实际风险直接证券化与交易所交易的可行性研究

On the Feasibility of the Direct Securitization of Actual Risks

目前的保险风险连接证券虽然在一定程度上解决了保险公司自留风险过大、对巨灾风险承保能力不足等问题,但是仍然无法从根本上解决保险公司面临较大的赔付风险、信息不对称和共谋带来的低效率。本文基于"一级证券化"的视角,论证了将企业面临的实际风险进行证券化并进入交易所公开交易的合理性、可行性,解释了进行直接风险证券化给社会带来的福利增进作用和对传统保险机构带来的挑战与机遇。同时,本文提出了一种将风险直接证券化的可行操作方法,这为将保险风险证券化产品引入交易所交易打下了坚实基础。

Insurance linked securities cannot solve the problem of inefficiency induced by too much payoff risks, information asymmetry pacity of catastrophe to some and collusion so far; although it alleviates exceeded risk retention and scarce ca- extent. Based on the perspective of ＂ general securitization＂, this paper proves the rationality and feasibility of actual risk direct securitization and public trading in the exchange. It explains the improvement of social welfare brought about by direct securitization of actual risk faced by business corporation, also the challenges and opportunities for traditional insurance institutions. Meanwhile, giving an exercisable way to securitizing directly, this paper lays a solid foundation for trading the actual risk in the exchange.