跨期环境下的巨灾风险分担：一个比较分析

资本市场通过衍生品交易增强的管理风险能力,大大改善了其跨期风险分担功能。作为风险中介的再保险公司通过储备流动性的方式,在跨期风险分担方面具有比较优势,而传统的资本市场缺乏衍生品交易,更多地体现为跨地风险分担的功能。在资本市场的竞争压力下,直保公司和再保险公司都面临融资和风险转移问题,如果通过新的资本市场工具,将资产负债表上的成熟产品通过证券化的形式转移到资本市场上,那么资本市场将是有效率的。

A Comparative Analysis of CAT Risk Pooling under Inter-temporal Conditions

The derivatives market facilitates risk management in capital markets,as well as risk sharing function against spread trading.Re-insurance companies,as the risk intermediaries,by the way of reserves liquidity,show their comparative advantages in risk sharing against spread trading.While function of the traditional capital market,lack of derivatives transactions,always takes the form of risk sharing again places.Under the pressure of capital market completive,both direct finance companies and re-insurance companies face the problems of financing and risk transferring.In that case,with the help of some new instruments,capital market will be an efficient choice suppose mature products in balance sheet have been transferred to the capital market by securitization.