保險市場相關(guān)外文文獻翻譯（節(jié)選）

1、<p>　　1500單詞，7500英文字符,2500漢字</p><p>　　文獻出處：LuigiGuiso. Trust & Insurance Markets [J]. Journal of Banking & Finance, 2012(7): 34-60.</p><p>　　http://www.wenku1.com/news/18758C5F70646

2、9F1.html</p><p><b>　　原文</b></p><p>　　Trust & Insurance Markets</p><p>　　LuigiGuiso</p><p><b>　　Summary</b></p><p>　　Trust is a

3、key determinants of any financial transaction. Exchanges in insurance markets are a particular type of financial transaction where a current payment – the premium – is exchanges for a promise of a future, contingent paym

4、ent – the indemnity due when the casualty occurs. We argue that trust is key in fostering these type of exchanges. Trust enters two ways: because it affects the willingness of the company to supply insurance when the ins

5、ured can cheat by claiming indemnities that are n</p><p>　　Keywords: Trust, financial contracts, insurance</p><p>　　Introduction</p><p>　　It has long been recognized that trust is a

6、 key ingredient in fostering economic and financial transaction and achieving business success. Years ago, Nobel prize文翻譯文獻Kenneth Arrow (1972), after recognizing the pervasiveness of mutual trust in commercial and non-c

7、ommercial transactions, went so far as to state that “it can be plausibly argued that much of the economic backwardness in the world can be explained by the lack of mutual confidence”. Since then plenty of evidence has s

8、hown that aggrega</p><p>　　The trust of a person who has invested in the stock of a company that his money will not be appropriated by the company’s managers. The trust that a bank has that a borrower will r

9、epay his loan as promised. The trust that an individual that subscribes the bond of a Government will not see his investment vanish because the Government – abusing authority - cooks the books (as we are taught by the re

10、cent Greek scandal). Or the trust a person purchasing a casualty insurance policy has that the insur</p><p>　　Trust and insurance</p><p>　　Since insurance exchanges are financial exchanges, also

11、 these exchanges are trust dependent. In insurance contracts trust is entailed in two ways. First, the insurer when entering the contract and paying the insurance premium upfront has to trust that the insurance company w

12、ill pay the indemnity promptly in the case the casualty actually occurs at some time in the future. Second, the insurance company has to trust that the insurer, once the premium is paid, does not act so as to raise the r

13、isk o</p><p>　　In sum, insurance exchanges require trust on two sides. Most importantly, as will argue the two types of trust may interact in important ways; in particular limited trust on the side of the in

14、surance company vis its customers can result in limited trust in the latter towards the company. I will discuss this issue latter.</p><p>　　For now on I will be mostly focusing on the trust that insurers hav

15、e towards the</p><p>　　company and how this affects their willingness to by insurance.</p><p>　　The entrepreneur’s trust</p><p>　　The entrepreneurs interviewed in the ANIA sample we

16、re asked to report their level of trust towards various entities, including: towards other people in general, other entrepreneurs, insurance companies, banks, and the stock exchange. Answers were given from a scale of ze

17、ro to 10 where zero means no trust and 10 implies complete trust. There is great dispersion in the answers regarding the measurement of trust. On average, the entrepreneurs have a high level of trust towards other people

18、 in gener</p><p>　　What determines trust in insurance companies?</p><p>　　These results indicate that once the degree of trust towards insurance companies is accounted for, trust towards others

19、and towards people does not have an additional direct effect on the choice of being insured or not. But, what determines trust towards insurance companies? If this also reflects the trust that a person has in others, the

20、n this effect is not direct but indirect because it influences the trust in insurance companies. Similar reasoning can be applied also to trust towards banks an</p><p>　　Discussion and policy implications<

21、;/p><p>　　We have argued that an insurance contract, being just a particular financial contract, are as such exposed to the possibility of abuse and are thus trust sensitive. In the literature, the importance o

22、f trust has been overlooked, partly because of an implicit assumption that mis-behavior in insurance markets receives full legal protection. We have argued that legal protection is never likely to be perfect even in sett

23、ing with particularly efficient legal institutions. When this is the case, excha</p><p>　　However, trust is required on the side of the insured who has to believe that is that the insurance company complies

24、with its contractual obligations in case of damages. We have argued and documented that the trust people on the player in insurance markets has relevant effects on peoples decisions to insure and how much to insurance to

25、 buy. Hence, in high trust communities insurance markets are more likely to prosper.</p><p>　　This leads us naturally to asking what sort of policies can help sustain a high level of level in insurance marke

26、ts. We distinguish two types of trust-enhancing policies. The first type refers to company-level policies and is meant to raise the trust people have in that company, being them existing customers or perspective customer

27、s. The second type of policies pertains to the industry and are meant, among other, to avoid the negative spillovers that misbehavior by one component of the industry </p><p>　　Improve the quality of the mat

28、ch between the insured and the policy distributor</p><p>　　An interesting result emerging past research and a from the ANIA survey is that trust tends to increase with the degree of affinity between who expr

29、esses and to whom the trust is directed. People tend to trust others that are more similar to them, that is have a high degree of affinity with (Butler and Guiso, 2010). Improving the matching between who sells and who b

30、uys insurance, choosing people to whom one feels akin and building stable relationships is a way of increasing the level of trust of</p><p>　　Support the enforcement of punishment of single companies misbeha

31、vior</p><p>　　Misbehavior by one industry member destroys the trust that people have in the other members of the industry. These spillovers imply that there is a role for industry level policies meant to set

32、 high standards of behavior and punish deviants, well and above any punishment that may follow from existing legal norms. Codes of conduct and strict rules of behavior that are shared by the industry members and hared pr

33、ocedures to punish deviation would greatly contribute to keeping high levels of trust t</p><p><b>　　譯文</b></p><p><b>　　信任和保險市場</b></p><p><b>　　路易吉·

34、;圭索</b></p><p><b>　　摘要</b></p><p>　　信任是任何金融交易的一個關(guān)鍵決定因素。保險市場中的交易是一種特殊的金融事務(wù)，它的交易模式為，當前支付保費，未來有需要時承諾兌現(xiàn)，或是當有傷亡發(fā)生時，可獲得保險賠償金。我們認為，在這種未來承諾型的保險交易中，信任是最關(guān)鍵的因素。如果被保險人通過虛假作弊試圖獲得保險賠償金的話，這會影

35、響保險公司提供保險賠償?shù)囊庠?。另外，如果人們不相信該保險公司會履行承諾，到期時支付賠償金的話，并不鼓勵人們購買這公司的保險。本文的研究就是在理論和實證上證明信任和保險交易的相關(guān)性，并討論政策來促進它的發(fā)展。</p><p>　　關(guān)鍵詞: 信任；金融合同；保險</p><p>　　人們早就認識到信任在促進經(jīng)濟和金融事務(wù)并實現(xiàn)商業(yè)成功方面是一個關(guān)鍵因素。諾貝爾獎得主肯尼斯?阿羅早在1972年就

36、認識到了相互信任在商業(yè)和非商業(yè)交易中普遍存在，并且適用于國家之間的關(guān)系。“因此，可以合理地認為許多經(jīng)濟落后國家之間缺乏相互信任”。此后，大量的證據(jù)表明，信任度和經(jīng)濟水平有一種強烈的正相關(guān)關(guān)系。此外，具有高度信任水平國家的企業(yè)可以的到比較好的發(fā)展（波爾塔等人，1997)和股票市場和金融市場也會得到繁榮發(fā)展(吉索等人，2009)。 正如肯尼斯所說的，信任，作為一個必備要素存在于各類交易中，因為對這些事務(wù)來說，信任是特別重要的。金融交易，都是

37、關(guān)于錢往來，隨著時間的推移，尤其應(yīng)該依賴于信任。事實上，任何金融交易，包括：貸款、購買上市公司的股票、投資公司或政府的債券、購買保險。它們都有一個最基本的特征:它是一個基于現(xiàn)在進行交易，而承諾在未來可以獲得更多的錢。但是要想辦法讓人相信這個承諾，使得交易的達成，這是信任。</p><p>　　出于信任，客戶會投資于一家公司的股票，他相信他的錢不會被公司的經(jīng)理所挪用。銀行對客戶的信任，借款人會履行他的貸款承諾。政府

38、債券的相信，一個人會購買政府的債券，而不會看到他的投資消失，因為政府不會隨意濫用權(quán)力，投資于政府的債券風險也較小。或一個人信任保險公司，愿意購買保險公司的意外保險產(chǎn)品，保險公司則承諾在未來客戶因?qū)嶋H發(fā)生的事情需要保險賠償金的時候，保險公司能履行承諾。這些金融交易都需要互相信任。</p><p>　　因為信任和保險交易是緊密聯(lián)系在一起的，所以這些交易時依賴于互相信任。在保險合同中這種信任表現(xiàn)在兩個地方。首先，如果

39、客戶發(fā)生了事情，保險公司要按照合同，承諾將支付保險賠償金給客戶。在前期，客戶必須相信保險公司將及時支付賠償，以為未來的一段時間內(nèi)提供幫助。第二，保險公司也相信，一旦客戶支付了保險費，就需要履行承諾，在客戶需要的時候，踐行承諾。信任必須是互相的，因為保險公司可以欺騙客戶，通過假裝受害者實際上沒有發(fā)生以外，或是客戶通過虛假的傷亡或加重其后果來獲取保險公司的賠償金。</p><p>　　總之，保險雙方都需要互相信任。最

40、重要的是，這兩種類型的信任在某些方面就可能會有所不同，尤其當保險公司一方對客戶持有限的信任，那么其客戶也可能就會是有限的信任該保險公司。在后面，我將討論這個問題。</p><p>　　現(xiàn)在，我將主要關(guān)注被保險人對保險公司的信任，以及這如何影響他們的意愿。</p><p><b>　　企業(yè)家的信任</b></p><p>　　在接受采訪的企業(yè)家中

41、，我們要求這些企業(yè)家們要報告他們對其他實體的信任程度，包括:對一般客戶，對其他的企業(yè)家、對保險公司、對銀行和證券交易所。(完整譯文請到百度文庫)答案從0到10的范圍內(nèi)，用來表示他們的信任程度。0意味著沒有信任，10意味著完全信任。通過調(diào)查，平均而言，接受采訪的企業(yè)家們對一般客戶，對其他的企業(yè)家、對保險公司、對銀行和證券交易所都有一個高水平的信任。平均信任度一般等于5.6(平均6), 略低于那些13%的信任級別和15.5%的高水平的信任度

42、。對其他企業(yè)家信任度的調(diào)查表明，也有類似的平均值，為5.7,但一般過低或過高的信任程度，不太可能一個企業(yè)家完全不信任或完全信任另一個企業(yè)家。</p><p>　　是什么決定了客戶對保險公司的信任呢?</p><p>　　通過研究結(jié)果表明，客戶對保險公司的信任程度沒有額外的直接影響對其保險公司的選擇。那么是什么決定讓客戶信任保險公司呢?如果是說是有別人相信，而導致他也相信，那么這種影響不是直

43、接的，而是間接的影響了客戶對保險公司的信任。類似的推理可以應(yīng)用于對銀行和其他金融機構(gòu)的信任。那些對保險公司信任的客戶反映出對銀行的同樣水平的信任度，對銀行的低水平的信任度，那么也可以轉(zhuǎn)化為對保險公司的一個低水平的信任度。</p><p><b>　　討論和啟示</b></p><p>　　我們認為，一份保險合同同樣也是一個特定的金融合同，客戶的信任度是很敏感的。在許多

44、研究文獻中 ，對信任的重要性研究一直都不是很關(guān)注，部分原因是保險市場并不受到完整的法律保護，客戶的權(quán)利因此也會可能受到損害。我們認為，法律保護不可能達到完美，甚至是專門為保險市場特別設(shè)置一個法律制度。在這種情況下，保險市場的交易就會受到客戶對保險公司信任度的影響。信任是需要站在對公司也信任保險人不提交保險欺詐，不會存在損害保險公司利益的前提下的。</p><p>　　然而，信任對于被保險人來說是必需的，他們認為保

45、險公司在客戶需要的時候，要履行其合同義務(wù)，對客戶提供損害賠償。我們已經(jīng)討論過，被保險人對保險市場的信任對其決定保險和保險購買多少都有相關(guān)的影響。因此，如果客戶對保險市場持高度信任感的話，那么保險市場才有可能得到、繁榮發(fā)展。</p><p>　　這使我們不禁會問，那什么樣的政策可以幫助維持客戶對保險市場的一個高水平的信任度呢。我們要區(qū)分兩種類型的加強信任度的政策。第一類是指公司層面的政策，就是要讓現(xiàn)有客戶或潛在客戶

46、提高對公司的信任度。第二種類型的政策是關(guān)于保險行業(yè)的，要避免出現(xiàn)不良行為的負面溢出效應(yīng)，而影響到其客戶對其信任度。</p><p>　　提高保險客戶和保險公司的互相信任度</p><p>　　根據(jù)調(diào)查，我們發(fā)現(xiàn)了一個有趣的結(jié)果，就是隨著雙方之間的親和度的增加，信任度也會得到增加。客戶傾向于相信這家保險公司，是因為這家比其他家都更有親和度(巴特勒和吉索，2010)。改善保險賣方和買方客戶之間

47、的親和度，建立一個感覺穩(wěn)定的關(guān)系，是一種增加彼此信任度的一個很好的措施。</p><p>　　對某些違反規(guī)定的保險公司要予以懲罰</p><p>　　某些行業(yè)內(nèi)的保險公司，其破壞客戶信任的不當行為，必須得到監(jiān)管。需要為該行業(yè)樹立一個較高的行為標準和懲罰措施，使得保險公司的活動更加規(guī)范。一個較高的行為準則和嚴格的保險公司行為規(guī)范將能大大有助于保持客戶對保險公司高水平的信任度。</p&g