本文探讨了在资本市场不完善的条件下,再保险公司持有资本和企业价值二者的关系及其对巨灾保险供给造成的影响。首先从宏观负外部性探讨了发展巨灾保险市场的必要与可能,解析了巨灾风险不可保的传统观点,认为实力强大而结构完善的资本市场是发展巨灾保险市场的关键,最后提出了相应的政策建议。 This article explores the relationship between reinsurers’ ownership of capital and firm value and their impact on the supply of catastrophe insurance under conditions of imperfect capital markets. Firstly, it discusses the necessity and possibility of developing catastrophe insurance market from macroscopic negative externalities, analyzes the traditional viewpoint that catastrophe risk can not be guaranteed, considers that the powerful and well-structured capital market is the key to the development of catastrophe insurance market, and finally proposes The corresponding policy recommendations.