Research On Optimization Of Operating Mechanism Of Credit Risk Mitigation Tools In China's Bond Market

In recent years,the "rigid redemption" of China's bond market has been gradually broken,and credit default events have become more and more normal,and the important role of credit risk management has been increasingly valued by the market.Although the credit risk mitigation tools that have been introduced have been widely used in private corporate bonds,and the product variety and scale have increased significantly,compared with the large-scale credit bond market,they still face insufficient scale,single entities,and lagging development.The question,how to make better use of credit risk mitigation tools to promote the diversification of the issuer of the bond market,and to solve the problems of financing difficulties and expensive financing for SMEs has become an important subject of concern for relevant scholars and practical institutions.This paper analyzes the creation background and theoretical basis of credit risk mitigation tools.Based on the operating principles and development status of typical products in domestic and foreign markets,this paper compares and analyzes the differences between domestic and foreign bond market credit derivatives market developments and the current development in China.problem.At the same time,a characteristic case analysis is performed with issued credit risk mitigation tools.By analyzing its operating mechanism,sorting out its operating logic,decomposing its transaction factors,judging its transaction risk,and evaluating its mitigation effect,it focuses on exploring the current credit risk mitigation.Defects,defects and their causes in the operation of the tool.The study found that the operation of China's credit risk mitigation tools has a mismatch between the regulatory logic and market logic in operation,a single operating structure,lack of diversity,weak participants' trading motivation,low product liquidity,limited participation in the underlying assets,and credit risk mitigation The above-mentioned factors have led to the development of China's credit derivatives market mainly through "policy support",and the level of credit risk management is still relatively lagging.Through problem analysis and summary,this article puts forward the following improvement suggestions:(1)in terms of operational logic,supervision should be more market-oriented and shift to regulatory thinking based on information disclosure and product neutrality;(2)in terms of operational structure,the introduction of assets The SPV structure commonly used in securitized products,etc.,enhances the diversity and flexibility of product trading models,and meets more trading needs of traders;(3)In terms of market mains incentives,credit risk mitigation tools are gradually recognized for financial institutions' capital slowdown.In the early stage of development,tolerate trading speculation and arbitrage to increase market activity.(4)In terms of product innovation,referring to the international credit derivatives market,try to break away from the restriction of "designated reference debt subject" and expand the scope of reference subject.In addition,from the aspects of bond market construction,infrastructure construction and supporting mechanisms,measures are given to help China's bond market to coordinately promote the development of the credit derivatives market.