保險(xiǎn)市場(chǎng)相關(guān)外文文獻(xiàn)翻譯（節(jié)選）

1、<p>　　1500單詞，7500英文字符,2500漢字</p><p>　　文獻(xiàn)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(xiàn)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(xiǎn)市場(chǎng)</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(gè)關(guān)鍵決定因素。保險(xiǎn)市場(chǎng)中的交易是一種特殊的金融事務(wù)，它的交易模式為，當(dāng)前支付保費(fèi)，未來(lái)有需要時(shí)承諾兌現(xiàn)，或是當(dāng)有傷亡發(fā)生時(shí)，可獲得保險(xiǎn)賠償金。我們認(rèn)為，在這種未來(lái)承諾型的保險(xiǎn)交易中，信任是最關(guān)鍵的因素。如果被保險(xiǎn)人通過(guò)虛假作弊試圖獲得保險(xiǎn)賠償金的話，這會(huì)影

35、響保險(xiǎn)公司提供保險(xiǎn)賠償?shù)囊庠浮Ａ硗?，如果人們不相信該保險(xiǎn)公司會(huì)履行承諾，到期時(shí)支付賠償金的話，并不鼓勵(lì)人們購(gòu)買這公司的保險(xiǎn)。本文的研究就是在理論和實(shí)證上證明信任和保險(xiǎn)交易的相關(guān)性，并討論政策來(lái)促進(jìn)它的發(fā)展。</p><p>　　關(guān)鍵詞: 信任；金融合同；保險(xiǎn)</p><p>　　人們?cè)缇驼J(rèn)識(shí)到信任在促進(jìn)經(jīng)濟(jì)和金融事務(wù)并實(shí)現(xiàn)商業(yè)成功方面是一個(gè)關(guān)鍵因素。諾貝爾獎(jiǎng)得主肯尼斯?阿羅早在1972年就

36、認(rèn)識(shí)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(guó)家之間的關(guān)系?！耙虼耍梢院侠淼卣J(rèn)為許多經(jīng)濟(jì)落后國(guó)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(jì)水平有一種強(qiáng)烈的正相關(guān)關(guān)系。此外，具有高度信任水平國(guó)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(chǎng)和金融市場(chǎng)也會(huì)得到繁榮發(fā)展(吉索等人，2009)。 正如肯尼斯所說(shuō)的，信任，作為一個(gè)必備要素存在于各類交易中，因?yàn)閷?duì)這些事務(wù)來(lái)說(shuō)，信任是特別重要的。金融交易，都是

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

38、債券的相信，一個(gè)人會(huì)購(gòu)買政府的債券，而不會(huì)看到他的投資消失，因?yàn)檎粫?huì)隨意濫用權(quán)力，投資于政府的債券風(fēng)險(xiǎn)也較小?；蛞粋€(gè)人信任保險(xiǎn)公司，愿意購(gòu)買保險(xiǎn)公司的意外保險(xiǎn)產(chǎn)品，保險(xiǎn)公司則承諾在未來(lái)客戶因?qū)?shí)際發(fā)生的事情需要保險(xiǎn)賠償金的時(shí)候，保險(xiǎn)公司能履行承諾。這些金融交易都需要互相信任。</p><p>　　因?yàn)樾湃魏捅ｋU(xiǎn)交易是緊密聯(lián)系在一起的，所以這些交易時(shí)依賴于互相信任。在保險(xiǎn)合同中這種信任表現(xiàn)在兩個(gè)地方。首先，如果

39、客戶發(fā)生了事情，保險(xiǎn)公司要按照合同，承諾將支付保險(xiǎn)賠償金給客戶。在前期，客戶必須相信保險(xiǎn)公司將及時(shí)支付賠償，以為未來(lái)的一段時(shí)間內(nèi)提供幫助。第二，保險(xiǎn)公司也相信，一旦客戶支付了保險(xiǎn)費(fèi)，就需要履行承諾，在客戶需要的時(shí)候，踐行承諾。信任必須是互相的，因?yàn)楸ｋU(xiǎn)公司可以欺騙客戶，通過(guò)假裝受害者實(shí)際上沒(méi)有發(fā)生以外，或是客戶通過(guò)虛假的傷亡或加重其后果來(lái)獲取保險(xiǎn)公司的賠償金。</p><p>　　總之，保險(xiǎn)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(huì)有所不同，尤其當(dāng)保險(xiǎn)公司一方對(duì)客戶持有限的信任，那么其客戶也可能就會(huì)是有限的信任該保險(xiǎn)公司。在后面，我將討論這個(gè)問(wèn)題。</p><p>　　現(xiàn)在，我將主要關(guān)注被保險(xiǎn)人對(duì)保險(xiǎn)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(bào)告他們對(duì)其他實(shí)體的信任程度，包括:對(duì)一般客戶，對(duì)其他的企業(yè)家、對(duì)保險(xiǎn)公司、對(duì)銀行和證券交易所。(完整譯文請(qǐng)到百度文庫(kù))答案從0到10的范圍內(nèi)，用來(lái)表示他們的信任程度。0意味著沒(méi)有信任，10意味著完全信任。通過(guò)調(diào)查，平均而言，接受采訪的企業(yè)家們對(duì)一般客戶，對(duì)其他的企業(yè)家、對(duì)保險(xiǎn)公司、對(duì)銀行和證券交易所都有一個(gè)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(jí)別和15.5%的高水平的信任度

42、。對(duì)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(guò)低或過(guò)高的信任程度，不太可能一個(gè)企業(yè)家完全不信任或完全信任另一個(gè)企業(yè)家。</p><p>　　是什么決定了客戶對(duì)保險(xiǎn)公司的信任呢?</p><p>　　通過(guò)研究結(jié)果表明，客戶對(duì)保險(xiǎn)公司的信任程度沒(méi)有額外的直接影響對(duì)其保險(xiǎn)公司的選擇。那么是什么決定讓客戶信任保險(xiǎn)公司呢?如果是說(shuō)是有別人相信，而導(dǎo)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(duì)保險(xiǎn)公司的信任。類似的推理可以應(yīng)用于對(duì)銀行和其他金融機(jī)構(gòu)的信任。那些對(duì)保險(xiǎn)公司信任的客戶反映出對(duì)銀行的同樣水平的信任度，對(duì)銀行的低水平的信任度，那么也可以轉(zhuǎn)化為對(duì)保險(xiǎn)公司的一個(gè)低水平的信任度。</p><p><b>　　討論和啟示</b></p><p>　　我們認(rèn)為，一份保險(xiǎn)合同同樣也是一個(gè)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(xiàn)中 ，對(duì)信任的重要性研究一直都不是很關(guān)注，部分原因是保險(xiǎn)市場(chǎng)并不受到完整的法律保護(hù)，客戶的權(quán)利因此也會(huì)可能受到損害。我們認(rèn)為，法律保護(hù)不可能達(dá)到完美，甚至是專門為保險(xiǎn)市場(chǎng)特別設(shè)置一個(gè)法律制度。在這種情況下，保險(xiǎn)市場(chǎng)的交易就會(huì)受到客戶對(duì)保險(xiǎn)公司信任度的影響。信任是需要站在對(duì)公司也信任保險(xiǎn)人不提交保險(xiǎn)欺詐，不會(huì)存在損害保險(xiǎn)公司利益的前提下的。</p><p>　　然而，信任對(duì)于被保險(xiǎn)人來(lái)說(shuō)是必需的，他們認(rèn)為保

45、險(xiǎn)公司在客戶需要的時(shí)候，要履行其合同義務(wù)，對(duì)客戶提供損害賠償。我們已經(jīng)討論過(guò)，被保險(xiǎn)人對(duì)保險(xiǎn)市場(chǎng)的信任對(duì)其決定保險(xiǎn)和保險(xiǎn)購(gòu)買多少都有相關(guān)的影響。因此，如果客戶對(duì)保險(xiǎn)市場(chǎng)持高度信任感的話，那么保險(xiǎn)市場(chǎng)才有可能得到、繁榮發(fā)展。</p><p>　　這使我們不禁會(huì)問(wèn)，那什么樣的政策可以幫助維持客戶對(duì)保險(xiǎn)市場(chǎng)的一個(gè)高水平的信任度呢。我們要區(qū)分兩種類型的加強(qiáng)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(duì)公司的信任度。第二種類型的政策是關(guān)于保險(xiǎn)行業(yè)的，要避免出現(xiàn)不良行為的負(fù)面溢出效應(yīng)，而影響到其客戶對(duì)其信任度。</p><p>　　提高保險(xiǎn)客戶和保險(xiǎn)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(gè)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(huì)得到增加?？蛻魞A向于相信這家保險(xiǎn)公司，是因?yàn)檫@家比其他家都更有親和度(巴特勒和吉索，2010)。改善保險(xiǎn)賣方和買方客戶之間

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