巨灾风险债券的契约条款设计机制分析

巨灾风险债券的契约条款是债券交易各方权利义务关系的载体。基于剩余索取权与控制权对应的一般原则,必须在理顺债券运行中多方主体的权利义务关系,因为巨灾风险债券的条款设计须解决的一个核心问题,也不例外的在于如何平衡债权债务双方的权利义务关系,保证债券的顺利运作。但是,在进行巨灾风险债券契约条款设计时,必须比较巨灾风险债券在现金流结构、信用结构和期权结构上与一般债券的异同,在债券契约条款设计中应包含一些限制性条款,以便巨灾风险债券的契约条款的科学性。

Analysis on Clause Design of Catastrophe Bond Contract

Clause of Catastrophe Bond is the reflection of the rights and obligations of various participants in the operation of the bond.Traditional design of those clauses is not complete and incentive-compatible.Based on the principles of Contractual Theory of Firm and Contract designation Theory,this paper reconsiders this issue and offers some advice on how to better the clause design to smooth the relationship between various participants and finally to assure the operation of this instrument.This paper proposed various contingent claims that should be contained in the clause design and explained the economics in the self and third-party guarantee mechanism for the performing of Catastrophe Bond contract.