, This paper analyzes the risks and losses incurred by the buyers and sellers in this case, examines the imperfections of the legal norms of credit default swaps, and combines with the problems existing in the legal norms of credit default swaps in China. Finally, effective measures to improve the legal framework of credit default swaps, improve the legal environment for credit default swaps, including raising the legal level of credit default swaps, speeding up the legislative process; Adding credit to protect buyer has interest to reference debt, applying centralized liquidation mechanism and the clause of maximum compensation for losses.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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