信用衍生产品交易者契约关系分析

基于信用衍生产品交易者之间复杂的契约关系,从信息不对称的经济学视角分析信用衍生产品交易者之间的逆向选择、道德风险行为,揭示信用衍生产品在分离、管理信用风险过程中对交易者造成的一些影响。据此提出增强信用风险的分离与管理能力、大力培育信用风险接收机构和转出机构、强力约束信贷市场借款企业等对策,为发展我国信用衍生产品提供契约方面的思考。

An Analysis on Contractual Relationship between Credit Derivatives Traders and Study for Development Countermeasures

Based on the complex contractual relationship between the credit derivatives traders,from the economic perspective of information asymmetry,an analysis is made on the adverse selection and behavior of moral hazard among the traders,revealing the effect of credit derivatives on the traders during the course of segregation and management of credit risks.Hence proposals are made as follows： enhancing capacity for segregation and management of credit risks,greater efforts to cultivate credit risk accepting and transferring institutions,powerfully confining the borrowing firms in the credit market,offering thoughts for the development of credit derivatives products in China.