本文選題：期貨　切入點：標準倉單　出處：《復旦大學》2012年碩士論文　論文類型：學位論文

【摘要】：在監(jiān)管部門積極引導下,期貨市場取得飛速發(fā)展,業(yè)務范圍不斷擴大,交易品種持續(xù)增加,市場成交量穩(wěn)步提升,創(chuàng)新成為期貨市場發(fā)展的推動力。如何充分利用期貨市場更好的服務產(chǎn)業(yè)客戶,實現(xiàn)為國民經(jīng)濟服務的重要功能成為期貨公司的一項重要課題。 金融危機以來,我國銀行緊縮信貸,市場流動性降低,對企業(yè)的生產(chǎn)經(jīng)營產(chǎn)生了較大影響,對群體眾多的中小企業(yè)影響尤為嚴重,其信貸需求不能得到有效解決,因此迫切需要一種新的融資渠道。同時,企業(yè)在利用期貨市場平穩(wěn)其經(jīng)營風險時,手中持有標準倉單占壓資金從而導致流動資金短缺,或是短期資金緊張無足夠資金進行實物交割,從而對標準倉單質(zhì)押產(chǎn)生了強烈的市場需求。標準倉單質(zhì)押融資業(yè)務在國外有多年的發(fā)展,國內(nèi)也進行了初步探索,形成了交易所及商業(yè)銀行標準倉單質(zhì)押模式,但是現(xiàn)有模式也存在各自的局限性,不能充分滿足企業(yè)的需求。 作為期貨市場主體的期貨公司與產(chǎn)業(yè)聯(lián)系更為緊密,對產(chǎn)業(yè)客戶更為熟知,在倉單處置方面更專業(yè),對期貨市場風險認識及控制有自身獨特的優(yōu)勢,能有效彌補現(xiàn)有模式的不足。而期貨公司閑置的大規(guī)模資金為參其與標準倉單質(zhì)押業(yè)務提供了前提,投資咨詢業(yè)務的推出為此項業(yè)務開展提供了契機,因此期貨公司參與企業(yè)標準倉單質(zhì)押具有重要的現(xiàn)實意義。 基于此,本文對國內(nèi)外相關研究進行梳理,結合數(shù)據(jù)闡述標準倉單質(zhì)押業(yè)務在我國的發(fā)展。對現(xiàn)有三種質(zhì)押模式進行分析,總結其局限性,進而對期貨公司開展標準倉單質(zhì)押業(yè)務可行性進行論證,并運用例證方式,從期貨公司開展標準倉單質(zhì)押業(yè)務流程角度進行解析,分析潛在風險點,提出對應措施,希望本文能對期貨公司的業(yè)務創(chuàng)新及服務多元化提供一定借鑒作用。
[Abstract]:Under the active guidance of the regulatory authorities, the futures market has made rapid development, the scope of business has been continuously expanded, the variety of transactions has continued to increase, and the volume of market transactions has steadily increased. How to make full use of the futures market to serve the customers of the industry and realize the important function of serving the national economy has become an important issue for futures companies. Since the financial crisis, China's banks have tightened credit and reduced market liquidity, which has had a great impact on the production and operation of enterprises, especially on the large number of small and medium-sized enterprises, whose credit needs cannot be effectively solved. Therefore, there is an urgent need for a new financing channel. At the same time, when enterprises use the futures market to smooth their operating risks, they hold standard warehouse receipts in their hands, thus leading to a shortage of liquidity. Or the shortage of short-term funds and insufficient funds for physical delivery, thus creating a strong market demand for standard warehouse receipt pledge. Standard warehouse receipt pledge financing business has developed for many years abroad, and has also been preliminarily explored in China. The stock exchange and commercial bank have formed the standard warehouse receipt pledge mode, but the existing models also have their own limitations, which can not fully meet the needs of enterprises. As the main body of futures market, futures companies are more closely related to industry, more familiar with industrial customers, more professional in warehouse receipt disposal, and have their own unique advantages in understanding and controlling futures market risks. Can effectively make up for the shortcomings of the existing model. But the large amount of idle funds of futures companies provides a prerequisite for the reference to its and standard warehouse receipt pledge business, and the introduction of investment consulting business provides an opportunity for this business to be carried out. So the futures company participates in the enterprise standard warehouse receipt pledge has the important realistic significance. Based on this, this paper combs the related research at home and abroad, expounds the development of the standard warehouse receipt pledge business in our country with the data, analyzes the existing three kinds of pledge mode, summarizes its limitation, Then it demonstrates the feasibility of developing standard warehouse receipt pledge business in futures company, and analyzes the potential risk point from the perspective of developing standard warehouse receipt pledge business flow of futures company, and puts forward corresponding measures. I hope this paper can provide some reference to the business innovation and service diversification of futures companies.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.39

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本文編號：1599210