中国信用衍生产品发展研究

发布时间：2018-05-07 04:08

本文选题：中国信用衍生产品 + 创新　；参考：《南京大学》2012年硕士论文

【摘要】：信用衍生产品自20世纪90年代产生后迅速发展,从北美洲逐步扩展至欧洲、拉丁美洲及亚洲,成为国际经济舞台上发展最快并且最富有创新意义的金融产品之一。该类产品扮演着分离、转移、对冲信用风险的角色,同时,在国际市场发挥着提高资本回报率、提高金融市场流动性和市场效率等重要作用。然而,成亦萧何败亦萧何,在缺乏信息透明度和市场有效监管的情况下,大量信用衍生产品的投机交易成为美国次贷危机的助推放大器,间接加速了危机的蔓延。这使得全世界对于信用衍生产品有了新的认识,并为此进行了市场和监管改革。自加入WTO以来,中国金融业对外全面开放,银行体系和金融业都面临来自国际市场的影响和挑战。在激烈竞争的当下,中国金融业的发展与信用风险管理水平休戚相关,其关键在于能否在借鉴国际经验的基础上,合理、适度地使用符合中国国情的信用风险处置工具。我国的信用债券市场和信用贷款市场近几年蓬勃发展,也为信用衍生产品的发展孕育了良好的温床。在此背景下,中国信用风险缓释工具应运而生：2010年10月29日,银行间市场交易商协会正式发布了《银行间市场信用风险缓释工具试点业务指引》,标志着信用衍生产品市场在中国的诞生。然而,我国发展信用衍生产品市场仍存在诸多局限,如存在认识误区、市场参与者较少、投资者类型同质化、资本减让不明确、资本占用成本较高、定价基础比较薄弱等。这些局限体现出现阶段我国的信用衍生产品发展不充分,面临如何降低银行体系风险、需要何种政策支持,如何完善市场规则等问题,亟待有效的解决方案。总体而言,我国信用衍生产品市场已具备一定的发展基础,但也面临相应的制约因素。只有通过不断创新,打破传统观念,客服制约因素,才能有效的推动信用衍生产品市场发展。面对当前情势,我们需要坚持两个“应当”：应当按照“从简到繁、由易到难”的操作理念有序的推进信用衍生产品市场的创新发展；应当通过“试点期、加速期、成熟期”三个阶段,突出重点产品,循序渐进推动信用衍生产品市场健康的可持续发展。
[Abstract]:Credit derivatives have developed rapidly since 1990s, and gradually expanded from North America to Europe, Latin America and Asia, becoming one of the fastest growing and most innovative financial products on the international economic stage. This kind of product plays the role of separating, transferring and hedging credit risk. At the same time, it plays an important role in improving the rate of return on capital, improving the liquidity and efficiency of financial market in the international market. However, in the absence of information transparency and effective market supervision, the speculative trading of a large number of credit derivatives has become a booster amplifier of the subprime mortgage crisis in the United States, which indirectly accelerates the spread of the crisis. This has given the world a new understanding of credit derivatives and market and regulatory reforms. Since China's entry into WTO, China's financial industry has been fully opened to the outside world, and both the banking system and the financial industry are facing the influence and challenge from the international market. In the fierce competition, the development of China's financial industry is closely related to the level of credit risk management. The key lies in whether we can reasonably and appropriately use the credit risk disposal tools that are suitable for China's national conditions on the basis of drawing lessons from international experience. The credit bond market and credit loan market in our country have developed vigorously in recent years, which has given birth to a good breeding ground for the development of credit derivatives. In this context, China's credit risk mitigation tools emerged as the times require: October 29, 2010, The Interbank Market Dealers Association officially issued the "pilot Business Guide for Credit risk Relief tools in the Interbank Market", which marks the birth of the credit derivatives market in China. However, there are still many limitations in the development of credit derivatives market in China, such as misunderstanding, fewer market participants, homogeneity of investor types, unclear capital reduction, high cost of capital occupation, weak pricing basis, and so on. These limitations reflect that the development of credit derivatives in China is not sufficient at the present stage, and we are faced with the problems of how to reduce the risk of the banking system, what kind of policy support we need, how to perfect the market rules and so on, which need to be solved effectively. In general, the credit derivative market in China has a certain basis for development, but also faces the corresponding constraints. Only through continuous innovation, break the traditional concept, customer service constraints, can effectively promote the development of credit derivatives market. In the face of the current situation, we need to insist on two "should": we should promote the innovation and development of the credit derivatives market in an orderly manner according to the operational concept of "from simplicity to complexity, from easy to difficult", and should adopt the "pilot period, accelerated period," Three stages of maturity, highlighting key products and promoting the healthy and sustainable development of credit derivatives market step by step.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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