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近几年来,信用衍生产品由于可以分散信用风险、增强资产流动性、提高金融市场效率,因而得到迅速发展,越来越多的机构参与信用衍生产品市场。然而,随着信用衍生产品市场的急剧扩展,其存在的一些深层次矛盾也日益显现,如交易对手风险、道德风险、系统性风险等方面。当前次贷危机愈演愈烈,全球正经历自1929年大萧条以来最为严重的金融危机,市场普遍认为,过度参与合成以CDS和CDO为主的信用衍生产品市场,正是本次金融危机爆发的最直接的原因。本文着重分析了信用衍生产品的主要品种,其对金融市场发展和稳定的意义及可能存在的风险,最后得出我国发展信用衍生产品的相应的启示,如完善信息披露机制、促进多层次金融市场的协调发展、健全金融机构监管体系等。
In recent years, due to its ability to diversify credit risk, enhance asset liquidity and improve the efficiency of financial markets, credit derivatives have been rapidly developed and more and more institutions are participating in the credit derivatives market. However, with the rapid expansion of credit derivatives market, some deep-rooted contradictions exist, such as counterparty risk, moral hazard and systemic risk. As the current subprime mortgage crisis intensifies, the world is experiencing the most serious financial crisis since the Great Depression of 1929. The market generally believes that over-participation in the CDS and CDO-based credit derivatives market is precisely the most direct impact of this financial crisis s reason. This paper analyzes the main varieties of credit derivatives, its significance and possible risks to the development and stability of the financial markets, and finally concludes the corresponding enlightenment of developing credit derivatives in our country, such as improving information disclosure mechanism and promoting multi-level financial markets The coordinated development of sound financial institutions regulatory system.