本文選題：CDS + 風(fēng)險管理工具　； 參考：《天津大學(xué)》2013年碩士論文

【摘要】：CDS（Credit Default Swap）是20世紀(jì)80年代出現(xiàn)的一種信用衍生品，本質(zhì)是一種信用風(fēng)險管理工具，其根本作用是對債權(quán)的保障。隨著時間的推移，CDS逐步地偏離了其最基本的功能，成為了華爾街最炙手可熱的投機(jī)工具，并成為了2008年世界經(jīng)濟(jì)危機(jī)最直接的導(dǎo)火索，因此在經(jīng)濟(jì)危機(jī)爆發(fā)后很多人談CDS色變，CDS的市場規(guī)模極度萎縮，截至2012年底其規(guī)模僅有2007年高峰時期的一半左右。 然而，CDS是我們設(shè)計的一種風(fēng)險管理工具，它本身并沒有好與壞的道德傾向，關(guān)鍵在于如何使用。本文追根溯源，從CDS的產(chǎn)生出發(fā)，介紹了它的發(fā)展過程，說明只要使CDS產(chǎn)品回歸其本質(zhì)，它就是一種很好的風(fēng)險管理工具，能夠?yàn)槲覀兊慕?jīng)濟(jì)發(fā)展發(fā)揮穩(wěn)定器的作用。在此基礎(chǔ)上本文結(jié)合中國債券市場的發(fā)展現(xiàn)狀，提出建立中國特色的CDS市場及其監(jiān)管對策，使CDS從一種看似高深的理論變成觸手可及的事實(shí)，，成為促進(jìn)中國信用債券市場的發(fā)展的有效工具。 本文有兩點(diǎn)創(chuàng)新之處： 第一，系統(tǒng)、全面地介紹了CDS的基本理論。目前國內(nèi)涉及CDS的文章數(shù)量不少，但是幾乎所有文章都是對CDS的某一個方面進(jìn)行介紹，沒有文章對其進(jìn)行全面地介紹，讀者只能拼拼湊湊地得出一個對CDS的大概印象，而本文從CDS的起源入手，逐一介紹了CDS的定義、種類、運(yùn)行機(jī)制、交易特點(diǎn)、定價思路等，使讀者能夠全面、準(zhǔn)確地了解關(guān)于CDS的基本理論。 第二，提出了CDS在中國發(fā)展的一條可行的路徑。在市場經(jīng)濟(jì)條件下，任何商品都必須在有市場需求的條件下才可能生存下來，中國目前已經(jīng)開發(fā)了和CDS類似的CRM產(chǎn)品（在產(chǎn)品結(jié)構(gòu)上非常類似），但是由于沒有市場需求的支撐，它的發(fā)展陷入了困境。本文從中國公司信用債券市場發(fā)展這一現(xiàn)實(shí)需求出發(fā)，根據(jù)CDS產(chǎn)品具有的保障性質(zhì)提出由保險公司為主體來開發(fā)CDS產(chǎn)品，既解決了CDS的需求問題，又解決了CDS的技術(shù)問題，也就為CDS在中國落地提供了一條現(xiàn)實(shí)的道路。
[Abstract]:CDS(Credit Default Swapa is a kind of credit derivatives that appeared in 1980s, which is essentially a kind of credit risk management tool, whose fundamental function is to protect the creditor's rights. Over time, CDS gradually deviated from its most basic function, became Wall Street's hottest speculative tool, and became the most direct trigger of the 2008 world economic crisis. So in the wake of the economic crisis, many people talked about the sheer size of the CDS market, which by the end of 2012 was only about half the size of its peak in 2007. However, CDS is a kind of risk management tool designed by us. There is no good or bad moral tendency in itself. The key is how to use it. Based on the origin of CDS, this paper introduces its development process, and points out that as long as CDS products return to its essence, it is a good risk management tool and can play a role as stabilizer for our economic development. On this basis, this paper combines the present situation of China's bond market, puts forward the establishment of Chinese characteristics of the CDS market and its regulatory measures, so that CDS from a seemingly advanced theory into the fact that it is within reach. To become an effective tool to promote the development of China's credit bond market. There are two innovations in this paper: First, the basic theory of CDS is introduced systematically. At present, there are quite a number of articles concerning CDS in China, but almost all articles are about one aspect of CDS. There is no comprehensive introduction to it. Readers can only make up a general impression of CDS by piecing together. Starting with the origin of CDS, this paper introduces the definition, category, operating mechanism, transaction characteristics and pricing ideas of CDS one by one, so that readers can fully and accurately understand the basic theory of CDS. Second, this paper puts forward a feasible way to develop CDS in China. Under the condition of market economy, any commodity must survive under the condition of market demand. China has developed CRM products similar to CDS (very similar in product structure, but without the support of market demand). Its development is in trouble. Starting from the realistic demand of the development of Chinese company credit bond market, according to the guarantee nature of CDS products, this paper puts forward the development of CDS products by insurance companies as the main body, which not only solves the demand problem of CDS, but also solves the technical problems of CDS. It also provides a realistic way for CDS to land in China.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1952386