大宗商品场外场所的国际比较及对浙江的启示

发布时间：2018-03-13 21:08

本文选题：大宗商品交易　切入点：场外衍生品　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：大宗商品市场体系分为现货、场外及场内衍生品三个层次,处于中间层的场外市场目前尚处空白或初级阶段,是国内大宗商品市场结构中最薄弱的环节,而这部分市场恰恰又是国际衍生品市场重要的组成部分。在经济下行周期,实体经济体的套期保值需求更加强烈,因此建立大宗商品场外交易平台尤其重要。对于商品场外市场这块"空地",东部沿海省份及国内各大交易所都跃跃欲试。大连商品交易所和郑州商品交易所相继推出期权产品,山东、上海自贸区等地也在积极推进场外市场的建设,区域竞争激烈。本文通过国际比较及定量分析,对境外大宗商品场外交易市场的共性与差异性进行比较,提炼出了场外市场建成的驱动要素框架,落实到"交通网络"、"金融深化度"、"现货市场基础"、"流动性比率"等维度,接着分析了国内大宗商品场外市场构建过程中存在的竞争情况,并基于上述国际比较框架及SWOT分析探究了浙江省发展大宗商品场外市场的必要性与可行性。浙江具备形成全国性交易中心的先天优势。首先,浙江港口经济发达,是一些大宗商品(铜、煤炭、铁矿石、粮食等)的贸易集散地。其次,浙江有现货市场基础。民营企业较多,有实体的套期保值需求。再者,浙江产业资本层面有优势,其民间资本是国内期货市场主要参与者,建立大宗商品交易中心能够引导民间资本与实体产业的套保需求有效结合。最后,"舟山群岛新区建设"等新政都剑指大宗商品市场,立志于将舟山打造成我国大宗商品交易中心。基于上述分析,本文针对浙江省构建场外市场提出了政策建议,包括"点、线、网"的战略布局、市场资源联合、将产业资本与贸易资本相结合等。
[Abstract]:The commodity market system is divided into three levels: spot, OTC and OTC derivatives. The OTC market at the middle level is still blank or at the primary stage. It is the weakest link in the domestic commodity market structure. This segment of the market is also an important part of the international derivatives market. In the downward cycle of the economy, the demand for hedging in the real economy is even stronger. Therefore, it is particularly important to set up an over-the-counter trading platform for commodities. For this "vacant lot" in the over-the-counter commodity market, the eastern coastal provinces and major domestic exchanges are eager to try it. The Dalian Commodity Exchange and the Zhengzhou Commodity Exchange have launched options products one after another. Shandong, Shanghai Free Trade Zone and other places are also actively promoting the construction of over-the-counter markets, and the regional competition is fierce. Through international comparison and quantitative analysis, this paper compares the commonalities and differences of overseas over-the-counter commodity trading markets. The driving factor framework of OTC market is refined, which includes the dimensions of "transportation network", "financial deepening", "the basis of spot market", "liquidity ratio", and so on. Then it analyzes the competition in the process of constructing the domestic over-the-counter market of commodities. Based on the above international comparative framework and SWOT analysis, this paper explores the necessity and feasibility of developing over-the-counter commodity market in Zhejiang Province. Zhejiang has the innate advantage of forming a national trading center. First, Zhejiang port economy is developed. It is a trading hub for some commodities (copper, coal, iron ore, grain, etc.). Secondly, Zhejiang has a spot market foundation. There are more private enterprises with substantial hedging needs. Moreover, Zhejiang has an advantage in industrial capital. Its private capital is the main participant in the domestic futures market, and the establishment of a commodity trading center can guide the effective combination of private capital and the demand for hedging in the real industry. Finally, the "Zhoushan Islands New area Construction" and other new policies refer to the commodity market. Aiming at building Zhoushan into a commodity trading center in China, based on the above analysis, this paper puts forward some policy suggestions for the construction of over-the-counter market in Zhejiang Province, including the strategic layout of "points, lines, networks" and the combination of market resources. Combination of industrial capital and trade capital.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.5;F713.35

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