Transportation Risk Allocation And Management Modes

Transportation risk allocation and management are comprehensive results that are affected by multi-factors such as economic development,system perfection,scientific and technological progress and so on.When the economic development enters the post-industrialization stage,the means and measures of transportation risk management are comprehensive,systematic and diversified.The improvement of the transportation system reduces transaction costs such as human losses;the continuous progress of science and technology reduces the losses and risks generated in the transportation process;and the development of financial markets and economies of scale constantly promotes the diversification of transportation risk management modes.The allocation and management of transportation risk are directly related to the efficiency of the transportation system.Combined with the evolution law of transportation industry,this paper analyzes the mechanism of transportation risk allocation,studies the internal mechanism driving the transformation of transportation risk management mode,and explores the optimization path of transportation risk management model,which is helpful to optimize the transportation risk management system in China.Firstly,this paper analyzes the stage characteristics of transportation risk allocation,constructs a three-dimensional analysis framework of transportation risk allocation including transportation risk demand preference,market size,and information asymmetry,proposes a two-tier analysis framework of transportation risk allocation based on the development perspective,puts the transportation risk management problem under the time dimension,comprehensively applies the risk management,economic theory and methods,and studies the mechanism of transportation risk allocation from the perspective of the development of transportation risk.Secondly,on the basis of the three-dimensional risk interpretation framework,the influence of exogenous variables such as technological progress and loss financing on the transport risk management mode is included in the analysis framework;the evolution reasons of the transport risk management mode are discussed;the transaction cost advantages of captive insurance compared with private insurance and the tax planning advantages of captive insurance company compared with internal self-insurance fund are analyzed;and then the mutual transformation conditions between different transportation risk management modes are analyzed under the comprehensive influence of complex factors.Finally,taking the railway insurance company and captive insurance company as cases,the evolution process of railway transportation risk allocation and management mode is analyzed,in order to verify the conclusion of model analysis.The contents of this paper are as follows:The first part is the developmental characteristics of transportation risk allocation and transportation risk.In the process of transportation from self-employed transportation to employed transportation,the allocation of transportation risk changes from self-care of transportation participants to joint sharing of transportation activity participants and private insurance,and then realizes the socialization and decentralization of transportation risk through captive insurance companies and other media.The development of transportation risk level presents inverted U shape: in the early stage of transportation,economic development drives the growth of transportation volume,and the level of transportation risk represented by unit cargo damage or personal injury is on the rise;in the middle and later stage of transportation,under the influence of multiple factors such as technological progress,system improvement and change of demand preference of service objects,the level of transportation risk gradually reduces and tends to be stable.Understanding the relationship between transportation risk and economic development is the basis for explaining the evolution of transportation risk distribution system,for subsequent analysis of stakeholders' initial distribution and redistribution of transportation risk to solve the problem of information asymmetry,and for promoting the allocation of transportation risk and optimization of management mode together with technological progress,institutional change and other factors.Secondly,the initial allocation of transport risk occurs between stakeholders in transport activities.This paper constructs a three-dimensional analysis framework of insurance demand preference of transportation service objects,transportation insurance market size,and information asymmetry.Starting from the risk distribution between carriers and shippers,it analyzes the micro mechanism of initial distribution of transportation risk,establishes a two-stage continuous game model between shippers and carriers under the condition of information asymmetry,explains the game relationship between the two sides,and shows that the carrier's liability system has an incentive effect on both parties' internal risk management cost and reducing the total social cost by social cost analysis.This paper analyzes the development of the carrier's liability system and discusses the evolution of the risk distribution system.Market economy and public transport are the preconditions for the emergence of the carrier's liability system,and the changes in the transport market structure caused by economic development are the basis for the continuous revision of the carrier's liability system.Based on the development of transport risk,in the early stage of economic development,the increasing transport loss is the main contradiction between the two parties.The carrier liability system provides a positive incentive for both parties.Economic development drives the improvement of transport safety level,and the carrier liability system also tends to be stable.Based on the theory of contract governance,this paper expounds that the contract caused by information asymmetry is not the basis of the carrier's liability.Technological progress and institutional development improve the availability of information and increase the insurance demand for the transport service object.The supply-demand relationship of the transport market determines the negotiation ability of both parties,making the carrier's liability range fluctuate repeatedly between strict liability and fault liability,and finally stabilize at fault liability.The third part is the secondary distribution of transportation risk and selection of transportation risk management mode.With the economic development and technological progress,the initial distribution system of transportation risk has been formed and the risk level has become stable.The focus of transportation risk management has shifted from the distribution of interests among all parties to the level of enterprise risk management.Transportation enterprises have established a diversified risk financing framework characterized by captive insurance companies and completed the socialized dispersion of transportation risk through the financial market.This paper analyzes the captive insurance behavior of transportation enterprises and discusses the reasons that affect the selection of risk management mode of transportation enterprises.The game model shows that captive insurance can reduce moral hazard and compensation barrier.Based on the theory of social cost,this paper analyzes that under the same tax treatment,captive insurance is beneficial to reduce the social cost of risk management.Because of the different tax treatment between the internal self-insurance fund and the private insurance company,the establishment of the captive insurance company can seek tax revenue for the enterprise,which is the reason why the self-insurance fund of the transportation enterprise transforms into the captive insurance company.The fourth part is the role of the captive insurance company in optimizing risk financing.Compared with the external insurance,the captive insurance company has the advantages of compensation convenience and tax revenue,and it is also the channel and platform for transportation enterprises to connect the financial market and optimize risk financing.In this paper,an optimization model of risk financing based on the captive insurance company is established.The exogenous variables,such as reinsurance,capital cost,and tax planning,are included in the analysis framework.The path of optimizing risk financing by the captive insurance company is studied,and then the role of the captive insurance company in coping with market fluctuation is analyzed.Under the background of rapid economic development,the reasons for the multi-purpose and diversified development of transportation risk management mode are explained.Fifthly,taking the transportation risk management of China Railway Corporation as an example,this paper analyzes the micro mechanism of the initial distribution of transportation risk based on the evolution of insurance price and railway compulsory insurance from scratch and combined with the current situation of the railway carrier system in other countries.It demonstrates that the risk distribution system under the wrong incentives will stimulate moral hazard and increase the social cost.The carrier liability system is a benign risk distribution system.This paper analyzes the operation characteristics,financial characteristics and market characteristics of the Railway Corporation,and discusses the impact of the captive insurance company on its risk management.The innovation of the thesis lies in that it puts forward a method to describe the phased characteristics of economic development and transportation risk allocation.The investigation of the relationship between transportation risk and economic development is the basis of understanding the development law of transportation risk management,which is conducive to grasp the influence of information asymmetry and other comprehensive factors on transportation risk allocation and risk management.This paper constructs a three-dimensional analysis framework of insurance demand preference,market scale and information asymmetry of transportation service objects,a two-tier distribution framework of transportation risk based on the development perspective,analyzes the information asymmetry mechanism of the initial distribution of transportation risk,systematically analyzes the diversified evolution path of the distribution of transportation risk and the management mode of transportation risk,and conducts empirical research through models and cases.From the perspective of compensation obstacles,tax revenue,and risk financing,this paper studies the role of captive insurance companies in optimizing the efficiency of risk management.This paper provides theoretical support for the innovation of transportation risk management and enriches the research content of transportation risk management theory.