【作者】 刘凡；

【导师】 魏敬淼；

【作者基本信息】 中国政法大学 ， 经济法， 2009， 硕士

【摘要】 随着全球金融创新的进一步深化,金融衍生产品的发展在20世纪90年代以来得到迅速发展,并对全球金融的发展起到了相当大的推动作用。信用衍生产品属于金融衍生产品中一个崭新的品种。信用衍生产品的出现,为商业银行解决信用风险提供了一种新模式。本文正文由四个部分组成:第一部分用实证的方法分析了信用衍生产品的概念、信用衍生产品的发展、分类和功能,以及我国发展信用衍生产品的可行性和必要性。其中可行性主要从我国目前的政策动向,我国商业银行发展其他金融衍生产品的经验,信用衍生产品在我国商业银行间的应用等方面进行阐述;必要性主要从全球的金融市场发展动向和我国商业银行存在的信用问题等方面着手。本部分的研究意在为下文解决相关问题作铺垫。第二部分是本文比较重要的部分。本部分主要分析了信用衍生产品的法律性质。本部分主要从信用衍生产品的法律关系和法律属性两个方面对信用衍生产品的法律性质进行阐述。分析认为信用衍生产品属于射幸契约的一种,但是又与保险、赌博等活动有所区别。本部分的分析意在于继续为下文作铺垫。第三部分是本文的重要部分。本部分在第二部分的基础上,论述了我国发展信用衍生产品的法律环境及面临的法律障碍。我国发展信用衍生产品的法律环境主要从场外交易环境和场内交易环境两个方面进行阐述;我国发展信用衍生产品面临的法律障碍主要从信用衍生产品的合法性、净额结算的效力、税收法律的挑战等几个方面进行阐述。第四部分是本文的“解决问题”的部分。本部分主要阐述了我国发展信用衍生产品相关制度及法律框架的完善。我国发展信用衍生产品需要完善信用衍生产品主体制度、行为制度、监管制度和知识产权保护等相关制度;法律框架的完善主要包括法律层面、法规层面和规章层面的完善等。本文在论证过程中,综合运用了实证分析方法、案例分析的方法和法理论证的方法等研究方法。更多还原

【Abstract】 With the deepening of global financial innovation, the financial derivatives have developed so fast since 90’s of the 20th century, which played a significant role in promoting the development of the global financial market. Credit derivative is a new species of financial derivatives. The emergence of credit derivative provides a new model for solving the credit risks of commercial banks.The article consists of four parts:In the first part, it analyzes the concept of credit derivatives, the development and classification of credit derivatives as well as the feasibility and necessity of China developing credit derivatives using empirical methods. The feasibility mainly based on the analyzing of China’s current policy trends, the experience of China developing other financial derivatives, and the elaborate applications of credit derivatives by commercial banks in China. The necessity mainly based on the analyzing of the development of global financial market and the credit issues of China banking. The study of this part is intended for paving the way for the settlement of related issues below.The second part is an important part of this article. This part mainly analyzes the legal nature of credit derivatives. This section analyzes the legal nature of credit derivatives mainly based on two aspects: the legal relationship of credit derivatives and the legal character. It deems the credit derivative is one of the aleatory contracts, but it differs with the insurance, gambling and other aleatory activities. This part is also intended to pave the way for the part below.The third part is the most important part of this article. Basing on the second part, it discusses the legal environments and legal obstacles of China developing credit derivatives. The legal environments mainly involve two aspects: the environments of the over-the-counter trading and the transaction on exchange. The legal obstacles China facing to develop credit derivatives mainly include the legitimacy of credit derivatives, the validity of net settlement, the challenges tax laws will meet and other issues.The fourth part is the problem solving one. This section mainly analyzes the improvements of related systems and the legal framework on China developing credit derivatives. China need improve the subject system, behavior system, regulatory system, the intellectual property protection and other related systems of credit derivatives; the improvements of the legal framework mainly include law, statute, rule and regulation aspects.This article comprehensively adopts the positive analysis method, the case analysis method, the jurisprudence analysis method and other research methods.更多还原