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起始于次级抵押贷款问题的美国次贷危机,在全球范围内蔓延为一场影响巨大的金融危机。债券保险业务作为金融市场的重要组成部分,在这一事件中既扮演了危机的推波助澜者,又在危机中受到重创。本文介绍了债券保险的发展状况,探讨了我国发展债券保险的必要性,并在此基础上建立基于信息披露制度下的博弈模型,对我国发展债券保险的可行性进行分析,证明在信息披露制度环境下,困扰债券保险最大的问题——违约风险是可测的。
The subprime mortgage crisis in the United States, which started from the subprime mortgage loan crisis, spread to a huge financial crisis on a global scale. As an important part of the financial market, the bond insurance business not only played a role in helping to fuel the crisis but also hit hard in the crisis. This paper introduces the development of bond insurance and discusses the necessity of developing bond insurance in our country. Based on this, we establish a game model based on the information disclosure system and analyze the feasibility of developing bond insurance in China. It is proved that in the information disclosure system Under the environment, the problem that bothers bond insurance most - the risk of default is measurable.