新华财经北京7月14日电（王菁）随着系统自动化水平与信用风险缓释工具（CRM）领域的不断发展，我国金融市场基础设施加强协同发力，助力信用衍生 品创新质效进一步提升。今年以来，凭证类CRM即信用风险缓释凭证（CRMW）显著发挥风险分担功能，与金融"五篇大文章"紧密结合， 助力实体尤其是 科创企业实现多元化融资需求。 新华财经获悉，在债券市场"科技板"落地的两个月以来，CRMW在支持科创企业债券发行方面已经"崭露头角"。截至2025年6月底，挂钩银行间市场科技创 新债券的CRMW共创设登记6笔、3.95亿元，累计支持12.5亿元科技创新债券成功发行，其中3笔为首批科技创新债券风险分担工具，通过创设CRMW为两家 民营股权投资机构在银行间市场成功获得2.5亿元低成本、长期限融资。 业内人士表示，信用风险缓释工具与"科技板"的迅速融合，有助于合理提升债务融资规模、降低融资成本，缓解企业尤其是民营主体的融资难问题。一般来 说，配售信用风险缓释工具后，债券投资者的顾虑也会得以缓解，其他借款机构对标的企业的认可度会提高、贷款资金来源会更加丰富。而地方性金融机构 在尝试更多类型的相关业务过程中，将提升其信用衍生品设计、交易能 ...

Core Viewpoint - The Credit Risk Mitigation Warrant (CRMW) serves as a "credit bridge" to alleviate financing difficulties for private enterprises, with recent revisions to the operational guidelines aimed at enhancing its effectiveness in supporting the real economy [1][2]. Summary by Relevant Sections CRMW Overview - CRMW is a key tool for supporting bond financing for private enterprises and risk-sharing for technology innovation bonds, functioning similarly to a "credit insurance policy" for specific debts [2]. - Since the introduction of the CRMW model linked to bond issuance in 2018, approximately 150 billion has been created, supporting over 340 billion in bond issuances for more than a hundred enterprises [2]. Recent Developments - The inclusion of "debt restructuring" as a credit event in CRMW products for technology companies marks a significant expansion of risk coverage, enhancing investor confidence and improving financial services for the real economy [3]. Revisions to Operational Guidelines - The recent revisions to the operational guidelines include four main optimizations to better support the financing of the real economy: 1. Establishing a comprehensive CRMW regulatory framework that includes self-regulatory rules, business guidelines, operational details, and standard texts [4]. 2. Removing restrictions on CRMW business by decoupling the creation institutions from core dealers, allowing more financial and credit enhancement institutions to participate [5]. 3. Strengthening the responsibilities and rights of participants by adding self-regulatory norms and clarifying requirements for information disclosure, pricing, trading, and management [5]. 4. Setting differentiated requirements based on the characteristics of CRMW, such as simplifying disclosure requirements for financial institutions and allowing for price inquiry methods for bond-linked creations [5].