地震巨灾债券雏议

Elementary study on earthquake catastrophe bonds

初步研究了一种新的减灾金融手段———巨灾债券。在考虑地震巨灾发生的可能性、发行商将筹集来的资金再投资取得的收益、巨灾发生后返还本金的比例和债券的发行费用等因素的基础上,以发行商和投资者双方利益的平衡为原则,密切结合工程地震风险评估,探讨了巨灾债券利率的确定方法。结合我国某个具体地区按文中所述方法设计的地震巨灾债券实例,估算了债券产品可能的利率、相应的发行费用和再投资收益率,据此讨论了我国发行地震巨灾债券的可行性和生命力。

A new financial instrument for earthquake disaster reduction, catastrophe bonds is studied preliminarily in this paper. Based on the probability of earthquake catastrophe occurrence, the proceeds of reinvesting the funds raised from catastrophe bonds, the ratio of principle protected and the fee of issuing catastrophe bonds, the (approach) of determining the annual interest rates of catastrophe bonds is studied from the balance between the incomes of investors and issuers, and combined with the engineering seismic risk assessment. From the probability of earthquake catastrophe occurrence in a given region,the annual interest rates of the bonds and corresponding issue fee, the yields of reinvestment are estimated, and the feasibility and the vitality of catastrophe bonds designed in this (paper) are demonstrated.