风险证券化发展动因研究:非传统视角

A Study on the Fundamental Impetus of the Development of Risk Securitization:A New Viewpoint

传统观点认为,风险集中所导致的对巨额再保险承保能力需求与再保险承保能力短缺之间的矛盾激发了风险证券化的产生。与传统观点不同,文章通过对风险证券化传统解释及其缺陷的深入剖析,从企业制度演化效应和全球产业发展趋势的全新视角,在更深层次上揭示了风险证券化产生发展的"双轮驱动"机制。

From the traditional viewpoint, there is a gap between the increasing need of large scale reinsurance capacity which is due to risk accumulation and the scarcity of reinsurance capacity. The gap gives rise to insurance risk securitization. Different from that viewpoint, this paper put forward a more powerful and essential explanation from special new view angles of corporation institutional evolution and the development of the global industry trend based on a thorough analysis of the traditional interpretation and its weakness.