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论文编号：	5640
作者编号：	2220110910
上传时间：	2013/11/27 13:04:17
中文题目：	金谷期货与国内期货市场发展现状及对策研究
英文题目：	Research oncountermeasure of JinGufutures companyand domestic futures market development
指导老师：	韩经纶
中文关键字：	期货市场；期货交易；大宗商品；金谷期货
英文关键字：	Futures market, Futures trade, Commodities, JinGu Futures Company
中文摘要：	国家在“十二五”发展纲要中明确提出，“要推进期货和金融衍生品发展”、“促进证券期货机构规范发展”，表明国家积极鼓励期货市场和行业发展。金谷期货在国家鼓励期货衍生品市场和行业创新发展的宏观背景下，迎来跨越发展的战略性机遇。期货公司的发展必须以期货市场和整个资本市场的发展为依托，在合规的前提下，接受监管部门和行业自律组织的监管和指导下，历练内功，拓宽视野，紧跟市场创新步伐，服务好实体经济和在更高层次上为国民经济做贡献。同时，也需要监管部门继续鼓励符合条件的期货公司学习国际先进经验，勇于创新，在业务模式、管理模式和发展模式上取得突破，并增进与银行、券商、基金、信托等其他金融机构的结合，逐步迈向为实体经济和投资者提供更加全面的期现保值增值服务和投资管理服务。本人基于对中国期货衍生品市场发展历程和未来发展前景的详细研究，结合本人现供职的金谷期货公司在中国期货市场不同发展阶段表现出的特征进行比较分析，总结不同阶段期货公司发挥的作用与发展过程中存在的问题，提出应对问题的对策，并展望未来发展。本文从国内期货市场起始阶段开始，按照逐个阶段所表现出的不同特点进行细致分析，解析国内期货衍生品市场的发展规律和特征，并客观分析国内期货市场与国际市场关系的重要性。通过分析当前我国期货市场依然存在的问题，深度剖析，研究对策。通过分析提出当前市场和行业的重点问题主要表现在市场体系建设尚不完善、大宗商品国际定价缺少话语权、国内金融机构进军海外市场缺少创新业务模式、需要继续完善投资者适当性制度以及社会缺少对期货市场主要功能的正面宣传和引导等。期货公司提升自身竞争力均需要在应对当前期货衍生品市场存在的问题提出应对之策，并抓住当前创新发展的机遇，在找到和应对问题对策的同时，寻求期货公司自身的创新发展之路。本文通过对金谷期货公司的发展介绍以及组织机构、经营发展战略进行详细介绍，反映了期货市场普遍存在的探索创新发展思路。并通过介绍期货公司资源整合，增强自身实力作为发展创新的必要前提和基础。从笔者作为中国当代期货衍生品行业亲历者，深入期货市场相关主体进行现场调研与研讨，从中国资本市场发展亲历者的角度，客观分析国内期货市场和行业现存问题，并对中国期货市场及期货行业发展前景在客观分析的基础上进行判断，深度剖析存在问题的原因和解决思路。文章运用了大量实践经历，并引用了真是历史事件和客观数据，进行客观分析，提出对策。经过对存在问题进行详细分析，根据中国期货市场和行业发展的需要，并结合笔者在金谷期货的实践经验，提出对策：1.尽早颁布期货法，为期货行业健康发展提供基础性法律保障,确保期货公司经营中涉及相关法律法规的一致性，明确期货公司的权利和义务；2.从政策上拓宽期货公司经营范围，并为今后发展预留空间;3.支持国内期货衍生品市场创新，增加中国在国际大宗商品定价的话语权；4.合理引导金融机构在业务模式创新的基础上，实施海外扩张，为国内实体经济在海外市场套期保值和转移现货风险提供服务和保障；5.引导期货市场和行业创新；6促进期货公司转型升级。我国期货衍生品市场当前的大好局面来之不易。虽然，我国期货市场还存在着一些缺陷和不足。但随着市场参与主体的不断成熟，监管层监管手段更加完善，我国经济发展结构转型获得成效，城镇化建设进程不断加快，都是加快发展我国期货衍生品市场的历史性机遇。随着法律法规逐步完备，监管体系不断健全，监管手段更加成熟，我国的期货衍生品市场基础将更加牢固。中国期货市场将在服务实体经济和在更高层次上为国民经济发挥作用的过程中不断完善、壮大自己。我国期货衍生品市场的发展目标是成为国际性大宗商品定价中心和重要的汇率、衍生品交易中心。同时，期货公司是期货市场主体的重要一环。我国期货公司伴随着我国期货衍生品市场的发展壮大而逐步走上规模与质量并重发展之路。随着期货创新业务的推出和期货市场逐渐与国际市场接轨，期货公司经营范围也获得全面突破。部分期货公司已经获得境外经纪业务代理试点资格是我国期货公司发展过程中里程碑式的转折点，中国的期货公司将由此逐步走向国际。我国期货行业虽然历经数次资源整合，与券商、银行等其他金融机构的整合也获得前所未有的发展，但与国际大宗商品市场的业务模式相比，我国期货公司现有经营范围、国际市场竞争力、创新业务经验还远远不够，在快速发展的市场面前，我国期货行业也整体面对着自身管理模式、业务模式和信息技术与服务产品创新的挑战。随着国际化进程加快，我国只有很少期货公司获得过接触和了解国际先进业务模式的机会，行业整体创新准备并不充分。因此，在发展与创新的机遇面前，大多数国内期货公司也将面临全新的挑战。金谷期货属于与金融业整合度高，而自身又具备一定专业优势的期货公司，依托金融控股集团股东全金融产业链优势，整合入证券、基金、银行等优质金融资源，具备打造全牌照期货衍生品服务商的先决条件。公司通过增加资本金、提升信息技术水平、引入创新营销模式和先进管理经验，逐步获得期货投资咨询、期货资产管理和设立现货风险管理子公司以及境外期货衍生品代理业务等创新业务牌照，并依托明确的发展战略规划，优化地域发展布局，增强行业影响力，更加全面和广泛的为实体经济提供全方位期货保值增值服务，从而发展成为行业内一流的综合型期货公司。
英文摘要：	The country clearly put forward in "Twelfth Five Year" development compendium, "to promote the futures and financial derivatives development", "to promote thedevelopment of securities and futures institution norms", shows that countries actively encourage the development of futures market and industry. In the background of the encouraging futures derivatives market and industry innovation and development of strategic opportunities,JinGu futuresusher in the leaping development. The development of Futures Companymust be based on the development of the futures market and the capital market , in the premise of compliance.By accepting the supervision department and industry self-discipline organization supervision and guidance, It must train skills, broadtheir horizons, keep up with the pace ofmarket innovation, so as to service entity economy and the national economy at a higher level . At the same time, it also need tocontinue to encourage qualified Futures Company to learn from advanced international experience, to innovate and make a breakthrough in the development mode and the mode of business models, then to manageand enhance the combined with the bank, securities, funds, trust and other financial institutions, so as to provide more comprehensive for a period of the real economyand services for investors tokeep the value and investment managementstep bystep . This paper detailed research on the development of Chinese futures derivatives market and future prospects based on feature, combined with my working company--JingGu Futures in different stages of development in the futures market to comparative analysis, summarizes the role and development process problems of the different stages of the Futures Company ,put forward countermeasures to deal with the problem, and looking to the future development. This paper starts from the domestic futures market initialstage, a detailed analysis according to the different characteristics of eachstage shows, developing rules and features analysis of domestic futuresmarket, and an objective analysis of the importance of the relationship between the domestic futures market and international market. By analyzing the paper talk about the problem of the remains of futures market in China , then with the depth of analysis, countermeasure research of that. By analyzing the key problems in the current market and industry ,the problem mainly in the construction of the market system is not perfect and the lack of international pricing right of discourse of commodities,domestic financial institutions into overseas markets, the lack of innovative business model, improving the appropriateness of investorsand social lack of the positive publicity and guidance of the main functions of the futures market . Improving the competitiveness of Futures Companyare required in response to the current existence of futures market problemsproposed countermeasures, and seize the opportunities of innovation and development, at the same timethe countermeasures and deal with the problems , seek the Futures Company's own innovation development road. This article by introducing the development of JinGu Futures Company and organizations and business development strategy in details, reflects thethinking of development of universal existence of futures market. Through the introduction of the integration of resources of Futures Company, it enhances its strength as a necessary premise and basis for the development of innovation.From the Chinese contemporary futures as derivatives industry experience, in-depth futures market related subjects for investigation and research, from the point of view of development experience of Chinese capital market , objective analyze the existingproblems of the domestic futures market and industry,and objective analysis to judgeon the basis ofthe Chinese futures market and futures industry development , in-depth analysis of reasonsand solutions. This paper used a large number of practical experience, and cited reallyhistoricaleventsandobjective data, objective analysis andcountermeasures.Aftera detailed analysis of the existing problems,according to the need of development of Chinese futures market and industry,and combining of practical experiences of the JinGu futures, put forward the countermeasure: 1.Release futures laws as early as possible to provide the basic legal guarantee for the healthy development of futures industry, and to ensure the consistency of therelevant laws and regulations of Futures Company management ,clearly the rights and obligations of the Futures Company; 2.From the policy to broaden the scope of business of Futures Company,and reserve space for future development; 3.Support the innovation of domestic futures derivatives market , and increase china’sinternational pricing right to speak of the commodity; 4.Based onreasonable guide to business model innovation of financial institutions , implement overseas expansion, and provide service and guarantee for the domestic real economic value in overseas markets and transfer of stock risk; 5.Guide the innovation of futures market and industry to better serviceto the real economy, making the contribution for the national economy at a higher level. 6.Promote the transformation and upgrading of the Futures Company Good situation of futures derivatives market of our country is not easily. Although, the futures market of our country also exist some shortcomings and deficiencies. But with the market participants continuing to mature, the regulation meaning more perfect, our country economic development restruct progress, accelerate the urbanization process, and all of these are historical opportunitise to accelerate the development of futures market of our country.With the gradually perfect laws and regulations, supervisionsystem is constantly improving, supervision means more mature, futures andderivatives market in our country will be more solid foundation. Chinesefutures market will improve and grow in the service of the real economy and at a higher level for the national economy.The development goal of futures market of our country is becoming the international commodity pricing center and important currency, derivatives trading center. At the same time, the Futures Company is the important one annulus of futures market . Futures Company in China with the development of China's futures market and gradually equal scale and quality development road. As the futures business innovation and the futures market is graduallywith the international market, Futures Company also obtained comprehensivebreakthrough business scope. Some Futures Company have overseasbrokerage agency pilot qualifications,it is a turning point in the course of development of Chinese Futures Company milepost type. Chinese Futures Company will be gradually moving towards the international. Chinese futures industry although after several resource integration,integration with banks and other financial institutions have also acquired a hitherto unknown development, but comparedwith the international commodity marketbusiness model, our existing Futures Company, scope of business, innovation and competitiveness in the international market,business experience are far from enough, in the face of the rapid development of the market, our futures industry also faces challenges of its ownmanagement mode, business mode and information technology and service innovation . With the accelerated process of internationalization, only a few Futures Companies in our country have the opportunities of contacting and understanding of the international advanced mode of business , the whole industryinnovation is not fully prepared. Therefore, in the face of development andopportunities for innovation, most domestic Futures Companies will also face new challenges. JinGu futures has high degree of integration with the financial industry,and italso has certain professional advantage .It based on the financial holding group whole financial industrychain advantages, integrated into the quality of financial resources, funds,banks, securities, with the prerequisite to build the whole plate futuresservices. The company through increasing the capital , improving the level of information technology, the innovative marketing model and advanced management experience, gradually acquired innovation business license of the futures investment consulting, management of assets and the establishment of the spot futuresrisk management subsidiaries and overseas futures derivatives and other agency business, and relying on the development of clear strategic planning, to optimize regional development layout, enhance the industry influence, a more comprehensive and extensive for the real economy to provide a full range of futures hedging of value-added services, in order tobecome the industry comprehensive first-class Futures Company.
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