本文選題：中國(guó)信用衍生產(chǎn)品 + 創(chuàng)新��； 參考：《南京大學(xué)》2012年碩士論文

【摘要】：信用衍生產(chǎn)品自20世紀(jì)90年代產(chǎn)生后迅速發(fā)展,從北美洲逐步擴(kuò)展至歐洲、拉丁美洲及亞洲,成為國(guó)際經(jīng)濟(jì)舞臺(tái)上發(fā)展最快并且最富有創(chuàng)新意義的金融產(chǎn)品之一。該類(lèi)產(chǎn)品扮演著分離、轉(zhuǎn)移、對(duì)沖信用風(fēng)險(xiǎn)的角色,同時(shí),在國(guó)際市場(chǎng)發(fā)揮著提高資本回報(bào)率、提高金融市場(chǎng)流動(dòng)性和市場(chǎng)效率等重要作用。然而,成亦蕭何敗亦蕭何,在缺乏信息透明度和市場(chǎng)有效監(jiān)管的情況下,大量信用衍生產(chǎn)品的投機(jī)交易成為美國(guó)次貸危機(jī)的助推放大器,間接加速了危機(jī)的蔓延。這使得全世界對(duì)于信用衍生產(chǎn)品有了新的認(rèn)識(shí),并為此進(jìn)行了市場(chǎng)和監(jiān)管改革。 自加入WTO以來(lái),中國(guó)金融業(yè)對(duì)外全面開(kāi)放,銀行體系和金融業(yè)都面臨來(lái)自國(guó)際市場(chǎng)的影響和挑戰(zhàn)。在激烈競(jìng)爭(zhēng)的當(dāng)下,中國(guó)金融業(yè)的發(fā)展與信用風(fēng)險(xiǎn)管理水平休戚相關(guān),其關(guān)鍵在于能否在借鑒國(guó)際經(jīng)驗(yàn)的基礎(chǔ)上,合理、適度地使用符合中國(guó)國(guó)情的信用風(fēng)險(xiǎn)處置工具。我國(guó)的信用債券市場(chǎng)和信用貸款市場(chǎng)近幾年蓬勃發(fā)展,也為信用衍生產(chǎn)品的發(fā)展孕育了良好的溫床。在此背景下,中國(guó)信用風(fēng)險(xiǎn)緩釋工具應(yīng)運(yùn)而生：2010年10月29日,銀行間市場(chǎng)交易商協(xié)會(huì)正式發(fā)布了《銀行間市場(chǎng)信用風(fēng)險(xiǎn)緩釋工具試點(diǎn)業(yè)務(wù)指引》,標(biāo)志著信用衍生產(chǎn)品市場(chǎng)在中國(guó)的誕生。然而,我國(guó)發(fā)展信用衍生產(chǎn)品市場(chǎng)仍存在諸多局限,如存在認(rèn)識(shí)誤區(qū)、市場(chǎng)參與者較少、投資者類(lèi)型同質(zhì)化、資本減讓不明確、資本占用成本較高、定價(jià)基礎(chǔ)比較薄弱等。這些局限體現(xiàn)出現(xiàn)階段我國(guó)的信用衍生產(chǎn)品發(fā)展不充分,面臨如何降低銀行體系風(fēng)險(xiǎn)、需要何種政策支持,如何完善市場(chǎng)規(guī)則等問(wèn)題,亟待有效的解決方案。 總體而言,我國(guó)信用衍生產(chǎn)品市場(chǎng)已具備一定的發(fā)展基礎(chǔ),但也面臨相應(yīng)的制約因素。只有通過(guò)不斷創(chuàng)新,打破傳統(tǒng)觀念,客服制約因素,才能有效的推動(dòng)信用衍生產(chǎn)品市場(chǎng)發(fā)展。面對(duì)當(dāng)前情勢(shì),我們需要堅(jiān)持兩個(gè)“應(yīng)當(dāng)”：應(yīng)當(dāng)按照“從簡(jiǎn)到繁、由易到難”的操作理念有序的推進(jìn)信用衍生產(chǎn)品市場(chǎng)的創(chuàng)新發(fā)展；應(yīng)當(dāng)通過(guò)“試點(diǎn)期、加速期、成熟期”三個(gè)階段,突出重點(diǎn)產(chǎn)品,循序漸進(jìn)推動(dòng)信用衍生產(chǎn)品市場(chǎng)健康的可持續(xù)發(fā)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.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.5

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