我国风暴潮灾害债券设计研究

Research on the Design of Storm Surge Disaster Bond in China

基于巨灾债券的理论与实践,从市场参与主体、投资属性、发行监管等方面探讨了风暴潮灾害债券的设计问题。研究显示,由于目前我国海洋灾害债券尚处于初步探索阶段,在综合考量发行成本、市场流动性和债券风险等多种微观因素的基础上,可在参数触发机制下,按照先外后内的顺序,面向机构投资者私募发行中短期风暴潮灾害债券。同时,建议从法律角度明确风暴潮灾害债券的监管权归属问题,依法监管风暴潮等海洋灾害的风险证券化问题,逐步推进海洋灾害风险证券化的实践与国际资本市场接轨。

Based on the theory and practice of catastrophe bonds this paper discusses the design of storm surge bonds from the aspects of market participants,investment attributes and issuance supervision.As China′s marine disaster bonds are still in the initial stage of exploration various micro factors such as issuance cost,market liquidity and risk should be considered comprehensively.Short and medium-term bonds can be privately issued to institutional investors in the order of first outside then inside under the parameter trigger mechanism.At the same time it is suggested to clarify the ownership of the regulatory authority of storm surge disaster bonds from the legal perspective and supervise the risk securitization of marine disasters such as storm surge according to law.Then gradually promote the practice of marine disaster risk securitization to be in line with the international capital market.