中文摘要：

巨灾债券自1996年末至1997年初正式进入市场以来，已经发展了十余年。在一些发达国家和地区，已经将其作为一种巨灾风险管理手段。由于其具有明显的零贝塔特性，一些投资机构还将其作为一种投资手段。本文介绍了巨灾债券的发行情况，收集、整理了1997－2011年发行的巨灾债券，分析了各种触发机制的变化趋势，着重介绍了两支已经被触发的巨灾债券，通过分析巨灾债券市场在金融危机中的表现，说明其波动相对较小，具有分散风险的功能。

英文摘要：

It has been more than ten years after CAT bonds joined the market officially at the end of 1996 to the beginning of 2007. CAT bonds have been adopted as an instrument in catastrophe risk management in some developed countries and regions. Some investors use them as an investment instrument because of the zero-beta characteristic. The issuance of CAT bonds is introduced. The trends of trigger mechanisms are analysized after those issued in 1997--2011 are collected. Two triggered CAT bonds are introduced. The performance in this Financial Crisis is analysized to illustrate the little volatility, and the function of spreading risk is proved as well.