期货公司开展仓单质押业务研究

发布时间：2018-03-11 17:40

本文选题：期货　切入点：标准仓单　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：在监管部门积极引导下,期货市场取得飞速发展,业务范围不断扩大,交易品种持续增加,市场成交量稳步提升,创新成为期货市场发展的推动力。如何充分利用期货市场更好的服务产业客户,实现为国民经济服务的重要功能成为期货公司的一项重要课题。金融危机以来,我国银行紧缩信贷,市场流动性降低,对企业的生产经营产生了较大影响,对群体众多的中小企业影响尤为严重,其信贷需求不能得到有效解决,因此迫切需要一种新的融资渠道。同时,企业在利用期货市场平稳其经营风险时,手中持有标准仓单占压资金从而导致流动资金短缺,或是短期资金紧张无足够资金进行实物交割,从而对标准仓单质押产生了强烈的市场需求。标准仓单质押融资业务在国外有多年的发展,国内也进行了初步探索,形成了交易所及商业银行标准仓单质押模式,但是现有模式也存在各自的局限性,不能充分满足企业的需求。作为期货市场主体的期货公司与产业联系更为紧密,对产业客户更为熟知,在仓单处置方面更专业,对期货市场风险认识及控制有自身独特的优势,能有效弥补现有模式的不足。而期货公司闲置的大规模资金为参其与标准仓单质押业务提供了前提,投资咨询业务的推出为此项业务开展提供了契机,因此期货公司参与企业标准仓单质押具有重要的现实意义。基于此,本文对国内外相关研究进行梳理,结合数据阐述标准仓单质押业务在我国的发展。对现有三种质押模式进行分析,总结其局限性,进而对期货公司开展标准仓单质押业务可行性进行论证,并运用例证方式,从期货公司开展标准仓单质押业务流程角度进行解析,分析潜在风险点,提出对应措施,希望本文能对期货公司的业务创新及服务多元化提供一定借鉴作用。
[Abstract]:Under the active guidance of the regulatory authorities, the futures market has made rapid development, the scope of business has been continuously expanded, the variety of transactions has continued to increase, and the volume of market transactions has steadily increased. How to make full use of the futures market to serve the customers of the industry and realize the important function of serving the national economy has become an important issue for futures companies. Since the financial crisis, China's banks have tightened credit and reduced market liquidity, which has had a great impact on the production and operation of enterprises, especially on the large number of small and medium-sized enterprises, whose credit needs cannot be effectively solved. Therefore, there is an urgent need for a new financing channel. At the same time, when enterprises use the futures market to smooth their operating risks, they hold standard warehouse receipts in their hands, thus leading to a shortage of liquidity. Or the shortage of short-term funds and insufficient funds for physical delivery, thus creating a strong market demand for standard warehouse receipt pledge. Standard warehouse receipt pledge financing business has developed for many years abroad, and has also been preliminarily explored in China. The stock exchange and commercial bank have formed the standard warehouse receipt pledge mode, but the existing models also have their own limitations, which can not fully meet the needs of enterprises. As the main body of futures market, futures companies are more closely related to industry, more familiar with industrial customers, more professional in warehouse receipt disposal, and have their own unique advantages in understanding and controlling futures market risks. Can effectively make up for the shortcomings of the existing model. But the large amount of idle funds of futures companies provides a prerequisite for the reference to its and standard warehouse receipt pledge business, and the introduction of investment consulting business provides an opportunity for this business to be carried out. So the futures company participates in the enterprise standard warehouse receipt pledge has the important realistic significance. Based on this, this paper combs the related research at home and abroad, expounds the development of the standard warehouse receipt pledge business in our country with the data, analyzes the existing three kinds of pledge mode, summarizes its limitation, Then it demonstrates the feasibility of developing standard warehouse receipt pledge business in futures company, and analyzes the potential risk point from the perspective of developing standard warehouse receipt pledge business flow of futures company, and puts forward corresponding measures. I hope this paper can provide some reference to the business innovation and service diversification of futures companies.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.39

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