【摘要】：我國(guó)的中小企業(yè)在發(fā)展過(guò)程中面臨著生產(chǎn)成本上升、國(guó)際市場(chǎng)萎縮、國(guó)內(nèi)市場(chǎng)形勢(shì)難以捉摸、中小企業(yè)自身資源匱乏等問(wèn)題,因此中小企業(yè)在融資過(guò)程中存在困難。2010年10月29日,中國(guó)銀行間市場(chǎng)交易商協(xié)會(huì)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》,從此,我國(guó)開(kāi)始以信用風(fēng)險(xiǎn)緩釋?xiě){證(CRMW)和信用風(fēng)險(xiǎn)緩釋合約(CRMA)的形式推出信用風(fēng)險(xiǎn)保護(hù)類衍生產(chǎn)品,這標(biāo)志著我國(guó)正式推出信用風(fēng)險(xiǎn)緩釋工具(CRM),開(kāi)啟了信用衍生產(chǎn)品創(chuàng)新的實(shí)踐。信用風(fēng)險(xiǎn)緩釋工具具有轉(zhuǎn)移和分散信貸風(fēng)險(xiǎn)的作用,因此信用風(fēng)險(xiǎn)緩釋工具可以作為金融機(jī)構(gòu)專門(mén)管理信用的工具。隨著信用風(fēng)險(xiǎn)緩釋工具的推出,可以從信用衍生產(chǎn)品的角度出發(fā),針對(duì)在實(shí)際中銀行面臨的中小企業(yè)信用風(fēng)險(xiǎn)較大的情況,利用信用風(fēng)險(xiǎn)緩釋工具,提出解決中小企業(yè)貸款問(wèn)題的新模式。 本文通過(guò)對(duì)信用風(fēng)險(xiǎn)緩釋工具的定義及運(yùn)作原理的介紹,從實(shí)踐的角度出發(fā),針對(duì)中小企業(yè)融資難的問(wèn)題,從間接融資和直接融資兩個(gè)方面,詳細(xì)闡述了信用風(fēng)險(xiǎn)緩釋工具的分散風(fēng)險(xiǎn)的作用、釋放資本金的作用,提高直接融資規(guī)模的作用,論證信用風(fēng)險(xiǎn)緩釋工具對(duì)解決中小企業(yè)融資方而具有重要的意義。 通過(guò)對(duì)信用風(fēng)險(xiǎn)緩釋工具在中小企業(yè)間接融資和直接融資方面作用的分析,可以得出,CRM在中小企業(yè)的融資過(guò)程中起到了一定的作用,緩解了中小企業(yè)融資難的現(xiàn)狀。目前我國(guó)CRM尚處于起步階段,在法律法規(guī)和運(yùn)行機(jī)制上還不太完善,隨著CRM市場(chǎng)的逐步發(fā)展,將會(huì)使CRM在解決中小企業(yè)融資中發(fā)揮著越來(lái)越重要的作用。
[Abstract]:In the process of development, small and medium-sized enterprises in China are faced with problems such as rising production costs, shrinking international market, unpredictable domestic market situation, lack of resources of SMEs themselves, etc. On October 29, 2010, the China Interbank Market Dealers Association issued the pilot Business guidelines for Interbank Market Credit risk Mitigation tools. China began to launch credit risk protection derivative products in the form of credit risk sustained release certificate (CRMW) and credit risk sustained release contract (CRMA), which marks the formal introduction of credit risk mitigation tool (CRM), to open the practice of credit derivative product innovation. Credit risk mitigation tools have the function of transferring and dispersing credit risk, so credit risk mitigation tools can be used as special tools for financial institutions to manage credit. With the introduction of credit risk mitigation tools, we can use credit risk mitigation tools in view of the large credit risks faced by small and medium-sized enterprises in practice from the point of view of credit derivatives. Put forward a new model to solve the loan problem of small and medium-sized enterprises. This paper introduces the definition and operation principle of credit risk mitigation tools, from the perspective of practice, aiming at the problem of financing difficulty of small and medium-sized enterprises, from two aspects of indirect financing and direct financing. This paper expounds in detail the role of credit risk mitigation tools in dispersing risks, releasing capital and increasing the scale of direct financing, and proves that credit risk mitigation tools are of great significance to solve the financing parties of small and medium-sized enterprises. Through the analysis of the role of credit risk mitigation tools in the indirect and direct financing of SMEs, it can be concluded that CRM plays a certain role in the financing process of SMEs, and alleviates the current situation of financing difficulties of SMEs. At present, CRM in China is still in its infancy, and it is not perfect in laws and regulations and operation mechanism. With the development of CRM market, CRM will play a more and more important role in solving the financing of small and medium-sized enterprises.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.4

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