巨灾债券与政府灾害救助

发生概率小而损失巨大的巨灾无疑对国民经济有着重要的影响。我国幅员辽阔，尽管每年灾害的性质和发生地点不同，但是损失总量和政府救灾的支付总量却是一个稳定的大数，然而依然不能满足救灾与恢复生产的需要。借鉴经济发达国家保险业的巨灾债券，首次提出在政府救灾中引入市场机制——发行政府巨灾债券。这对于投资者是收益高的风险投资，对于政府可以减轻公共财政负担，而对于受灾地区则可以获得更多的资金支援，加快恢复生产，保证经济增长的稳定性。

Cat bonds and government's rescue

With lower occurrence and higher loss,catastrophe has a great effect on the national economy.In China,due to the vast territory,catastrophe happens almost every year without a certain location.Every year Chinese government spends a lot of money in rescuing victims of natural calamity,but it can hardly meet what the victims need.In this paper,a market mechanism cat bond is introduced into government rescue,combining the foreign matured method with Chinese real situation.It has several merits: firstly,it will lighten government's financial burden;secondly,victims of calamity will get help more efficiently and sufficiently;finally,for investor this is a risk investment with high income.