新疆农业灾害风险证券化研究
发布时间：2018-08-22 19:16
【摘要】：新疆自然灾害多发的地区，特别是因为所处的地理位置，常年遭受各种自然灾害的影响，给居民的生产生活带来了巨大损失。新疆作为一个农业生产大省，而农业生产会又受到自然灾害很大程度上的影响，，如何减少自然灾害对新疆农业生产造成的损失就成了影响新疆经济发展的重要问题。目前弥补损失的方法除了政府的救灾资金，主要还是依靠新疆农业保险。政府和保险业在发生重大自然灾害时所面临的压力也随着自然灾害发生频率和规模的增加而增加。由于自然灾害的频繁发生，各种农业保险产品的赔付率也一直居高不下。并且近年来随着市场化经济的逐步改革，保险业竞争压力越来越大，政府给予各种政策上的帮助也在逐渐减少。因此如何解决这种资金短缺，农业保险有效需求不能得到满足的状况是本研究的目的。 本文借鉴了美国的一种金融衍生工具——保险连接证券，也叫巨灾风险证券化。它一方面可以借助资本市场分散保险市场的风险，从而有效提高了保险业抵御风险的能力；另一方面保险业凭借着这种金融工具可以从资本市场上获得大量的资金，扩大了本身的承保容量。同时，也使政府能够摆脱“最后保险人”的尴尬境地。保险连接证券主要包括巨灾期权，巨灾期货，巨灾互换和巨灾债券等产品。而巨灾债券比较其他的金融衍生工具而言有一定的优点，并因此在巨灾风险管理中被广泛的应用。本文从此出发，为了增加新疆农业保险的抗风险能力和承保容量，并结合新疆农业保险的实际情况，将新疆农业灾害风险和巨灾债券相结合，设计了并计算了目前新疆发行农业灾害风险债券适用的规模和价格。 首先，文章在介绍了保险连接证券的基本概念和原理的基础上介绍了不同的证券化产品，尤其是它们当中的巨灾债券的独特的运作模式和属性。其次对新疆的农业灾害风险与巨灾债券相结合的可能行做出了分析，提出新疆发行农业自然灾害风险债券以解决新疆农业保险面临的种种困境，并对其运行机制做出了相关建议。最后，文章结合新疆近60年来发生的农业自然灾害数据，对其损失分布进行拟合，提出合适的农业灾害风险债券发行规模，以实际数据为基础，根据资本资产定价模型计算新疆发行一年期不同类型的农业灾害风险债券的可行利率和价格。
[Abstract]:Xinjiang is a large province of agricultural production, and agricultural production will be affected to a great extent by natural disasters. How to reduce natural disasters on agriculture in Xinjiang The loss caused by production has become an important issue affecting the economic development of Xinjiang. At present, the way to make up for the loss is mainly depending on agricultural insurance in Xinjiang besides the government's relief fund. The pressure faced by the government and insurance industry in the event of major natural disasters increases with the frequency and scale of natural disasters. However, with the frequent occurrence of disasters, the compensation rate of various agricultural insurance products has been high. And in recent years, with the gradual reform of the market economy, the pressure of competition in the insurance industry has become greater and greater, and the government has given a variety of policies to help gradually reduce. Therefore, how to solve this shortage of funds, the effective demand for agricultural insurance can not be obtained. Satisfaction is the purpose of this study.
This paper draws lessons from an American financial derivative, insurance-linked securities, also known as catastrophe risk securitization. A large amount of money has expanded its underwriting capacity. At the same time, it has also enabled the government to get rid of the embarrassment of the "last insurer". Insurance-linked securities mainly include catastrophe options, catastrophe futures, catastrophe swaps and catastrophe bonds. Catastrophe bonds have certain advantages over other financial derivatives, and therefore in catastrophe. From this point of view, in order to increase the anti-risk ability and underwriting capacity of agricultural insurance in Xinjiang, and combining with the actual situation of agricultural insurance in Xinjiang, this paper designs and calculates the applicable scale and price of agricultural disaster risk bonds in Xinjiang.
Firstly, based on the introduction of the basic concepts and principles of insurance-linked securities, this paper introduces different securitization products, especially the unique operation mode and attributes of catastrophe bonds. Secondly, it analyzes the possibility of combining catastrophe bonds with agricultural disaster risk in Xinjiang, and proposes that Xinjiang issue agricultural self-financing. However, disaster risk bonds can solve the various difficulties faced by agricultural insurance in Xinjiang, and make relevant suggestions on its operation mechanism. Finally, the paper combines the data of agricultural natural disasters occurred in Xinjiang in the past 60 years, fits the loss distribution, and puts forward the appropriate issuance scale of agricultural disaster risk bonds, based on the actual data and according to the actual data. The capital asset pricing model calculates the feasible interest rate and price of one-year agricultural disaster risk bonds issued in Xinjiang.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F327;F224
本文编号：2198053
[Abstract]:Xinjiang is a large province of agricultural production, and agricultural production will be affected to a great extent by natural disasters. How to reduce natural disasters on agriculture in Xinjiang The loss caused by production has become an important issue affecting the economic development of Xinjiang. At present, the way to make up for the loss is mainly depending on agricultural insurance in Xinjiang besides the government's relief fund. The pressure faced by the government and insurance industry in the event of major natural disasters increases with the frequency and scale of natural disasters. However, with the frequent occurrence of disasters, the compensation rate of various agricultural insurance products has been high. And in recent years, with the gradual reform of the market economy, the pressure of competition in the insurance industry has become greater and greater, and the government has given a variety of policies to help gradually reduce. Therefore, how to solve this shortage of funds, the effective demand for agricultural insurance can not be obtained. Satisfaction is the purpose of this study.
This paper draws lessons from an American financial derivative, insurance-linked securities, also known as catastrophe risk securitization. A large amount of money has expanded its underwriting capacity. At the same time, it has also enabled the government to get rid of the embarrassment of the "last insurer". Insurance-linked securities mainly include catastrophe options, catastrophe futures, catastrophe swaps and catastrophe bonds. Catastrophe bonds have certain advantages over other financial derivatives, and therefore in catastrophe. From this point of view, in order to increase the anti-risk ability and underwriting capacity of agricultural insurance in Xinjiang, and combining with the actual situation of agricultural insurance in Xinjiang, this paper designs and calculates the applicable scale and price of agricultural disaster risk bonds in Xinjiang.
Firstly, based on the introduction of the basic concepts and principles of insurance-linked securities, this paper introduces different securitization products, especially the unique operation mode and attributes of catastrophe bonds. Secondly, it analyzes the possibility of combining catastrophe bonds with agricultural disaster risk in Xinjiang, and proposes that Xinjiang issue agricultural self-financing. However, disaster risk bonds can solve the various difficulties faced by agricultural insurance in Xinjiang, and make relevant suggestions on its operation mechanism. Finally, the paper combines the data of agricultural natural disasters occurred in Xinjiang in the past 60 years, fits the loss distribution, and puts forward the appropriate issuance scale of agricultural disaster risk bonds, based on the actual data and according to the actual data. The capital asset pricing model calculates the feasible interest rate and price of one-year agricultural disaster risk bonds issued in Xinjiang.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F327;F224
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