债券保险发展进程及业务模式探索  

Bond Insurance Development Process and Business Model Exploration

作　　者：杨洋 赵大伟 Yang Yang;Zhao Dawei

机构地区：[1]中央国债登记结算有限责任公司博士后科研工作站,北京100033 [2]中国人民银行金融研究所,北京100800

出　　处：《西南金融》2020年第5期87-96,共10页Southwest Finance

摘　　要：我国信用债市场发展进入新时期,信用违约的常态化和高收益债券市场建立的需要催生了对信用风险管理和信用增级的需求,而债券保险正是满足这两种需求的有效手段。本文在借鉴债券保险发展的国际经验的基础上,立足我国债券市场与债券保险发展现状,指出了当前我国债券保险发展滞后源于制度建设落后、信用保护卖方保障不足等原因导致的盈利困难,并提出和论证了由保险公司提供结算型债券保险的新型保险模式。最后就当前我国债券保险发展存在的不足之处,从发展传统型债券保险和信用风险缓释工具两个角度提出了具体的政策建议。The development of China’s credit bond market has entered a new era. The normalization of credit defaults and the need to establish a high-yield bond market have spawned the need for credit risk management and credit enhancement. Bond insurance is an effective means to meet these two demands. This paper draws on the international experience of bond insurance development, based on China’s bond market and bond insurance development status, points out that the current development of China’s bond insurance lags behind due to poor system construction, insufficient credit protection seller guarantees, etc. This paper proposes and demonstrates a new insurance model provided by insurance companies for settlement bond insurance. Finally, to overcome the shortcomings of the current development of China’s bond insurance, specific policy recommendations are proposed from the perspective of developing traditional bond insurance and credit risk mitigation tools.

关 键 词：债券保险 信用风险缓释工具 信用增级 信息不对称 债券违约 系统性金融风险 风险管理 保险定价 

分 类 号：F840.69[经济管理—保险]