本文選題：CDS + CRM　； 參考：《對外經(jīng)濟貿(mào)易大學(xué)》2017年碩士論文

【摘要】：早在2010年10月份,中國銀行間市場交易商協(xié)會(以下簡稱:交易商協(xié)會)就已推出“第一代中國版CDS”:信用風(fēng)險緩釋工具試點業(yè)務(wù)(CRM),包含采用“單一標的債務(wù)”條款的信用風(fēng)險緩釋合約(CRMA)和信用風(fēng)險緩釋憑證(CRMW),但由于當(dāng)時債券剛性兌付未被打破,市場對此類產(chǎn)品的需求不太旺盛,加之一些機構(gòu)監(jiān)管政策、產(chǎn)品設(shè)計方面的因素,發(fā)展相對緩慢。近年來,我國債券市場環(huán)境已發(fā)生了明顯的變化:剛性兌付已被打破、債券違約事件不斷增多,市場成員對有效管理信用風(fēng)險的需求大大增加。為此,在中國人民銀行的指導(dǎo)下,交易商協(xié)會為推動我國信用風(fēng)險緩釋工具的進一步發(fā)展,完善銀行間市場信用風(fēng)險分散、分擔(dān)機制,促進市場能夠持續(xù)健康的發(fā)展,于2016年9月23日再次推出了“第二代中國版CDS”:信用違約互換合約類產(chǎn)品(CDS),采用“多標的債務(wù)”的產(chǎn)品結(jié)構(gòu)設(shè)計。該CDS產(chǎn)品修正了過去的主要缺陷,同時又正值中國金融體系信用風(fēng)險醞釀發(fā)酵和剛兌的松動時期,得到了市場各界極大的關(guān)注和期許。本文從交易商協(xié)會于2016年9月23日推出的《銀行間市場信用風(fēng)險緩釋工具試點業(yè)務(wù)規(guī)則》及相關(guān)產(chǎn)品的業(yè)務(wù)指引出發(fā),結(jié)合當(dāng)前的信用債券市場的實際情況,通過對國內(nèi)外同類型產(chǎn)品的對比和分析,參考國際CDS市場危機前后的經(jīng)驗和教訓(xùn),通過文獻研究法、案例研究法和比較分析法相結(jié)合的研究方式,對CDS的產(chǎn)品設(shè)計結(jié)構(gòu)、自律監(jiān)管規(guī)范進行了深入的研究分析后,得出以下結(jié)論:在當(dāng)前信用債市場的整體情況下,推出CDS產(chǎn)品是非常有必要的,且“第二代中國版CDS”較“第一代中國版CDS”在產(chǎn)品設(shè)計和監(jiān)管制度上更加貼近市場,盡管其產(chǎn)品設(shè)計及監(jiān)管尚有待完善,但已基本達成了交易商協(xié)會的預(yù)期目標,未來勢必會成為我國信用債市場健康、快速發(fā)展的有力保障和推動力。
[Abstract]:As early as October 2010, The Interbank Dealers Association of China (hereinafter referred to as the Dealer Association) has launched the "first China version of CDS": a pilot business for credit risk mitigation tools, which includes credit risk under the terms of "single underlying debt". Slow release contract (CRMA) and credit risk release certificate (CRMWL), but the rigid payment of bonds was not broken at that time. The market for such products is not very strong, coupled with a number of institutional regulatory policies, product design factors, the development is relatively slow. In recent years, China's bond market environment has undergone obvious changes: rigid payment has been broken, bond default events are increasing, market members' demand for effective management of credit risk has increased greatly. For this reason, under the guidance of the people's Bank of China, the Dealers Association, in order to promote the further development of credit risk mitigation tools in China, to improve the spread of credit risks in the interbank market, to share the mechanism, and to promote the sustainable and healthy development of the market. The second China version of CDS, a credit default swap product, was launched on September 23, 2016, using a "multi-subject debt" product structure design. The CDS product corrects major defects in the past and comes at a time when credit risk in China's financial system is simmering and loosening, and has received a lot of attention and expectation from all walks of life in the market. This paper starts from the pilot Business rules of Credit risk Relief tool in the Interbank Market launched by the Dealers' Association on September 23, 2016, and the business guidelines of related products, combining with the actual situation of the current credit bond market. By comparing and analyzing the same type of products at home and abroad, referring to the experiences and lessons before and after the crisis of international CDS market, and combining the literature research method, the case study method and the comparative analysis method, the product design structure of CDS is introduced. After in-depth research and analysis of self-regulatory norms, the following conclusions are drawn: under the overall circumstances of the current credit market, it is very necessary to launch CDS products. The second generation of CDS is more close to the market in terms of product design and regulatory system than that of the first Chinese version of CDS. Although its product design and supervision still need to be improved, it has basically achieved the expected goal of the Dealers' Association. The future will certainly become our country credit debt market healthy, the fast development has the strength safeguard and the impetus.
【學(xué)位授予單位】：對外經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51
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本文編號：1855139