电力金融市场建设研究

发布时间：2018-06-01 10:48

本文选题：电力行业 + 金融衍生品　；参考：《西南财经大学》2012年硕士论文

【摘要】：随着电力行业的市场化改革不断深入,电力金融市场的建立越来越迫切,对如何建立电力金融市场这一问题,我们必须深入研究。电力是最优化的能源形态。比起煤炭、石油等能源,在开采、运输、利用的费用和难度上,电力是输送最便捷、形式最环保、使用最方便的。电力是生产要素流转的高速通道。我国的能源储备区和能源需求区并不匹配,往往能源储备丰富的地区能源消纳利用能力有限,能源需求强烈的地区能源储备有限；从经济全局考量,资金、技术、需求的优势地域与资源储备的优势地域迫切需要一种高效的媒介进行要素的互动和互补。而通过电力的传输,煤炭、风能、水能、地热等资源可以高速传输到需求区,既转化利用了储备区的资源,又满足了需求区的发展需要,有力推动了经济要素的优势互补。正是因为电力资源具备上述优点,电力行业逐步发展壮大,如今,电力行业已经成为关系国计民生的支柱行业。人们的生产、生活已经越来越依赖于电力的支持。在生产中,制造业的自动化、流水线作业都需要电力作为动力,而金融业等服务行业也早已脱离了手写笔算的时代,进入了电算化时代,可以说,电力已经成为了最重要的生产要素,各行各业的生产都离不开电力。电力不仅是生产的重要保障,同时也已经渗透到了我们生活的每个角落,事关人们的衣食住行,人们日常生活的许多家庭工具都需要以电力为动力,电力在群众生活中的重要意义成为他区别于其他能源的鲜明标志。当前,电力行业的影响面越来越大,电力行业和人们的生产生活联系得越来越紧密,以至于电力行业的状况已经成为了反映经济发展状况的晴雨表。2007年,李克强与美国大使谈起辽宁的GDP数字,他说自己更关注另外三个指标：铁路货物运输量、电力消费和银行贷款。2010年末,《经济学人》杂志据此专门创造了一个“克强指数”。在花旗银行编制的“克强指数”权重中,铁路货运占25%、银行贷款占35%、用电量占40%,用电量占比最大。可见,通过用电量的增减和结构的合理度,可以很大程度上判断一个地区的经济发展速度和经济结构。一般来说,用电量增长较快,且结构较为合理的地区,其经济发展速度和质量也会处于较高水平。当前,电力行业改革再次引起了人们的热议。2013年2月,在中国经济50人论坛上,吴敬琏指出,电力系统改革中,“网厂分开,竞价上网,输配分开,售电放开”只有第一步很有成效地完成了。但这个市场不正常,唯一的买家就是电网,不是一个竞争性的市场。几天后,在亚布力论坛上,吴敬琏又进一步指出,完善我国市场化体系需要着力进行以下改革,即要确立市场的产权制度基础；要放开各类产品和各种生产要素的价格；要明晰市场的竞争规则；要反对垄断,强化竞争；要实现司法公正和加强合规性监管。2013年3月10日,新一轮大部制改革靴子落地,国家电力监管委员会撤销,相关职能并入国家能源局,电力行业改革再次启动。但是,如果在电力行业改革中,单单推进电力现货市场改革,那是注定要失败的。John Besant-Jones和Bernard Tenenbaum (2001)在世界银行的文献《加州电力危机：给发展中国家的教训》中就指出,在逐步放松管制的电力市场上,因为即期电力市场现货价格必然会出现较大幅度的波动,买卖双方都有动力想要通过远期合约来控制风险。也就是说,在电力市场化的背景下,电力行业的供需双方都对电力金融衍生工具有着极大的需求。这时,如果缺失电力金融市场,就将得电力供需双方都完全暴露在电力现货价格急剧波动的风险之下,而又缺乏有效手段管控其风险,这必将反过来抑制并阻碍电力市场化改革的进程。所以,在我国不断推进电力行业市场化改革的今天,如何建立、健全、完善电力金融市场,就成了不能不讨论和研究的问题。本文按照提出问题、分析问题、解决问题的思路,逐层递进,论述了应当如何建立、健全、完善电力金融市场这一问题。本文主要分为7个部分。第1部分主要描述了本文的研究意义、目的、结构以及本文的不足。第2部分对相关的研究文献进行了综述和总结。首先概括了关于电力市场化的演进以及电力金融市场概念的提出的相关文献,然后归纳了电力金融市场交易模式讨论和电力金融市场风险管理讨论的相关文献,最后对电力金融市场中的电力期货与期权的相关文献进行梳理。第3部分介绍了国外电力金融市场的发展现状。分别介绍了北欧电力金融市场、欧洲能源交易市场以、美国PJM电力金融市场以及其他国家的电力相关金融市场。第4部分总结了我国电力市场化的改革历程。大体分为政企合一的国家垄断阶段、打破政企不分的公司化改革阶段以及打破垄断的市场化改革阶段这三个阶段。第5部分论述了建立电力金融市场是电力市场化的必然要求。主要从两个方面展开。首先,论述了电力市场化是大势所趋,既是国际电力行业发展的趋势,又是我国进一步推进社会主义市场化改革的方向。其次,论述了在电力市场化的大背景下,我们亟需逐步建立电力金融市场,并结合我国目前电力行业的各方面情况,说明建立我国的电力金融市场是可行的。通过建立电力金融市场可以发挥金融衍生产品的功能,有效促进我国的电力市场的不断完善。第6部分对我国家建立电力金融市场的可行性和必要性进行了研究。我国要建立电力金融市场,一是需要建立较为完善的电力现货市场,二是建立了较为完善的辅助电力市场,三是对电力行业的环保监管比较严格、到位。然后提出建立电力金融市场须注意的问题。第7部分根据国外电力金融市场研究的经验,并结合我国电力市场发展的实际情况,得出我国电力金融衍生品交易模式的设计应遵循的原则。第8部分根据前几部分的分析,得出结论并提出相关政策建议。因为笔者知识有限,所以在本文中可能会出现某些错误和不足,在此恳请各位老师纠正指出,笔者表示诚恳的感谢!
[Abstract]:With the deepening of market reform in the electric power industry, the establishment of the electric power financial market is becoming more and more urgent. We must study the problem of how to establish the power financial market. The power is the optimal energy form. Compared with coal, oil and other energy, the power is the most convenient and convenient transportation, in the cost and difficulty of mining, transportation and utilization. It is the most environmentally friendly and most convenient way. Electricity is the high speed channel for the circulation of production factors. China's energy reserves are not matched with energy demand zones, and energy reserves are often limited in energy reserves, and energy reserves are limited in areas with strong energy demand. The dominant region of resource reserve requires an efficient medium to interact and complement each other. Through the transmission of electricity, coal, wind, water, geothermal and other resources can be transmitted to the demand zone at high speed. It can not only transform the resources of the reserve area, but also meet the needs of the demand Zone, which has greatly promoted the advantages of the economic factors. Supplement.
It is because the power resources have the above advantages, the power industry has gradually developed, and now the power industry has become a pillar industry in relation to the national economy and the people's livelihood. People's production and life have become more and more dependent on the support of electricity. In production, the automation of manufacturing and running water lines require power as a power, and financial services. The business industry has already divorced from the time of handwriting and entered the era of computerization. It can be said that electricity has become the most important factor of production, and the production of all walks of life can not be separated from electricity. Electricity is not only an important guarantee of production, but also has penetrated every corner of our living, it is related to people's food and clothing, people day. Many family tools that live frequently need to be powered by electricity. The importance of electricity in the life of the masses becomes a distinct sign that distinguishes him from other sources of energy.
At present, the power industry has a growing impact, the power industry and people's production and life are getting closer and closer, so that the power industry has become a barometer of economic development in.2007, Li Keqiang talked with the US ambassador about the GDP figures in Liaoning, he said he paid more attention to the other three indicators: railway goods. Transport volume, electricity consumption and bank loans at the end of.2010, "the economist > magazine specifically created a" strong index ". In Citibank's" strong index "weight, railway freight accounted for 25%, bank loans accounted for 35%, electricity consumption accounted for 40%, the largest proportion of electricity consumption. Visible, through the increase and decrease of electricity consumption and structural rationality, can be seen To a large extent, the speed of economic development and economic structure of a region is judged. In general, the speed and quality of economic development will also be at a high level in areas with faster growth and more reasonable structure.
At present, the reform of the electric power industry has aroused the hot discussion in February.2013. In the 50 Party of China's economic forum, Wu Jinglian pointed out that in the reform of the power system, the first step was accomplished only with the first step, "separation of network plants, bidding for Internet, separation and distribution, sale of electricity". But this market is not normal, the only buyer is the power grid, not one A few days later, at the Yabuli forum, Wu Jinglian further pointed out that the following reforms should be made to improve the market system in China, that is, to establish the basis of the property rights system of the market, to liberate the prices of all kinds of products and all kinds of production factors, to clear the competition rules of the market, to oppose monopoly and to strengthen competition; In order to realize judicial justice and strengthen compliance supervision in March 10th.2013, a new round of large-scale reform boots fell to the ground, the National Electric Power Regulatory Commission revoked, related functions into the national energy administration, and the reform of the power industry started again.
However, if the power spot market reform is pushed alone in the power industry reform, it is doomed to fail.John Besant-Jones and Bernard Tenenbaum (2001) in the world bank literature < California power crisis: lessons for developing countries > in the gradually loosely regulated power market, because the immediate electricity market is present The price of goods will inevitably fluctuate, and both buyers and sellers have the power to control the risk through the forward contract. That is to say, in the background of the electricity market, both the suppliers and the suppliers of the power industry have a great demand for the power financial derivatives. If the electricity market is missing, the two sides will get the power supply and demand. All of them are completely exposed to the risk of the sharp fluctuations in the spot price of electric power, and the lack of effective means to control the risk. This will in turn inhibit and impede the process of the reform of the electricity market. So, how to establish, improve and perfect the power finance market will be impossible without the reform of the electric power industry in China. The question of theory and research.
According to the question, the analysis of the problem and the idea of solving the problem, this paper discusses the problem of how to establish, improve and perfect the power financial market. This paper is divided into 7 parts.
The first part mainly describes the research significance, purpose, structure and shortcomings of this paper.
The second part reviews and summarizes the related research literature. Firstly, it summarizes the evolution of the electricity market and the related literature of the concept of the power financial market, and then sums up the related literature of the discussion on the trading mode of the power finance market and the discussion of the risk management in the power financial market. The related literature of power futures and options is combed.
The third part introduces the current situation of the development of foreign power financial market, including the Nordic electricity market, the European energy market, the PJM electricity market in the United States and the electricity related financial markets in other countries.
The fourth part summarizes the reform course of China's electricity market, which is divided into the state monopoly stage of the government enterprise union one, breaking the stage of the undivided reform of the government and the enterprises and breaking the stage of the market reform in the three stages of the monopoly.
The fifth part expounds that the establishment of the electricity market is the inevitable requirement of the power market. It is mainly from two aspects. First, the trend of the electric power market is the trend of the development of the international power industry, and it is the direction for our country to further promote the reform of the socialist market. Secondly, the big back of the power market is discussed. Under the view, we need to set up the power financial market gradually, and show that it is feasible to establish the power financial market in our country, combining with all aspects of the current power industry in our country.
The sixth part studies the feasibility and necessity of establishing the power financial market in our country. In order to establish the electric power financial market, the first is to establish a more perfect spot market, the two is to establish a more perfect auxiliary power market, and the three is to be strict in the supervision and management of the electric power industry. The problems that must be paid attention to in the financial market.
In the seventh part, according to the experience of foreign power financial market research and the actual situation of the development of China's electricity market, the principles of the design of China's power financial derivatives trading model should be followed.
The eighth part, based on the analysis of the previous parts, draws conclusions and puts forward relevant policy recommendations.
Because the author is limited in knowledge, there may be some mistakes and shortcomings in this article. I hereby urge all the teachers to correct and point out that the author expresses my sincere thanks.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F426.61

【参考文献】