巨灾损失补偿机制：基于市场配置与政府干预的整合性架构

首先介绍巨灾风险损失补偿的市场化补偿机制和政府财政补偿机制,从巨灾风险的属性、金融功能观、市场失灵三个方面阐述政府和市场双方结合对风险进行补偿的必要性,然后从效率角度比较了两种补偿方式各自具有的特点,同时指出任何一种机制都不能单独承担巨灾损失的补偿责任。最后讨论政府参与巨灾风险损失补偿的责任边界,并提出了基于市场配置和政府干预的整合性巨灾风险损失补偿机制。

Mechanism of Catastrophe Risk Compensation:Based on Integrated Framework of Market Allocation and Government Intervention

This paper introduced the market compensation mechanism and the government fiscal compensation mechanism for the catastrophe losses,elaborated the necessity of combining market and government functions from three aspects: property of the catastrophe risk,financial function view and market failure,and discussed the features of the two mechanisms.It drew the conclusion that neither of the two mechanisms could undertake the responsibility of catastrophe risk compensation on its own.Finally,this paper discussed the government responsibility boarder in participation into catastrophe risk compensation,and proposed the mechanism of catastrophe risk compensation based on an integrated framework of government intervention and market allocation.