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作为虚拟资本的特有形式,金融衍生产品是用来交换经济风险的一类特殊契约,其信用风险与身俱来。金融衍生产品运用不当,可能导致新信用风险的集中和突发,甚至引发骨牌效应。所以,只有深刻理解金融衍生产品的运行机制,才能认识到其信用风险的内在根源;只有全面分析金融衍生产品的契约性,才能了解到其信用风险的外在成因。这两者其实是从同一个问题的不同角度来阐述金融衍生产品信用风险的来源。本文从分析金融衍生产品运行机理出发,创造性地探讨了其信用风险的内在根源和外部成因。
As a peculiar form of virtual capital, financial derivatives are a kind of special contract used to exchange economic risk, whose credit risk comes from the body. Improper use of financial derivatives may lead to the concentration and sudden emergence of new credit risks and even domino effects. Therefore, only by deeply understanding the operating mechanism of financial derivatives can we recognize the inherent causes of its credit risk. Only by analyzing the contractual nature of financial derivatives comprehensively can we understand the external causes of credit risk. The two are actually from different aspects of the same issue to explain the source of credit risk of financial derivatives. Based on the analysis of the operating mechanism of financial derivative products, this paper creatively explores the inherent causes and external causes of its credit risk.