新能源领域大宗商品定价权:测度及动态演进特征研究  

Commodity Pricing Power in the New Energy Sector:A Study of Measurement and Characterization of Dynamic Evolution

作　　者：邵运文 周宇[2] Shao Yunwen;Zhou Yu

机构地区：[1]上海第二工业大学,上海201209 [2]上海社会科学院,上海200020

出　　处：《西南金融》2024年第8期57-67,共11页Southwest Finance

基　　金：国家社科基金重大项目“新时代我国金融开放战略研究——形成全面开放新格局的目标与路径”(18ZDA090);上海市人民政府决策咨询研究项目“新兴产业领域大宗商品发展的思路和对策研究”(2021-Z-D02-A);中国民主同盟上海市委员会项目“高水平开放背景下上海期货市场的国际化实践与经验研究”(03005)、“碳金融及期货市场赋能上海新能源汽车产业发展研究”(03007)阶段性研究成果。

摘　　要：“双碳”目标背景下,我国新能源领域大宗商品消费量已跃居世界首位,但相关原材料的定价话语权较低,因此研究大宗商品定价权具有现实意义。本文基于中美26个指标构建指标体系,首次从实证上综合考量了大宗商品定价权背后的商品属性、金融属性和政治属性,并进行各属性动态演进的测度分析。从结果来看,新能源领域大宗商品定价权受商品属性影响较大,金融属性次之。近年来中美两国相关商品的定价权均缓慢上升,我国新能源领域原材料定价权由商品属性主导,而美国相关商品定价权由政治属性主导。2021年后,我国相关商品的金融属性因期货交易量放大而骤然提升,促进了定价权发展。因而建议巩固我国定价权的商品属性,重点提升金融属性,扩大金融开放,促进新能源行业稳健发展。Under the background of"carbon peaking and carbon neutrality"target,the consumption of bulk commodities in the field of new energy in China has risen to the first place in the world,while the pricing power of related raw materials is relatively low,the study of commodity pricing power is of practical significance.This paper constructs an indicator system based on 26 indicators from China and the United States,empirically synthesize the commodity attributes,financial attributes,and political attributes behind commodity pricing power,and conducts a measurement analysis of the dynamic evolution of each attribute.From the results,the pricing power of commodi⁃ties in the new energy field is most affected by commodity attributes,followed by financial attributes.In recent years,the pricing power of related commodities in both China and the United States has been slowly increasing,with the pricing power of raw materials in China's new energy sector dominated by commodity attributes,while the pricing power of related commodities in the United States is dominated by political attributes.After 2021,the fi⁃nancial attributes of China's relevant commodities have been abruptly enhanced by the amplification of futures trading volume,which has facilitated the development of pricing power.Therefore,it is recommended to consoli⁃date the commodity attribute of China's pricing power,focus on improving the financial attribute,and expand fi⁃nancial openness to promote the sound development of new energy industry.

关 键 词：新能源 “双碳”目标 大宗商品交易 期货市场 定价权 人民币国际化 货币权力 熵权法 

分 类 号：F830.9[经济管理—金融学]