中国黄金产业市场绩效研究

发布时间：2018-12-25 16:56

【摘要】：2002年上海黄金交易所成立之后,中国的黄金产业实现了跳跃式的发展,2008年黄金期货的上市,强化了中国黄金市场与国际黄金市场的联动关系。中国黄金产量近年来平稳增长,中国黄金产业已经形成了集勘探、开采、加工、流通一体化的完整产业链格局。在我国黄金产业保持强劲发展势头的同时,阻碍其健康良性发展的各种因素也逐渐凸显出来,资源储备不足、技术水平落后、产业结构不合理等众多问题越来越明显。2013年4月至今国际金价持续下跌,致使中国黄金产业利润大幅下滑,发展受到很大冲击,金价倒逼和国际黄金市场竞争的日益加剧增加了我国黄金产发展的难度。在转变经济增长方式、加快调整产业结构的大背景下,如何实现中国黄金产业的可持续发展,需要对其市场绩效进行深入的研究,找出能有效提高市场绩效的方法。本文首先从几个方面对中国黄金产业市场现状进行分析,我国黄金产业的供给量多年来持续增长,消费需求空间巨大,但在国际市场没有定价权,中国黄金市场产品差异化程度低,进入退出壁垒水平还很低;与世界主要产金国的市场集中度相对比,中国黄金产业的市场集中度仍很低,差距十分明显。其次在对市场绩效分析时,分为宏观和微观两个层次对黄金产业的市场绩效进行分析。在宏观研究时选取了较易获得的黄金产业的利润率做指标,行业利润率连续11年稳步增长,通过对集中度与绩效的实证研究表明:黄金产业的集中度与绩效之间存在显著的正相关关系,结合之前总结发现的我国黄金产业市场集中度不高的现实情况,提升我国黄金产业绩效的有效途径之一就是提高市场集中度。在微观研究时运用DEA的理论测算了中国黄金产业的效率,发现中国黄金产业整体效率水平低下,规模效率与公司规模之间存在正相关关系。针对实证结果总结出中国黄金产业绩效低下的原因主要包括产业技术效率、转型升级慢;规模效率低,企业经营成本高;产业集中度不足等,特别是在面对国际金价下行风险时,问题更加凸显。最后本文从加快调整产业结构,提高产业集中度;加快矿业权流转;加强技术创新,转变增长方式;积极推进海外市场发展等角度提出政策建议,希望能够促进中国黄金产业实现持续健康的发展。
[Abstract]:Since the establishment of Shanghai Gold Exchange in 2002, China's gold industry has developed by leaps and bounds. The listing of gold futures in 2008 has strengthened the linkage between China's gold market and the international gold market. China's gold production has increased steadily in recent years, and China's gold industry has formed a complete industrial chain pattern of integration of exploration, mining, processing and circulation. While China's gold industry has maintained a strong momentum of development, the various factors hindering its healthy and benign development have gradually become prominent, with insufficient resources and backward technological levels. Many problems, such as unreasonable industrial structure, are becoming more and more obvious. Since April 2013, the international gold price has continued to decline, resulting in a sharp decline in the profits of China's gold industry and a great impact on its development. The increasing competition between gold price and international gold market makes the development of gold industry more difficult. Under the background of changing the mode of economic growth and speeding up the adjustment of industrial structure, how to realize the sustainable development of China's gold industry requires a thorough study of its market performance, and a method to effectively improve the market performance is found. This paper first analyzes the current situation of China's gold industry market from several aspects. The supply volume of China's gold industry has been increasing continuously for many years, and the consumption demand space is huge, but there is no pricing power in the international market. The degree of product differentiation in China's gold market is low, and the level of entry and exit barriers is still very low; Compared with the market concentration of the major gold-producing countries in the world, the market concentration of China's gold industry is still very low, and the gap is very obvious. Secondly, the paper analyzes the market performance of gold industry at macro and micro levels. The profit rate of the gold industry, which is easy to obtain, is chosen as the index in the macro research. The profit rate of the industry increases steadily for 11 consecutive years. The empirical study on concentration and performance shows that there is a significant positive correlation between concentration and performance of gold industry, combined with the fact that the concentration of gold industry is not high in China. One of the effective ways to improve the performance of China's gold industry is to improve the market concentration. This paper calculates the efficiency of China's gold industry by using the theory of DEA, and finds out that the overall efficiency of China's gold industry is low, and there is a positive correlation between the scale efficiency and the scale of the company. According to the empirical results, the main reasons for the low performance of China's gold industry include industrial technical efficiency, slow transformation and upgrading, low scale efficiency and high operating costs. Insufficient industrial concentration, especially in the face of the international gold price downside risk, the problem is even more prominent. Finally, this article from the acceleration adjustment industrial structure, raises the industrial concentration degree, speeds up the mining right circulation, strengthens the technical innovation, changes the growth pattern; In order to promote the sustainable and healthy development of China's gold industry, this paper puts forward some policy suggestions from the perspective of promoting the development of overseas markets.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.54

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