SCFI期货可行性分析

发布时间：2018-03-31 13:18

本文选题：运价期货合约　切入点：衍生品　出处：《上海交通大学》2013年硕士论文

【摘要】：上海航运交易所发布了新版SCFI，开发了上海出口集装箱运价期货合约，为集装箱运输市场提供投资和避险的工具。然而，上海出口集装箱运价期货合约自推出以来受业界争议较多，开发基于SCFI的集装箱运价衍生品是否合适值得分析。论文首先介绍了期货交易市场的功能及新版上海出口集装箱运价指数的基本内容，明确了研究对象；从运价指数角度分析了干散货市场和集装箱市场指数的波动性特点及波动性原因，并分析了相关附加费对SCFI的影响；从市场参与者的角度，详细分析了船公司、货主及金融机构对集装箱运价期货合约的态度。分析结果表明，三方参与者中，船公司因为怕失去运价定价权和垄断地位而反对集装箱运费远期交易；大货主由于跟船公司有长期协议，中小货主由于CIF出口比例小、贸易箱量小、风险大及成本高等原因，对集装箱运费远期交易不太感兴趣；金融机构由于剩余市场容量小、操作风险大也对此望而却步。推出集装箱运费远期交易，实际的货主和船东不会有太大的参与意愿，除非允许并鼓励投机金融资本入市。论文研究成果对上海出口集装箱运价期货市场的改革和发展具有一定的参考价值。
[Abstract]:Shanghai Shipping Exchange released a new version of the SCFI, the development of Shanghai container freight futures contracts, to provide investment and hedging tools for the container transport market. However, Shanghai Containerized Freight Futures contract since the launch of the industry is more controversial, the development of SCFI container freight derivatives is appropriate is analyzed based on the.
This paper first introduces the basic content of futures market function and the new version of Shanghai Containerized Freight Index, a clear object of study; analysis of the dry bulk market and container market index volatility characteristics and volatility from the freight index angle, and analyzes the related surcharge effect on SCFI; from the perspective of market participants and a detailed analysis of the shipping company, the owner and the attitude of financial institutions, container freight futures contracts. The analysis results show that the three participants in the shipping company, for fear of losing pricing power and monopoly against container freight forward transactions; due to the large shippers shipping companies have long-term agreement, small and medium-sized shippers because CIF export proportion is small, a small amount of trade box, high risk and high cost, the container freight forward transaction is not interested; financial institutions due to the remaining small market size, operation The risk is also prohibitive. Launching container freight forward transactions, the actual shippers and shipowners will not have much willingness to participate unless they allow and encourage speculative capital to enter the market.
The research results have a certain reference value for the reform and development of the export container price futures market in Shanghai.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F552;F724.5

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