本文選題：金融機(jī)構(gòu) + 信用違約互換　； 參考：《財政部財政科學(xué)研究所》2014年碩士論文

【摘要】：20世紀(jì)90年代以來,隨著金融全球化、一體化、自由化、創(chuàng)新化的發(fā)展,銀行同業(yè)競爭不斷加劇,全球金融業(yè)進(jìn)入動蕩時期。金融機(jī)構(gòu)面臨的風(fēng)險越來越大,風(fēng)險管理需求日益強(qiáng)烈。致力于轉(zhuǎn)移信用風(fēng)險的信用衍生產(chǎn)品應(yīng)運而生并迅速發(fā)展,在金融市場中日益占據(jù)重要地位。信用違約互換(Credit Default Swap, CDS)是信用衍生工具中應(yīng)用最為廣泛的金融產(chǎn)品,占據(jù)信用衍生品市場份額三分之二。信用違約互換將金融資產(chǎn)的信用風(fēng)險從其它風(fēng)險中分離,使信用風(fēng)險的轉(zhuǎn)移和交易成為可能,從根本上改變了傳統(tǒng)的信用風(fēng)險管理模式。隨后,在安然公司、世通公司破產(chǎn)事件中,信用違約互換發(fā)揮了重要的分散風(fēng)險功能,贏得了市場參與者和監(jiān)管當(dāng)局的普遍認(rèn)可。2002年,全球信用違約互換市場進(jìn)入蓬勃發(fā)展時期,名義總額從2002年的2.19萬億美元上升至2007年的62.17萬億美元。 我國信貸市場規(guī)模巨大,信用風(fēng)險管理需求強(qiáng)烈。2013年我國金融機(jī)構(gòu)貸款總額為718961.46億元人民幣,其中,中資全國性大型銀行人民幣貸款總額為382144.04億元,中資全國性四家大型銀行人民幣貸款總額為287186.85億元,中資全國性中小型銀行人民幣貸款總額為196162.94億元。同時,我國債券市場發(fā)展迅速,2013年債券市場共發(fā)行各類債券87016.27億元,較去年增長7218.72億元,同比增長9.05%。信貸市場、債券市場的迅速發(fā)展對信用風(fēng)險管理提出必然要求。在信用衍生品市場長期缺位的情況下,商業(yè)銀行難以通過市場對信用風(fēng)險有效對沖、轉(zhuǎn)移和規(guī)避,易形成風(fēng)險積聚,嚴(yán)重影響市場經(jīng)濟(jì)健康平穩(wěn)發(fā)展。因此,發(fā)展我國信用違約互換市場勢在必行。 信用違約互換具有交易程序復(fù)雜、風(fēng)險高度連鎖的特點,一旦發(fā)生違約事件將極易造成金融市場恐慌。因此,建立完善我國金融機(jī)構(gòu)信用違約互換內(nèi)部控制體系具有重要現(xiàn)實意義。本文擬就我國金融機(jī)構(gòu)信用違約互換風(fēng)險內(nèi)部控制進(jìn)行研究。文章提出了選題背景和選題意義,闡明信用違約互換風(fēng)險的內(nèi)部控制相關(guān)理論,分析了我國信用違約互換市場發(fā)展現(xiàn)狀,并對我國信用違約互換交易基礎(chǔ)性風(fēng)險和獨特風(fēng)險進(jìn)行闡述。針對其內(nèi)部控制現(xiàn)狀及存在的問題,借鑒美國、歐洲及新興國家及地區(qū)經(jīng)驗與教訓(xùn),本文認(rèn)為我國金融機(jī)構(gòu)應(yīng)當(dāng)提高風(fēng)險控制意識,完善內(nèi)部法人治理結(jié)構(gòu),建立健全風(fēng)險管理體系,加強(qiáng)內(nèi)部審計監(jiān)督,強(qiáng)化信用互換執(zhí)行過程中風(fēng)險內(nèi)部控制。此外,應(yīng)當(dāng)完善相關(guān)配套設(shè)施,改善監(jiān)管制度,健全法律法規(guī)體系,建立完善我國信用評級體系,大力發(fā)展債券市場,完善社會信用環(huán)境,推動我國信用違約互換市場的穩(wěn)健發(fā)展。 本文主要內(nèi)容如下： 第一部分：緒論。從當(dāng)前國內(nèi)外金融環(huán)境著手,剖析論文選題背景、選題意義,同時概括了創(chuàng)新點及不足之處。 第二部分：信用違約互換風(fēng)險內(nèi)部控制相關(guān)理論分析。本文分別從內(nèi)部控制理論、信用違約互換理論出發(fā),層層推進(jìn),深入闡述信用違約互換風(fēng)險內(nèi)部控制內(nèi)容框架和基本方法。 第三部分：我國金融機(jī)構(gòu)信用違約互換風(fēng)險內(nèi)部控制現(xiàn)狀、問題及成因分析。通過簡述我國目前信用互換市場發(fā)展現(xiàn)狀,介紹信用互換風(fēng)險內(nèi)部控制體系客觀環(huán)境,并對其內(nèi)部控制的現(xiàn)狀、存在問題及具體成因進(jìn)行深入分析。 第四部分：信用違約互換內(nèi)部控制國際借鑒與啟示。介紹國際金融機(jī)構(gòu)在信用違約互換風(fēng)險的內(nèi)部控制方面的實踐及經(jīng)驗,總結(jié)其對于我國金融機(jī)構(gòu)的啟示。 第五部分：我國金融機(jī)構(gòu)信用違約互換交易內(nèi)部控制對策建議。針對前述信用違約互換風(fēng)險內(nèi)部控制及外部監(jiān)管的不足之處,提出對策建議,以完善我國金融機(jī)構(gòu)信用違約互換內(nèi)部控制體系。
[Abstract]:Since the 1990s, with the development of financial globalization, integration, liberalization and innovation, the competition in the banking industry has been intensifying, and the global financial industry has entered a period of turbulence. The risks of the financial institutions are increasing, and the demand for risk management is increasingly strong. Credit Default Swap (CDS) is the most widely used financial product in credit derivatives. It occupies 2/3 of the market share of credit derivatives. Credit default swaps separate the credit risk of financial assets from other risks and make the transfer and transaction of credit risk For possible, it fundamentally changed the traditional credit risk management model. Then, in the Enron Corp, Enron Corp, the world company bankruptcy, credit default swaps played an important decentralized risk function, won the universal recognition of market participants and regulatory authorities, and the global credit default swap market entered a period of flourishing, nominal total. The amount rose from $2 trillion and 190 billion in 2002 to $62 trillion and 170 billion in 2007.
The scale of China's credit market is huge and the demand for credit risk management is strong in.2013 years. The total loans of China's financial institutions are 71 trillion and 896 billion 146 million yuan, of which the total amount of RMB loans in China's national large banks is 38 trillion and 214 billion 404 million yuan, and the total amount of RMB loans of the Chinese capital four large banks is 28 trillion and 718 billion 685 million yuan, and the Chinese capital is small and medium. The total amount of RMB loans for the bank is 19 trillion and 616 billion 294 million yuan. At the same time, the bond market in China has developed rapidly. In 2013, the bond market shared 8 trillion and 701 billion 627 million yuan of all kinds of bonds, up 721 billion 872 million yuan from last year, increasing 9.05%. credit market. The rapid development of the bond market is necessary for the credit risk management. The credit derivatives market is short for a long time. Under the circumstances, it is difficult for commercial banks to hedge effectively the credit risk through the market, transfer and avoid the risk accumulation, which seriously affects the healthy and stable development of the market economy. Therefore, it is imperative to develop the credit default swap market in China.
The credit default swap has the characteristics of complex transaction procedure and high risk chain. Once the default event is likely to cause panic in financial market, it is of great practical significance to establish and perfect the internal control system of credit default swap in financial institutions of our country. This paper is to carry out the internal control of credit default swap risk in China's gold and financial institutions. This paper puts forward the background and significance of topic selection, clarifies the internal control theory of credit default swap risk, analyzes the current situation of the development of the credit default swap market in China, and expounds the basic risk and unique risk of the credit default swap in China. The experience and lessons of Europe and the emerging countries and regions suggest that China's financial institutions should improve the awareness of risk control, improve the internal corporate governance structure, establish and improve the risk management system, strengthen internal audit supervision, and strengthen the internal control of risk in the process of the implementation of the credit swap. We should improve the system of laws and regulations, establish and perfect the credit rating system in China, develop the bond market, improve the social credit environment, and promote the steady development of the credit default swap market in China.
The main contents of this paper are as follows:
The first part: introduction. Starting from the current financial environment at home and abroad, it analyzes the background and significance of the thesis, and summarizes the innovation and shortcomings.
The second part: the theoretical analysis of the internal control of the risk of credit default swaps. This paper, starting from the theory of internal control and the theory of credit default swap, expounds the framework and basic methods of the internal control of the risk of credit default swaps.
The third part: the present situation, problems and causes of the internal control of the credit default swap risk in our financial institutions. The present situation of the development of the current credit swap market in our country is briefly introduced, the objective environment of the internal control system of the credit swap risk is introduced, and the present situation, the existing problems and the specific causes of the internal control are deeply analyzed.
The fourth part: the international reference and Enlightenment of the internal control of the credit default swap. The practice and experience of the internal control of the international financial institutions in the risk of the credit default swap are introduced, and the enlightenment to the financial institutions of our country is summarized.
The fifth part: suggestions on the internal control of credit default swap in China's financial institutions. In view of the shortcomings of the internal control and external supervision of the risk of credit default swap, some suggestions are put forward to improve the internal control system of credit default swap in our financial institutions.
【學(xué)位授予單位】：財政部財政科學(xué)研究所
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F830.42;F832

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