摘要
随着债券市场的发展,新的债券投资品种不断涌现。债券及债务本身在偿债顺序上的特殊性要求利益各方必须对信用风险作出评价。不同性质、不同规模的商业银行发行的各种债券在信用风险等级上也必然存在着差异。信用风险构成了债券或债务定价中必须考虑的重要因素,也要求商业银行在债券投资时必须关注信用风险管理。本文运用实物期权思维对利益各方:主要是银行及非银行金融机构的信用管理提供技术上的支持。
The bonds market has witnessed some new forms of bonds investment in recent years. It is necessary for beneficiaries to assess the credit risks concerned, for bonds vary in risks from bank to bank. The same is true of the banks that participate in bonds investment. This paper makes an analysis of these aspects by means of real option.
关键词
债券
信用管理
实物期权
Bonds
credit management
real option
