CDS在中国风险管理中的应用

发布时间：2018-06-04 20:14

本文选题：信用违约互换 + 信用衍生品体系　；参考：《辽宁大学》2017年硕士论文

【摘要】：债券做为金融市场中权益类投资中一种最为常见的投资工具,其重要性自然不言而喻。而信用违约互换是国外债券市场中最常见的用于转移风险的信用衍生产品,毫无疑问的是信用违约互换在风险分配、转移、管理以及提高市场效率方面有着不可替代的作用。2016年9月23日,中国银行间市场交易商协会发布了修订后的《银行间市场信用风险缓释工具试点业务指引》,在此前的已经发布的信用风险缓释合约和信用风险缓释凭证的基础上,增设信用违约互换和信用联结票据两个新产品,至此中国也有了自己的信用违约互换,为资本市场提供了风险管理的新工具。相较于国际交换和衍生品协会于1998年创立的标准化的信用违约互换合约,我国的信用违约互换起步较晚,所以借助国际上的成熟经验,对于我国信用违约互换的发展与信用衍生品体系健全将起到重要作用。随着经济全球化进程的不断深入,中国自主的信用违约互换市场的完善对于加快我国金融市场建设意义重大。本文以信用违约互换市场的相关理论为基础,从信用违约互换的自身发展与特征起笔,结合最近几年世界上的热点事件,辅以其发展情况做出分析,归纳总结出一般规律,为我国信用违约互换的发展提出建议。
[Abstract]:As one of the most common investment tools in the equity investment in the financial market, bonds are of natural importance, and credit default swaps are the most common credit derivatives used in foreign bond markets to transfer risks. There is no doubt that credit default swaps are distributed, transferred, managed and improved in the market efficiency. There is an irreplaceable role in the September 23rd.2016, the China interbank market trader Association issued the revised pilot business guidelines for the interbank market credit risk release tool. On the basis of the previously released credit risk sustained release contracts and credit risk release vouchers, the credit default swap and credit connection tickets are added. According to the two new products, China also has its own credit default swaps, which provides a new tool for risk management for the capital market. Compared to the standardized credit default swap contract established by the international exchange and Derivatives Association in 1998, China's credit default swaps started late, so with the help of international mature experience, for me The development of China's credit default swap and the sound credit derivatives system will play an important role. With the deepening of the process of economic globalization, the perfection of China's independent credit default swap market is of great significance to speeding up the construction of our financial market. This paper is based on the related theories of the credit default swap market and from the credit default mutual. The development and characteristics of the change, combined with the hot events in the world in recent years, supplemented by its development, summed up the general rules, and put forward some suggestions for the development of credit default swap in China.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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