金融理论与实践
金融理論與實踐
금융이론여실천
Financial Theory and Practice
2011年
5期
109~112
,共null页
金融衍生品 担保债务凭证 风险分担机制 信用评级机构
金融衍生品 擔保債務憑證 風險分擔機製 信用評級機構
금융연생품 담보채무빙증 풍험분담궤제 신용평급궤구
Financial Derivative; Financial Derivative; Risk Sharing Allocation; Credit Rating Agen cies
担保债务凭证（CDO）是一种新型金融衍生品，次贷危机爆发后该产品的惨重损失使之成为金融市场中的风险策源地。文章对其高风险性进行分析，发现其高风险来源于设计思路中应当设限而未设限、风险分担设置不合理等问题，且这种高风险性被评级机构所掩饰。文章最后在对美国新金融监管改革法案相关措施进行评析的同时提出自己的建议。关键词：金融衍生品；担保债务凭证；风险分担机制；信用评级机构
擔保債務憑證（CDO）是一種新型金融衍生品，次貸危機爆髮後該產品的慘重損失使之成為金融市場中的風險策源地。文章對其高風險性進行分析，髮現其高風險來源于設計思路中應噹設限而未設限、風險分擔設置不閤理等問題，且這種高風險性被評級機構所掩飾。文章最後在對美國新金融鑑管改革法案相關措施進行評析的同時提齣自己的建議。關鍵詞：金融衍生品；擔保債務憑證；風險分擔機製；信用評級機構
담보채무빙증（CDO）시일충신형금융연생품，차대위궤폭발후해산품적참중손실사지성위금융시장중적풍험책원지。문장대기고풍험성진행분석，발현기고풍험래원우설계사로중응당설한이미설한、풍험분담설치불합리등문제，차저충고풍험성피평급궤구소엄식。문장최후재대미국신금융감관개혁법안상관조시진행평석적동시제출자기적건의。관건사：금융연생품；담보채무빙증；풍험분담궤제；신용평급궤구
Collateralized Debt Obligation （CDO） is a new financial derivative which has caused severe damage in the current financial crisis. The author of this article, through analysis of the high risk of CDO, finds out that the high risk has its root in the design of the product, i.e. no restriction of risk and unreasonable risk allocation, and that such high risk used to be concealed by the rating agencies. In the last part of the article, the author gives his own comments, analysis and opinions on the relevant remedi al measure adopted in the NEW FINANCIAL REFORM BILL of USA.
