中央财经大学2025年专题学术讲座

教育部人文社科重点研究基地中央财经大学中国精算研究院学术活动

精算论坛第271期讲座

(2025年11月6日)

讲座主题：Pure risk, Agency conflict, and Hedging

摘要：This talk focuses on the asset substitution problem over insurance decisions. We develop a theoretical model toanalyzethe agency conflict, and find that it is related to a firm's risk level and capital structure.In particular, atthe optimal leverage, agency conflict occurs only when the risk level is relatively high, which explains why insurance covenants are typically for significant pure risks. In addition, we consider premium loadings and conclude that full hedging is not a firm's optimal risk management strategy. Our framework with premium loadings can also explain many insurance phenomena, such as risk retention for small losses and subsidies for catastrophe insurance.

报告人：陈路

陈路，西南财经大学金融学院，保险与精算系讲师，主要研究方向：企业保险需求；绿色保险；公司金融。成果发表于Journal of Banking and Finance,Finance Research Letters等期刊。

讲座时间：2025年11月6日（周四）下午14:00-15:30

报告地点：沙河学院楼13号楼301

邀 请 人：廖朴