信用衍生工具中存在的估价障碍和风险分析

The Valuation Challenges & Risk Analysis of Credit Derivatives

近几年来,在传统的信用风险管理方法的基础上,信用衍生工具已经日益受到贷款者、投资者、借款者和衍生工具交易者等方面的重视。本文从信用衍生工具的特点出发,对信用衍生工具与其他信用风险管理工具的特点进行了比较,分析了目前信用衍生工具的估价障碍,并且就目前中国推出信用衍生工具的必要性阐述了自己的观点,对可能产生的风险进行了分析,并提出了几点建议。

In the past several years,based on the traditional credit risk management,credit derivatives have become popular among lenders,institutionl investors,borrowers,derivativers traders and so onStaring from the characteristics of credit derivatives,this paper compares the characteristics of credit derivatives and that of other credit risk management instruments and analyzes the valuation obstacles of current credit derivatives .The author puts forward her own viewpoint on the necessity for China to conduct such instruments and gives some suggestions after analyzing the possible risks.