摘要
我国信用违约互换(CDS)的推出对于缓解债券市场因刚性兑付打破而带来的流动性匮乏具有积极作用。然而,在我国目前信息披露规则下,信用违约互换(CDS)运行中产品固有风险和交易对手风险不能够被准确识别并防范,其在管理信用风险的同时也带来了新的风险,甚至可能引发系统性金融风险。因此,必须通过配套制度将风险锁定在可控制范围内,契合信用违约互换(CDS)特性的信息披露制度的完善成为关键。信用违约互换(CDS)作为管理信用风险的衍生品,参与者在进行交易时最需要知晓的信息必然是与信用风险高度相关的信息,包括参考实体的信用风险信息以及交易对手的信用风险信息。所以,必须以识别并防范信用风险为目标,以"风险相关性"为核心构建完善的信息披露规则,以此保障信用违约互换(CDS)在我国的规范化运行。
The introduction of credit default swaps （CDS）in China plays an active role in the alleviation of liquidity shortages in bond market due to the break of the rigid payment.However, under current information disclosure rules in China, the inherent risks of products and counterparty risks cannot be accurately identified and be prevented in the operation of credit default swaps. Furthermore, with the management of credit risk, it also brings new risks or even triggers systematic financial risk. Therefore we must lock risks in a controllable range by establishing supporting systems, and the improvement of information disclosure system which is fitting the features of credit default swaps is the key. Credit default swaps are taken as derivatives of the management of credit risk, so the information that participants need to know most when they are trading must be closely related with credit risk, including credit risk information of reference entities and counterparty credit risk information. Therefore, it is necessary to take the identification and prevention of credit risk as the objective, and construct perfect information disclosure rules centering on ＂risk relevance＂, to guarantee the standard operation of credit default swaps in China.
作者
常健
罗伟恒
Chang Jian Luo Weiheng(School of Lave, CentrM China Normal University, Hubei Wuhan 430079, Chin)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2017年第3期118-128,共11页
Journal of Shanghai University of Finance and Economics
基金
国家法治与法学理论研究项目"金融稳定视阈下中央银行法律制度研究--基于法经济学的分析范式"(13SFB3036)
教育部哲学社会科学研究重大课题攻关项目"我国债券市场建立市场化
法制化风险防范体系研究"(14JZD008)
华中师范大学中央高校基本科研业务费专项资金重大培育项目"完善适应现代金融市场发展的金融监管框架立法研究"
国家社会科学基金项目"区域公共事务治理中的政府协同机制研究"(14BGL114)
