基于我国公司信用债券市场的CDS产品设计及监管研究

发布时间：2018-05-29 21:16

本文选题：CDS + 风险管理工具　；参考：《天津大学》2013年硕士论文

【摘要】：CDS（Credit Default Swap）是20世纪80年代出现的一种信用衍生品，本质是一种信用风险管理工具，其根本作用是对债权的保障。随着时间的推移，CDS逐步地偏离了其最基本的功能，成为了华尔街最炙手可热的投机工具，并成为了2008年世界经济危机最直接的导火索，因此在经济危机爆发后很多人谈CDS色变，CDS的市场规模极度萎缩，截至2012年底其规模仅有2007年高峰时期的一半左右。然而，CDS是我们设计的一种风险管理工具，它本身并没有好与坏的道德倾向，关键在于如何使用。本文追根溯源，从CDS的产生出发，介绍了它的发展过程，说明只要使CDS产品回归其本质，它就是一种很好的风险管理工具，能够为我们的经济发展发挥稳定器的作用。在此基础上本文结合中国债券市场的发展现状，提出建立中国特色的CDS市场及其监管对策，使CDS从一种看似高深的理论变成触手可及的事实，，成为促进中国信用债券市场的发展的有效工具。本文有两点创新之处：第一，系统、全面地介绍了CDS的基本理论。目前国内涉及CDS的文章数量不少，但是几乎所有文章都是对CDS的某一个方面进行介绍，没有文章对其进行全面地介绍，读者只能拼拼凑凑地得出一个对CDS的大概印象，而本文从CDS的起源入手，逐一介绍了CDS的定义、种类、运行机制、交易特点、定价思路等，使读者能够全面、准确地了解关于CDS的基本理论。第二，提出了CDS在中国发展的一条可行的路径。在市场经济条件下，任何商品都必须在有市场需求的条件下才可能生存下来，中国目前已经开发了和CDS类似的CRM产品（在产品结构上非常类似），但是由于没有市场需求的支撑，它的发展陷入了困境。本文从中国公司信用债券市场发展这一现实需求出发，根据CDS产品具有的保障性质提出由保险公司为主体来开发CDS产品，既解决了CDS的需求问题，又解决了CDS的技术问题，也就为CDS在中国落地提供了一条现实的道路。
[Abstract]:CDS(Credit Default Swapa is a kind of credit derivatives that appeared in 1980s, which is essentially a kind of credit risk management tool, whose fundamental function is to protect the creditor's rights. Over time, CDS gradually deviated from its most basic function, became Wall Street's hottest speculative tool, and became the most direct trigger of the 2008 world economic crisis. So in the wake of the economic crisis, many people talked about the sheer size of the CDS market, which by the end of 2012 was only about half the size of its peak in 2007. However, CDS is a kind of risk management tool designed by us. There is no good or bad moral tendency in itself. The key is how to use it. Based on the origin of CDS, this paper introduces its development process, and points out that as long as CDS products return to its essence, it is a good risk management tool and can play a role as stabilizer for our economic development. On this basis, this paper combines the present situation of China's bond market, puts forward the establishment of Chinese characteristics of the CDS market and its regulatory measures, so that CDS from a seemingly advanced theory into the fact that it is within reach. To become an effective tool to promote the development of China's credit bond market. There are two innovations in this paper: First, the basic theory of CDS is introduced systematically. At present, there are quite a number of articles concerning CDS in China, but almost all articles are about one aspect of CDS. There is no comprehensive introduction to it. Readers can only make up a general impression of CDS by piecing together. Starting with the origin of CDS, this paper introduces the definition, category, operating mechanism, transaction characteristics and pricing ideas of CDS one by one, so that readers can fully and accurately understand the basic theory of CDS. Second, this paper puts forward a feasible way to develop CDS in China. Under the condition of market economy, any commodity must survive under the condition of market demand. China has developed CRM products similar to CDS (very similar in product structure, but without the support of market demand). Its development is in trouble. Starting from the realistic demand of the development of Chinese company credit bond market, according to the guarantee nature of CDS products, this paper puts forward the development of CDS products by insurance companies as the main body, which not only solves the demand problem of CDS, but also solves the technical problems of CDS. It also provides a realistic way for CDS to land in China.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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