我国金融期货市场发展问题研究

【作者】 罗婷；

【导师】 曾令华；

【作者基本信息】 湖南大学 ， 金融学， 2003， 硕士

【摘要】 20世纪70年代以后国际经济环境动荡，各国纷纷实行浮动汇率制及新的货币政策，国际范围内利率、汇率波动风险大增，具有保值避险功能的新型金融工具—金融期货应运而生，并且在全世界范围内发展十分迅速。当前金融期货在国际金融市场中的地位越来越重要，被称为是广义资本市场的核心。随着我国经济市场化程度的提高，金融体制改革与国企改革的日益深化，特别是正式加入WTO，国内企业尤其是金融业不仅面临国内市场的竞争，还要面对国际市场的剧烈竞争，以回避利率、汇率、股价波动风险为目的的各种金融期货合约越来越成为现实的需求。金融期货市场有其社会功能，能增加金融市场流动性，有力于经济金融信息的传递，有助资本的形成。同时具有套期保值、价格发现的经济功能。我国建立金融期货市场是中国经济与国际接轨的需要。并且成为一种客观趋势。 建立我国金融期货市场的可行性：一、现货市场已成规模；二、期货市场几年来的试点运行提供了宝贵经验；三、大量闲置资金的存在也为推出金融期货奠定了一定的基础；四、可利用后发性利益，借鉴国际上成功的经验；五、金融期货的相对独立性为它的试点提供了可能。并且作为金融期货市场基石的基础性金融市场——国债市场、股市、外汇市场也逐步成熟，这是发展金融期货交易的必备条件。 建立和发展我国金融期货市场目前仍然存在着一些不利因素：金融体制改革滞后，利率市场化程度不高；市场宏观管理不健全，监管方式落后；市场信用风险较大等。另外，亚洲金融风暴的影响也使我国放慢了推出金融期货品种的步伐。 所以，克服不利因素，选择科学的发展战略是建立我国金融期货市场的落脚点。发展我国金融期货市场的具体步骤分为研究阶段、试验阶段、推出阶段，市场框架主要包括：一、品种合约的设计；二、监管体系的建立；三、交易系统和结算系统的建立；四、参与者队伍和从业人员的培养。更多还原

【Abstract】 From the seventies 20th century, the international economic environment became turbulent. As the floating exchange rate system and the new currency policy come on, many factors such as the broken of the balance of payments, the serious inflation and etc, resulted in the exquisite fluctuation of the interest and the exchange rate in the world. The increased financial exchanges bring higher risks. So the new-style financial instrument -financial futures which is provided with the function of hedging emerges as the times required, and is developing rapidly now. Along with the market economy system come into being , and the deepening reform of the financial system and the reform of the state-owned corporations in China, especially entering the WTO, the national corporations especially the financial enterprises are facing not only the serious competetion in the home market, but also the international market. All kinds of the financial future agreements which intend to hedge the fluctuant risk of the interest rate, exchange rate and the share price, fit the bill more and more .The foundation of the financial futures market which is propitious to the transfer of the economical and financial information helps to the form of the capital assets, and increases the fluidity of the financial market. And the futures market also have three economical functions, such as price discovery, hedging and risk shifting. So China should accelerate futures market development to meet the developing demand of China’s international finance. It is a external trend for us to set up the Financial future market.The feasibility to set up the financial futures market is as follows: first, the spot transaction markets have been mature; second, the running in of the futures market have provided tots of invaluable experience in recent years; third, a bound of fund leave-unused have established the base for the appearance of the futures market; fourth, we can also use the successful experience in the world for reference; fifth, the relative independence of the financial futures has provided the possibility for it’s running in.Besides, several basal financial markets as the footstone of the financial market such as the national debt market, stock market and foreign exchange market, have become mature gradually. It is the inevitable condition for the development of the financialfuture business.To select the scientific developing-stratagem is a critical- piont of the establishment of the financial futures market in China, the step of which could be classified as investigating stage, testing stage and practicing stage. The frame of the financial futures market is as follows: 1, the design of the agreements; 2, the foundation of the supervise system; 3, the foundation of the dealing and settling system; 4, the diathesis of the attendees and the training of the clerks.更多还原