中国版信用违约互换的可行性分析

An Analysis on the Feasibility of Chinese Version CDS

源自美国的国际金融危机将CDS引入人们的视野。危机背景下,我国相对稳定的国内经济形势激发国内金融工作者研究金融衍生品的热情,推出中国版CDS已经被有关机构提上议事日程。根据CDS的概念和利弊,从信用风险计量、债券市场容量、社会信用环境、金融监管现状、交易结算制度五个方面分析CDS在当前中国的可行性,认为中国版CDS宜谨慎慢行。

The international financial crisis commencing from the U.S.has introduced CDS to the audience.Under the background of crisis,a relatively stable domestic economic situation in China has inspired the enthusiasm of domestic researchers on financial derivatives,and launching Chinese version CDS has been put on the agenda by the relevant authorities.According to the concept and the pros and cons of CDS,viewed from credit risk measurement,bond market capacity,social credit environment,status of financial regulation and the transaction settlement system,an analysis is made on the feasibility of CDS at present in China,asserting that it＇s necessary for China to take prudential measures for launching Chinese version CDS.