【摘要】 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。更多还原

【Abstract】 Credit Derivatives, in recent years, have a rapid development because of its function of decentralization of credit risk and enhancement of assets liquid and effectiveness of financial market;more financial institutions have been involved in.But with the rapid development of Credit Derivatives, they also reveal many in-depth contradictions, such as counterparty risk, moral risk, and systematic risk and so on.Sub-prime mortgage crisis in the U.S is due to the rapid development of the market of Credit Derivatives in essence.At present, there is a most serious financial crisis in most countries;most people think major cause of financial crisis is just that more financial institutions have been involved in the market of Credit Derivatives.The paper analyzes the Credit Derivatives′major varieties and significances of development and stability and possible risks, and finally arrives at some revelations, such as to perfect information’s disclosure, to promote compatible development of financial market and Perfect the system of financial institutions supervision.更多还原