担保债务凭证(CDO)的高风险性分析及防治建议

担保债务凭证(CDO)是一种新型金融衍生品,次贷危机爆发后该产品的惨重损失使之成为金融市场中的风险策源地。文章对其高风险性进行分析,发现其高风险来源于设计思路中应当设限而未设限、风险分担设置不合理等问题,且这种高风险性被评级机构所掩饰。文章最后在对美国新金融监管改革法案相关措施进行评析的同时提出自己的建议。

Collateralized Debt Obligation （CDO） is a new financial derivative which has caused severe damage in the current financial crisis. The author of this article, through analysis of the high risk of CDO, finds out that the high risk has its root in the design of the product, i.e. no restriction of risk and unreasonable risk allocation, and that such high risk used to be concealed by the rating agencies. In the last part of the article, the author gives his own comments, analysis and opinions on the relevant remedi al measure adopted in the NEW FINANCIAL REFORM BILL of USA.