信用衍生工具及其在我国的应用探析

An Exploration of the Application of Credit Derivatives in China

信用衍生品是20世纪90年代末发展起来的一种新型金融衍生工具,它将信用风险从市场风险中分离出来,并使信用风险变得可以交易和管理,从根本上改变了传统的信用风险管理模式。尽管信用信息缺乏、金融法规不健全、债务交易二级市场滞后等问题限制了我国信用衍生工具的发展,但随着我国金融业对外开放程度的迅速提高和金融体制改革深化,发展信用衍生工具将成为我国未来金融市场发展的必然选择。

Credit derivatives are new financial derivatives starting to develop in the late 1990s in China. They separated credit risk from market risk and made credit risk tradable and manageable, thus completely changed the traditional credit risk management model. Although some problems such as inadequate credit information, imperfect financial regulations and rules, and less developed secondary debt trading market imposed restrictions on the development of our credit derivatives, it is believed that developing credit derivatives will be the logical option for developing our future financial market since the opening up of our financial industry develops swiftly and the reform in our financial system continues to deepen.