浅谈中国版信用违约互换的发展之路——基于信用违约事件频发背景下的分析

发布时间：2018-01-20 05:36

本文关键词： 信用违约互换CDS 信用风险信用风险缓释工具CRM　出处：《时代金融》2016年29期 　论文类型：期刊论文

【摘要】：近几年来,信用违约频发,且从民营企业不断蔓延到地方国企和央企。14年,“11超日债”因未能如期偿付利息成为我国首例违约的债券。2015年4月,中科云网违约,未能支付“ST湘鄂债”利息及回售款项。2016年以来,违约事件更是加速发生。据统计,今年上半年已有29只债券发生实质性违约,其中有12起公募债违约事件。随着违约事件的不断增多,刚性兑付被打破,越来越多的投资者变得更加谨慎,市场对于信用风险的有效管控显得更为迫切,这些都为信用违约互换(CDS)等信用衍生品在中国的发展提供了重要的契机。
[Abstract]:In recent years, the credit default occurred frequently, and spread from private enterprises to local state-owned enterprises and central enterprises. 14 years. "11 super Japanese bonds" has become the first default bond of our country because of the failure to pay interest on time. On April 2015, Zhongke cloud net defaulted, and failed to pay the interest and resale amount of "St Xiang E bond". Since 2016. Defaults are accelerating. According to statistics, 29 bonds defaulted in the first half of this year, of which 12 were defaulted by public offerings. With the increasing number of defaults, the rigid payment was broken. More and more investors are becoming more cautious, and the effective control of credit risk is becoming more urgent. All these provide an important opportunity for credit derivatives such as credit default swaps (CDSs) to develop in China.
【作者单位】：常州开放大学文经学院;
【正文快照】： 一、信用违约互换(CDS)元解析面临信用风险的主体为了规避和转移信用风险,定期向违约互换的出售者支付一定的费用来购买信用违约互换,当债券主体一旦出现信用违约事件(主要包括破产、拒付、无法偿付、重组以及债务加速到期),违约互换的出售者应按照相应的合同内容对购买者进

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