我国信用衍生品发展困境与对策研究

Research on the Development Dilemma and Countermeasures of Credit Derivatives in China

摘要: 信用衍生品是场外衍生品市场不可或缺的一部分，通过发展信用衍生品市场向金融中介机构提供调节信用风险的手段，显然是提高市场效率的渠道之一。从国际视角来看，中国的信用衍生品市场发展较为滞后，没有形成一个比较完善的信用体系，导致信用关系严重扭曲，金融市场中道德风险蔓延，为我国金融市场的健康发展带来了很大的障碍。因此，为推动信用衍生品在我国金融市场的应用，有必要加快完善市场机制，加强市场基础设施建设，推动政策的进一步落实。本文以信用衍生品作为研究对象，通过分析我国信用衍生品发展的现状和问题，探索我国信用衍生品市场发展的方法和对策，为有关部门的政策制定提供思路。

Abstract: Credit derivatives are an integral part of the over-the-counter derivatives market, and providing financial intermediaries with a means to regulate credit risk through the development of a credit derivatives market is clearly one of the channels to improve market efficiency. From an international perspective, China’s credit derivatives market is lagging behind and has not formed a relatively sound credit system, leading to serious distortions in credit relations and the spread of moral hazard in the financial market, which poses a great obstacle to the healthy development of China’s financial market. Therefore, in order to promote the application of credit derivatives in China’s financial market, it is necessary to accelerate the improvement of the market mechanism, strengthen the construction of market infrastructure and promote the further implementation of policies. Taking credit derivatives as the object of study, this paper explores the methods and countermeasures for the development of China’s credit derivatives market by analysing the current situation and problems of the development of credit derivatives in China, and provides ideas for the policy formulation of relevant departments.