基于市场中介视角的期货市场功能和优势获得机理分析  

An Analysis of the Function and Advantage-gaining Mechanism of Futures Market from the Perspective of Market Intermediary

作　　者：孙泽生[1,2] 

机构地区：[1]浙江科技学院经济管理学院,浙江杭州310023 [2]复旦大学理论经济学博士后流动站,上海200433

出　　处：《上海金融》2012年第3期91-96,118,共6页Shanghai Finance

基　　金：中国博士后科学基金面上项目(20110490065);浙江省自然科学基金项目(Y7100009);浙江省社科规划之江青年课题(11ZJQN067YB)的资助

摘　　要：期货市场是为了降低交易成本而引入的一种制度设计,作为能实现效率增进的市场中介,它具有特殊的禀赋要求和强规模经济特征。本文将期货市场的优势获得源泉区分为效率边界、国别相关交易成本和运输成本三个层面。扎根于中文交易环境、中国交易习惯和特定区位,中国大市场的母市场优势,以及强准入规制、结构性调整及对外资准入和境外交易的限制,都使中国具有相对强的国别相关交易成本和运输成本优势,这也是当前中国期货市场优势的主要来源。但中国商品期货市场所能达到的效率边界和竞争力水平尚有赖于市场的扩大和竞争来显现和增强。Futures market is an institutional design aiming to reduce transaction cost.As a market intermediary that propels efficiency,futuresmarket has unique requirements and strong characteristics of scale economy.The article sorts the origins of futures market's advantage gaining intothree layers,which are efficiency boundary,country related transaction cost and transportation cost.On the basis of Chinese transactionenvironment,transaction habit and specific location,along with the advantage of China as home market,strong access regulation,structuraladjustment,limitation of foreign capital admittance and overseas trade,China is comparatively advantaged in country related transaction cost andtransportation cost.These are also main origins of advantages of China's futures market.Yet the efficiency boundary and competitive level ofChina's commodity futures market are dependent on the expansion and competition of market.

关 键 词：期货市场 市场中介 优势获得 交易成本 母市场效应 

分 类 号：F830.9[经济管理—金融学]