财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2008年
2期
42~46
,共null页
信用违约互换 信用债券 风险转移
信用違約互換 信用債券 風險轉移
신용위약호환 신용채권 풍험전이
Credit Default Swap; Debenture; Risk Transfer
作为发展最为迅速的信用衍生品，信用违约互换为信用风险管理带来了革命性的变化。信用违约互换可以转移信用风险，从而降低信用债券发行难度，增加债市投资者的可选择空间和投资收益。在大力发展直接融资、银行担保退出的背景下，应当推出信用违约互换以促进我国信用债券市场发展。商业银行、证券公司、保险公司等都将是重要的市场参与主体。
作為髮展最為迅速的信用衍生品，信用違約互換為信用風險管理帶來瞭革命性的變化。信用違約互換可以轉移信用風險，從而降低信用債券髮行難度，增加債市投資者的可選擇空間和投資收益。在大力髮展直接融資、銀行擔保退齣的揹景下，應噹推齣信用違約互換以促進我國信用債券市場髮展。商業銀行、證券公司、保險公司等都將是重要的市場參與主體。
작위발전최위신속적신용연생품，신용위약호환위신용풍험관리대래료혁명성적변화。신용위약호환가이전이신용풍험，종이강저신용채권발행난도，증가채시투자자적가선택공간화투자수익。재대력발전직접융자、은행담보퇴출적배경하，응당추출신용위약호환이촉진아국신용채권시장발전。상업은행、증권공사、보험공사등도장시중요적시장삼여주체。
As a kind of credit derivatives, credit default swap （CDS） has introduced revolutionary changes to the management of credit risks. CDS can transfer credit risks of debentures to others, which facilitates the issuance of debentures and gives investors a wider investment scope and a bigger investment return. While China has halted new bank guarantees and is vigorously developing direct financing market, CDS should be launched to boost the development of the country＇s debenture market. Major participants on the CDS market will include commercial banks, security companies and insurance companies.
