【摘要】：公司債券作為直接融資的重要渠道,在社會(huì)經(jīng)濟(jì)中發(fā)揮著越來(lái)越重要的作用目前我國(guó)公司債規(guī)模在不斷的提高,但是在2014年出現(xiàn)了首次債券違約之后我國(guó)債券市場(chǎng)接連不斷的出現(xiàn)各類違約現(xiàn)象,以往債券違約是少之又少的事情,解決此類現(xiàn)象的辦法主要是靠政府、銀行或者第三方擔(dān)保方出面借錢(qián)給違約公司,借到的錢(qián)再轉(zhuǎn)為公司向其貸款,這并沒(méi)有從根本上分散信用風(fēng)險(xiǎn)。所以債券保險(xiǎn)作為減少債權(quán)投資人面臨的信用風(fēng)險(xiǎn)和維護(hù)投資人權(quán)益的重要手段,已經(jīng)得到了越來(lái)越多人的重視。但是,由于我國(guó)關(guān)于債券保險(xiǎn)的研究時(shí)間較短,面臨實(shí)踐經(jīng)驗(yàn)和相關(guān)數(shù)據(jù)缺乏等問(wèn)題,這導(dǎo)致適合在我國(guó)推行的債券保險(xiǎn)模式一直沒(méi)有出臺(tái)。在這樣的背景下,本文將“我國(guó)公司債券保險(xiǎn)模式研究”作為選題進(jìn)行相關(guān)研究。本文從以下幾個(gè)方面對(duì)我國(guó)公司債券保險(xiǎn)的模式進(jìn)行研究。首先,本文結(jié)合國(guó)內(nèi)外對(duì)公司債券保險(xiǎn)的學(xué)術(shù)研究和實(shí)踐經(jīng)驗(yàn),介紹了公司債券保險(xiǎn)的含義、特征、作用及潛在風(fēng)險(xiǎn),隨后從債券違約現(xiàn)象多發(fā)、信用增級(jí)手段缺失和保護(hù)投資者利益角度闡明了發(fā)展公司債券保險(xiǎn)的必要性;從債券市場(chǎng)具備一定規(guī)模、評(píng)級(jí)體系初步建立和擔(dān)保體制變化分析了公司債券保險(xiǎn)在我國(guó)發(fā)展的可行性。經(jīng)過(guò)分析,得出在我國(guó)發(fā)展公司債券保險(xiǎn)是必要的、可行的結(jié)論。其次,通過(guò)市場(chǎng)調(diào)查了解了部分市場(chǎng)主體的參保意愿和潛在需求,并對(duì)債券保險(xiǎn)的運(yùn)行模式和保險(xiǎn)合同進(jìn)行了設(shè)計(jì);然后通過(guò)在公司債券保險(xiǎn)產(chǎn)品定價(jià)模式中運(yùn)用信用風(fēng)險(xiǎn)度量術(shù)模型和期權(quán)定價(jià)模型分別對(duì)3年期AA級(jí)債券的純費(fèi)率進(jìn)行了測(cè)算,為解決債券保險(xiǎn)的定價(jià)模式問(wèn)題提供了有益的參考;再次比較分析了國(guó)外債券保險(xiǎn)模式的發(fā)展?fàn)顩r,總結(jié)了國(guó)外債券保險(xiǎn)模式的發(fā)展經(jīng)驗(yàn),最后對(duì)我國(guó)公司債券保險(xiǎn)的發(fā)展提出了相應(yīng)的對(duì)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.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F841.3

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