促进期货市场高质量发展:现实基础与战略构想  

Enhancing the High-Quality Development of the Futures Market:Practical Foundation and Strategic Thinking

作　　者：徐静 XU Jing

机构地区：[1]大连商品交易所博士后科研工作站

出　　处：《农村金融研究》2023年第8期70-80,共11页Rural Finance Research

基　　金：2021年博士后国际交流计划引进项目“期货市场基本原理与经济功能”(编号:YJ20210240)的研究成果。

摘　　要：期货市场有助于改善市场化发现价格、管理风险、配置资源功能,并且中国特色期货市场积极服务国家战略,此为期货市场高质量发展的现实基础。其中的重要理论基础为期货市场可一定程度缓解信息不完全、未来的不确定性等产生市场失灵的因素,从而有助于完善市场机制。论文拓展了发现价格的功能定义,强调其关键在于持续形成公开、公平、合理的价格,服务于产业和经济发展。对农产品、金属、化工领域代表性品种的案例分析显示,期现结合发展有助于部分商品保供稳价。因此,论文认为,促进期货市场高质量发展的关键在于进一步提升期货市场经济功能,深化期现结合发展,更好地服务于实体经济,并提出了具体建议。The futures market improves the market mechanism and its functions of price discovery,risk management and resource allocation.In addition,the Chinese characteristic futures market actively serves the national strategy.These are the practical foundations for the high-quality development of the futures market.The key theoretical basis is that the futures market could to some extent mitigate certain fundamental factors that lead to market failure,such as incomplete information and uncertainty in the future.This paper expands the definition of price discovery of the futures markets,emphasizing that the core of price discovery lies in the continuous formation of open,fair and reasonable prices to serve the pricing and on-going development of relevant industry and the broader economy.The case study of representative futures products in agricultural,metal,and chemical industries shows that spot-futures collaborative development to some extent helps maintain supply and stable prices for some commodities.Therefore,this article states that the strategic key to promoting the high-quality development of the futures market lies in further enhancing the economic function of the futures market,deepening spot-futures collaborative development,and better serving the real economy.Specific suggestions are proposed.

关 键 词：期货市场 发现价格 管理风险 配置资源 期现结合 

分 类 号：F83[经济管理—金融学]