{"id":13762,"date":"2025-04-14T11:04:15","date_gmt":"2025-04-14T03:04:15","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=13762"},"modified":"2025-04-14T11:05:44","modified_gmt":"2025-04-14T03:05:44","slug":"%e4%bf%a1%e7%94%a8%e9%81%95%e7%b4%84%e4%ba%92%e6%8f%9b%ef%bc%88cds%ef%bc%89%e6%98%af%e4%bb%80%e9%ba%bc%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=13762","title":{"rendered":"\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\u662f\u4ec0\u9ebc\uff1f"},"content":{"rendered":"\n<p>\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff0ccredit default swaps\uff09\u662f\u4e00\u7a2e\u91d1\u878d\u884d\u751f\u5de5\u5177\uff0c\u8cb7\u65b9\u5411\u8ce3\u65b9\u652f\u4ed8\u4fdd\u8cbb\uff0c\u4ee5\u63db\u53d6\u5728\u50b5\u52d9\u9055\u7d04\u6642\u7684\u8ce0\u511f\u3002\u7c21\u55ae\u4f86\u8aaa\uff0cCDS\u5c31\u50cf\u4e00\u4efd\u4fdd\u96aa\uff0c\u4fdd\u8b77\u6295\u8cc7\u8005\u514d\u53d7\u50b5\u52d9\u4eba\u9055\u7d04\u7684\u640d\u5931\uff0cCDS\u7684\u5831\u50f9\u6578\u503c\uff08\u4ee5\u57fa\u9ede\u8a08\uff09\u8d8a\u9ad8\uff0c\u4ee3\u8868\u5e02\u5834\u8a8d\u70ba\u9055\u7d04\u98a8\u96aa\u8d8a\u9ad8\uff0c\u8ce3\u65b9\u8981\u6c42\u66f4\u9ad8\u7684\u4fdd\u8cbb\u3002<\/p>\n\n\n\n<p>\u8cb7CDS\u53eb\u505ashort CDS\uff0c\u662f\u505a\u7a7a\u4fe1\u7528\uff0c\u5982\u679c\u7b2c\u4e09\u65b9\u9055\u7d04\u53ef\u4ee5\u7372\u5f97\u4fdd\u8cbb\uff0c\u6709\u9ede\u985e\u4f3c\u82b1\u9322\u8cb7\u4fdd\u96aa\uff08Insurance\uff09\uff0c\u7528\u4f86\u5c0d\u6c96\uff08hedge\uff09\u56fa\u5b9a\u6536\u76ca\u6295\u8cc7\u7684\u4fe1\u7528\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>CDS Buyer\uff08Lender\uff0cCDS \u8cb7\u65b9\/\u8cb8\u6b3e\u4eba\uff09\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u89d2\u8272<\/strong>\uff1a\u901a\u5e38\u662f\u8cb8\u6b3e\u4eba\u6216\u50b5\u6b0a\u4eba\uff08\u5982\u9280\u884c\uff09\uff0c\u6301\u6709\u501f\u6b3e\u4eba\u7684\u50b5\u52d9\uff08\u4f8b\u5982\u8cb8\u6b3e\u6216\u50b5\u5238\uff09\uff0c\u64d4\u5fc3\u501f\u6b3e\u4eba\u9055\u7d04\uff08\u7121\u6cd5\u511f\u9084\u50b5\u52d9\uff09\u3002<\/li>\n\n\n\n<li><strong>\u505a\u4ec0\u9ebc<\/strong>\uff1a\u5411CDS\u8ce3\u65b9\u652f\u4ed8\u5b9a\u671f\u8cbb\u7528\uff08\u985e\u4f3c\u4fdd\u96aa\u8cbb\uff0c\u5716\u4e2d\u7684\u201cPeriodic payment\u201d\uff09\uff0c\u4ee5\u63db\u53d6\u9055\u7d04\u4fdd\u8b77\u3002<\/li>\n\n\n\n<li><strong>\u95dc\u4fc2<\/strong>\uff1a\u5982\u679c\u501f\u6b3e\u4eba\u9055\u7d04\uff0cCDS\u8ce3\u65b9\u6703\u8ce0\u511fCDS\u8cb7\u65b9\u7684\u640d\u5931\uff08\u5716\u4e2d\u7684\u201cCompensation for credit losses\u201d\uff09\u3002CDS\u8cb7\u65b9\u662f\u98a8\u96aa\u8f49\u79fb\u8005\uff0c\u5c07\u501f\u6b3e\u4eba\u9055\u7d04\u7684\u98a8\u96aa\u8f49\u5ac1\u7d66CDS\u8ce3\u65b9\u3002<\/li>\n<\/ul>\n\n\n\n<p>CDS Seller\uff08CDS \u8ce3\u65b9\uff09<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u89d2\u8272<\/strong>\uff1a\u901a\u5e38\u662f\u4fdd\u96aa\u516c\u53f8\u3001\u5c0d\u6c96\u57fa\u91d1\u6216\u5176\u4ed6\u9858\u610f\u627f\u64d4\u98a8\u96aa\u7684\u6a5f\u69cb\u3002<\/li>\n\n\n\n<li><strong>\u505a\u4ec0\u9ebc<\/strong>\uff1a\u6536\u53d6CDS\u8cb7\u65b9\u7684\u5b9a\u671f\u8cbb\u7528\uff0c\u4f5c\u70ba\u627f\u64d4\u9055\u7d04\u98a8\u96aa\u7684\u5831\u916c\u3002\u5982\u679c\u501f\u6b3e\u4eba\u9055\u7d04\uff0cCDS\u8ce3\u65b9\u9700\u8ce0\u511fCDS\u8cb7\u65b9\u7684\u640d\u5931\uff08\u53ef\u80fd\u662f\u672c\u91d1\u6216\u5229\u606f\u640d\u5931\uff09\u3002<\/li>\n\n\n\n<li><strong>\u95dc\u4fc2<\/strong>\uff1aCDS\u8ce3\u65b9\u662f\u98a8\u96aa\u627f\u64d4\u8005\uff0c\u985e\u4f3c\u4fdd\u96aa\u63d0\u4f9b\u8005\uff0c\u627f\u64d4\u501f\u6b3e\u4eba\u9055\u7d04\u7684\u98a8\u96aa\u3002<\/li>\n<\/ul>\n\n\n\n<p>Borrower\uff08\u501f\u6b3e\u4eba\uff09<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u89d2\u8272<\/strong>\uff1a\u5411CDS\u8cb7\u65b9\uff08\u8cb8\u6b3e\u4eba\uff09\u501f\u9322\u7684\u5be6\u9ad4\uff08\u53ef\u80fd\u662f\u516c\u53f8\u3001\u653f\u5e9c\u7b49\uff09\u3002<\/li>\n\n\n\n<li><strong>\u505a\u4ec0\u9ebc<\/strong>\uff1a\u6309\u7167\u8cb8\u6b3e\u5354\u8b70\u5411CDS\u8cb7\u65b9\u652f\u4ed8\u5229\u606f\u548c\u672c\u91d1\uff08\u5716\u4e2d\u7684\u201cInterest and principal payment\u201d\uff09\u3002\u5982\u679c\u501f\u6b3e\u4eba\u7121\u6cd5\u652f\u4ed8\uff08\u9055\u7d04\uff09\uff0c\u6703\u89f8\u767cCDS\u5408\u7d04\uff0cCDS\u8ce3\u65b9\u9700\u8ce0\u511fCDS\u8cb7\u65b9\u7684\u640d\u5931\u3002<\/li>\n\n\n\n<li><strong>\u95dc\u4fc2<\/strong>\uff1a\u501f\u6b3e\u4eba\u662fCDS\u5408\u7d04\u7684\u53c3\u8003\u5be6\u9ad4\uff08Reference 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src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-1024x526.png\" alt=\"\" class=\"wp-image-13743\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-1024x526.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-300x154.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-768x395.png 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4.png 1039w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" 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default swaps\uff09\u662f\u4e00\u7a2e\u91d1\u878d\u884d\u751f\u5de5\u5177\uff0c\u8cb7\u65b9\u5411\u8ce3\u65b9\u652f\u4ed8\u4fdd\u8cbb\uff0c\u4ee5\u63db\u53d6 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