我国农业慈善巨灾债券定价研究——以河南省洪灾慈善巨灾债券为例

Study on the Pricing of Agricultural Charity Catastrophe Bond in China:A Case of Flood Disaster Charity Catastrophe Bond in Henan Province

我国农业巨灾损失的规模往往大大超过来自内部和外部的救灾资金,农业慈善巨灾债券给低概率高损失的农业巨灾风险分散到资本市场提供了机会。在探讨农业慈善巨灾债券的背景、性质和作用基础上,运用修正的Wang两因素模型,以河南省洪灾为例对农业慈善巨灾债券的定价问题进行了研究,认为农业慈善巨灾债券可以成为我国农业巨灾风险分散的一种有效替代工具。

The size of the agricultural natural disaster losses are often far more than relief funds from the internal and external of our country, agricultural for diverting the agricultural catastrophe risk of low charity catastrophe bonds provides the opportunity probability and high in loss to the capital market. Based on the analysis of the background, nature and function of agricultural charity catastrophe bond, in this paper, we use the modified Wang two factor model, taking the flood disaster in Henan Province as an example to study the pricing problem of agricultural catastrophe bond, hoping agriculture charity catastrophe bonds become an effective alternative in diverting agricultural catastrophe risk.