中文摘要：

信用风险缓释工具（CRM）是2010年我国债券市场最重要的信用风险管理创新工具，它将短期融资券、中期票据等信用类债券的信用风险剥离定价，并转移给愿意承担风险的投资者。本文通过对CRM试点过程中存在的投资主体单一、市场机制不完善及外部环境建设滞后等问题进行了深度剖析，并有针对性地从投资者培育、信用评级与定价、做市商机制、交易信息披露、信用事件处理、以及监管会计税收法律制度建设等方面提出政策建议，以利于CRM市场的可持续发展。

英文摘要：

Credit Risk Mitigation （CRM） is the most important innovative tool of credit risk management in China＇s bond market in 2010. It spins off credit risks from credit bonds such as short-term financing bonds and medium-term notes, and transfers these risks to investors that are willing to take risks. The paper delves into issues such as single investment subject, imperfect market mechanism and lagged construction of external environment during CRM pilot program, and proposes policy suggestions on investor cultivation, credit rating and pricing, market maker mechanism, information disclosure, disposition of credit incidents, and the legal construction of tax system, in a hope of promoting the persistent development of CRM market.