我国公司债券保险模式研究

发布时间：2019-04-13 14:37

【摘要】：公司债券作为直接融资的重要渠道,在社会经济中发挥着越来越重要的作用目前我国公司债规模在不断的提高,但是在2014年出现了首次债券违约之后我国债券市场接连不断的出现各类违约现象,以往债券违约是少之又少的事情,解决此类现象的办法主要是靠政府、银行或者第三方担保方出面借钱给违约公司,借到的钱再转为公司向其贷款,这并没有从根本上分散信用风险。所以债券保险作为减少债权投资人面临的信用风险和维护投资人权益的重要手段,已经得到了越来越多人的重视。但是,由于我国关于债券保险的研究时间较短,面临实践经验和相关数据缺乏等问题,这导致适合在我国推行的债券保险模式一直没有出台。在这样的背景下,本文将“我国公司债券保险模式研究”作为选题进行相关研究。本文从以下几个方面对我国公司债券保险的模式进行研究。首先,本文结合国内外对公司债券保险的学术研究和实践经验,介绍了公司债券保险的含义、特征、作用及潜在风险,随后从债券违约现象多发、信用增级手段缺失和保护投资者利益角度阐明了发展公司债券保险的必要性;从债券市场具备一定规模、评级体系初步建立和担保体制变化分析了公司债券保险在我国发展的可行性。经过分析,得出在我国发展公司债券保险是必要的、可行的结论。其次,通过市场调查了解了部分市场主体的参保意愿和潜在需求,并对债券保险的运行模式和保险合同进行了设计;然后通过在公司债券保险产品定价模式中运用信用风险度量术模型和期权定价模型分别对3年期AA级债券的纯费率进行了测算,为解决债券保险的定价模式问题提供了有益的参考;再次比较分析了国外债券保险模式的发展状况,总结了国外债券保险模式的发展经验,最后对我国公司债券保险的发展提出了相应的对策。
[Abstract]:As an important channel of direct financing, corporate bonds play a more and more important role in social economy. At present, the scale of corporate bonds in China is constantly increasing. However, after the first bond default occurred in 2014, China's bond market has repeatedly experienced various types of default. In the past, bond defaults were rare, and the solution to this kind of phenomenon is mainly by the government. Banks or third-party guarantors lend money to the defaulting company, which turns it into a loan to the company, which does not fundamentally spread credit risk. So bond insurance, as an important means to reduce credit risk and safeguard investors' rights and interests, has been paid more and more attention by more and more people. However, due to the short research time of bond insurance in our country and the lack of practical experience and related data, the bond insurance model which is suitable for our country has not been issued. In this context, this paper takes the study of corporate bond insurance model as the topic of related research. This paper studies the mode of corporate bond insurance in China from the following aspects. First of all, this paper introduces the meaning, characteristics, function and potential risk of corporate bond insurance according to the academic research and practical experience of corporate bond insurance at home and abroad, and then it occurs more from the phenomenon of bond default. The necessity of developing corporate bond insurance is expounded from the point of view of lack of credit upgrading means and protection of investors' interests. This paper analyzes the feasibility of the development of corporate bond insurance in China from the view that the bond market has a certain scale, the initial establishment of the rating system and the change of the guarantee system. After analysis, it is necessary and feasible to develop corporate bond insurance in our country. Secondly, through the market survey, the author understands the insurance intention and potential demand of some market participants, and designs the operating mode and insurance contract of bond insurance. Then, by using the credit risk measurement model and option pricing model in the pricing model of corporate bond insurance products, this paper calculates the net rate of 3-year AA bonds respectively. It provides a useful reference for solving the pricing model of bond insurance. Thirdly, this paper compares and analyzes the development situation of foreign bond insurance mode, summarizes the development experience of foreign bond insurance mode, and finally puts forward the corresponding countermeasures for the development of our country's corporate bond insurance.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F841.3

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