从国际战略性大宗商品交易方式演变看中国石油市场改革  

China's Petroleum Market Reform: A View from Trading Mode Evolution of International Strategic Commodity

作　　者：黄解宇[1] 马卫锋[2] 

机构地区：[1]运城学院金融与投资研究所,运城044000 [2]同济大学金融衍生品研究所,上海200092

出　　处：《资源科学》2007年第1期203-208,共6页Resources Science

基　　金：国家软科学计划课题(批准号:2005DGS3D082);山西省高等学校青年学术带头人项目(晋教科[2005]4号);上海市社科基金项目(批准号:2006BJL011)

摘　　要：当前,国际战略性大宗商品市场博弈出现这样一种态势:交易方式对商品定价、企业竞争等产生重大影响。国际大宗商品交易方式出现交易形式多样化、多层次化、交易组织联盟化、交易机制市场化等发展趋势。其对大宗商品市场产生重要影响:期货交易价格成为现货交易定价基准;企业竞争从现货市场扩展到包括衍生品市场在内的整个市场体系,和进入衍生品市场存在障碍或成本较高的企业相比,可以以低成本进入衍生品市场的企业取得了一定的竞争优势;贸易联盟在买卖方对价格的争夺中占据优势地位等。对中国石油市场改革的启示包括:发展石油期货交易应探讨具体的路径和方式,包括合约品种、交易制度,并应通过上海石油交易市场向OTC市场的转变,增加石油交易方式的深度和广度;以市场化为指导思想,改革石油行业管理体制特别是进出口体制;采购联盟的核心应是市场化的制度设计。Trading modes play an important role in commodity pricing and enterprises competition in the international strategic commodity markets nowadays. There are some tendencies in trading modes such as diversified and multi-leveled transaction forms, market-oriented transaction mechanism and alliances in international sale and purchase. These tendencies have influenced the commodity markets in many ways. Commodity futures prices have been the bench mark for spot tractions pricing. Enterprises competition has expanded from the spot markets to the whole market system including derivatives markets. Enterprises which can access the derivatives markets easily gain competitive advantages over those which face the barriers or have higher cost when entering these markets. Other influences are that trade organization alliances have the superiority in price bargaining in the international commodity market. Some lessons are learned from the research on the evolution of the international commodity trading modes for China＇s petroleum market. Path and procedure should be taken into consideration to develop the oil futures market. We can develop different oil futures contracts from the New York Mercantile Exchange （NYMEX） and the International Petroleum Exchange （IPE） which is in accord with Asian petroleum markets and reflects the demand and supply characteristics of Asia including China. In spite of our highly monopolized oil supply market, QFII can be introduced in the development of China＇s oil futures market to connect with the international petroleum markets which are comparatively competitive. Shanghai Petroleum Exchange Market should be changed into an OTC petroleum market steadily, which can promote the development of the exchange market at the same time. Other enlightenments are that the reform of the oil industry administration system, especially the import and export system, should be performed with market ideology. The key issue in building purchase alliance should be the system design which is consistent wit

关 键 词：大宗商品 石油 交易方式 石油市场改革 

分 类 号：F426.22[经济管理—产业经济]