该文首先分析了信用违约互换作为一种风险管理工具如何为投资者提供固定收益投资的违约保护;其次分析了信用违约互换作为一种资产如何为投资者提供投资机会;最后文章认为2008年随着操作流程的简化,企业债券将在国内债券市场上占据较大的份额,而引入信用违约互换将进一步促进国内债券市场的长期稳定和发展。 First of all, this paper analyzes how CDS as a risk management tool can provide investors with the default protection of fixed-income investment. Secondly, it analyzes how CDS as an asset can provide investors with investment opportunities. Finally, With the simplification of operational procedures, corporate bonds will occupy a large share of the domestic bond market. The introduction of credit default swap will further promote the long-term stability and development of the domestic bond market.