發(fā)布時間：2018-02-26 14:27

  本文關(guān)鍵詞： 石油市場 金融屬性 石油金融化 市場機(jī)制　出處：《武漢大學(xué)》2012年博士論文　論文類型：學(xué)位論文

【摘要】：隨著社會進(jìn)步和世界經(jīng)濟(jì)的發(fā)展，石油與金融已經(jīng)密不可分。石油金融市場已經(jīng)成為現(xiàn)代國際金融市場的重要組成部分。石油金融不僅涵蓋了石油市場體系和國際金融體系的各個層面，還被歐美等發(fā)達(dá)國家視為能源安全和能源戰(zhàn)略的一個重要組成部分�！笆徒鹑诨敝饾u成為全球經(jīng)濟(jì)的普遍現(xiàn)象，主要表現(xiàn)在如下三個方面：一是價格體制的金融化；二是資本投機(jī)對石油價格和石油市場的操縱；三是石油和國際貨幣體系聯(lián)系密切。 在現(xiàn)代石油工業(yè)誕生至今的150多年歷史中，國際石油市場格局幾經(jīng)變遷，在經(jīng)歷了歐美石油公司壟斷和歐佩克（OPEC）官方控制后，在20世紀(jì)70年代后期，最終形成了以市場供求為基礎(chǔ)的定價機(jī)制。20世紀(jì)90年代后期，國際期貨市場蓬勃發(fā)展起來，大量的石油交易通過金融市場完成，以期貨價格作為世界大宗商品的定價基準(zhǔn)已成為國際通行標(biāo)準(zhǔn)。石油期貨市場的發(fā)展，體現(xiàn)了期貨市場巨額資金對石油的追捧，國際石油市場的金融屬性已經(jīng)越來越明顯，“石油金融化”這個詞語被頻繁地用來描述國際原油市場上的價格波動。 石油市場的金融化充分地表現(xiàn)在金融機(jī)構(gòu)對石油市場的投機(jī)上。近年來，投機(jī)成為影響油價的最主要因素。以對沖基金為首的各種投機(jī)力量紛紛進(jìn)入石油衍生品市場，通過對實(shí)貨和衍生產(chǎn)品的雙重參與，造成國際石油價格急劇動蕩。國際石油價格不僅是一種基于石油市場廠商生產(chǎn)邊際成本和消費(fèi)者效應(yīng)函數(shù)、反映供需平衡的經(jīng)濟(jì)學(xué)概念，也成為包括大量金融投機(jī)行為的金融學(xué)概念。次貸危機(jī)的爆發(fā)，使全球各主要經(jīng)濟(jì)體普遍認(rèn)識到加強(qiáng)金融監(jiān)管的重要性，并采取了一系列改革措施。 由于美元壟斷了石油交易的媒體地位，美國的貨幣政策成為決定石油價格的重要因素。美元的霸權(quán)貨幣體系是一種松散的受操縱的國際貨幣體系，強(qiáng)勢經(jīng)濟(jì)體可以利用這種貨幣體系轉(zhuǎn)嫁金融危機(jī)和獲取更多利潤，而不需要承擔(dān)過多的責(zé)任。美國貨幣政策的調(diào)整，導(dǎo)致了匯率及利率不同方向的變動，而匯率及利率的變化立即成了對沖基金炒作油價的由頭。在匯率因素、利率因素和通脹因素的影響下，石油價格的波動已經(jīng)徹底成為一種金融現(xiàn)象和貨幣現(xiàn)象。 中國加入WTO時曾鄭重承諾，國內(nèi)的石油市場和金融市場將逐步實(shí)現(xiàn)對外開放，石油安全的本質(zhì)已經(jīng)從“生產(chǎn)—供應(yīng)”模式轉(zhuǎn)變成“貿(mào)易—金融”模式①。作為全球第二大石油進(jìn)口國和消費(fèi)國，我國現(xiàn)行的以兩大集團(tuán)壟斷為主導(dǎo)的石油流通體系和以政府為主導(dǎo)定價機(jī)制相對封閉，在客觀上不利于保障石油供應(yīng)安全。豐富和完善我國石油金融發(fā)展的途徑，對確保我國石油金融體系的資源配置功能，提高我國在國際石油市場格局中的地位具有十分重要的作用。 本選題共分六個部分： 第一章“導(dǎo)論”主要闡述了本選題研究的目的和意義、研究思路和方法、石油金融化市場的基本概念和國內(nèi)外研究成果，指明了本選題的研究結(jié)構(gòu)、主要創(chuàng)新點(diǎn)以及不足點(diǎn)。 第二章“石油市場的金融化屬性與理論概述”，研究了石油市場金融化屬性的本質(zhì)特征、表現(xiàn)形式、產(chǎn)生條件和經(jīng)濟(jì)功能，并通過對石油期貨定價理論、價格波動理論和石油貨幣理論的相關(guān)文獻(xiàn)綜述，認(rèn)清了石油金融化理論的研究現(xiàn)狀以及未來的發(fā)展方向。 第三章“石油金融化市場的價格形成機(jī)制”采取歷史分析與比較相結(jié)合的方法，對國際石油定價機(jī)制的衍變歷程、市場交易體系進(jìn)行分析，展示了國際油價的一般形成機(jī)制和歷史波動軌跡。 第四章“石油金融化市場的的貨幣傳導(dǎo)機(jī)制”，以規(guī)范和實(shí)證相結(jié)合、定量與定性相結(jié)合的方式，通過對石油美元的價格傳導(dǎo)機(jī)制、油價與美元的聯(lián)動性進(jìn)行分析，論證了石油美元形式所展現(xiàn)的霸權(quán)主義以及美元貶值對美元霸權(quán)帶來的深刻影響。 第五章“石油金融化市場的投機(jī)與監(jiān)管”同樣以規(guī)范和實(shí)證相結(jié)合、定量與定性相結(jié)合的方式，，通過對投機(jī)基金在國際石油市場投機(jī)行為的實(shí)證分析，以及次貸危機(jī)所展現(xiàn)的金融監(jiān)管缺陷，論證出投機(jī)是推高油價的系統(tǒng)性因素。 第六章“完善中國石油金融化市場”，分析了中國高度壟斷的石油產(chǎn)業(yè)格局、初具雛形的石油金融市場和僵硬滯后的價格形成機(jī)制等獨(dú)具特色的市場特征，從國家能源安全和進(jìn)口高度依存的角度，系統(tǒng)分析了完善我國石油金融化市場的必要性，并提出了一系列改革措施。 本選題的主要創(chuàng)新點(diǎn)在于： 1、主題立意有所創(chuàng)新 石油的金融化現(xiàn)象是近年來隨著石油價格飆升才引起社會關(guān)注的，并發(fā)展成為影響國計民生的重要議題，“石油金融化”問題既是一個比較新的研究領(lǐng)域，也是一個很好的研究方向。受政策限制，國內(nèi)尚未形成真正意義的石油金融化市場，因此相關(guān)領(lǐng)域的研究大多圍繞如何構(gòu)建中國的石油金融安全體系，系統(tǒng)地研究石油金融市場的論文并不多見。 本選題從全局和發(fā)展的層面對石油金融市場進(jìn)行了系統(tǒng)性分析，結(jié)合石油金融化市場的歷史格局、結(jié)構(gòu)形式、參與者、交易方式等問題，考查了現(xiàn)貨市場、期貨市場、石油衍生品市場的現(xiàn)狀以及國際石油市場上期貨、期權(quán)等金融化交易工具的使用形式，并在此基礎(chǔ)上，聯(lián)系貨幣、匯率、投機(jī)、流動性等金融因素，突出了國際石油市場金融化的屬性。在此基礎(chǔ)上，本選題將石油價格的金融化、國際投機(jī)資本對石油市場操縱干預(yù)以及石油價格與國際貨幣體系的聯(lián)系密切三大問題統(tǒng)合成一個有機(jī)的整體，辯證地分析出我國石油市場面臨的機(jī)遇和挑戰(zhàn)，屬跨學(xué)科綜合研究范疇。 2、分析角度具有新穎性 國際石油市場從壟斷向競爭的轉(zhuǎn)變是其發(fā)展的必然規(guī)律，也是理論與實(shí)際緊密聯(lián)系的實(shí)證過程。本選題從國際石油市場的歷史格局出發(fā)，從投機(jī)行為、石油美元、貨幣驅(qū)動的傳導(dǎo)機(jī)制等獨(dú)特的視角論證了金融屬性與國際石油市場的內(nèi)在聯(lián)系，剖析了邏輯與事實(shí)的關(guān)系。這對提示國際石油市場的金融風(fēng)險，完善石油衍生品交易的風(fēng)險管理和風(fēng)險控制，發(fā)展中國的石油金融市場，具有積極的理論和實(shí)踐意義。 3、建議構(gòu)想具有新穎性 本選題在分析如何完善中國石油金融化戰(zhàn)略中，提出了“合理運(yùn)用外匯儲備的建議”、“確定國內(nèi)成品油與原油的比價關(guān)系、加快成品油調(diào)價頻率”、“充分利用稅收杠桿，適當(dāng)調(diào)整汽、柴油消費(fèi)稅的征收標(biāo)準(zhǔn)”、“逐步推出石油衍生品場外交易，加快石油期貨品種創(chuàng)新”等新穎的建議。論證了中國石油企業(yè)、金融企業(yè)走出去，使用國家外匯儲備在國際石油期貨市場上建立石油倉單，以虛擬貨幣向股權(quán)資產(chǎn)轉(zhuǎn)變?yōu)閷?dǎo)向，將外匯儲備轉(zhuǎn)化為石油金融資產(chǎn)的必要性；呼吁完善成品油價格機(jī)制的改革，盡快改變兩大集團(tuán)的市場壟斷，充分開放成品油市場，完善期貨市場的法律法規(guī)體系，大力發(fā)展資本市場和金融市場，加速人民幣的國際化；構(gòu)劃了實(shí)現(xiàn)石油定價機(jī)制市場化的方案，逐步建立起原油、汽油、柴油、燃料油、場外衍生品交易在內(nèi)的國內(nèi)石油期貨市場體系。本選題所提出的建議和構(gòu)想，是基于作者長期實(shí)際工作基礎(chǔ)上所做出的總結(jié)，具有較強(qiáng)的實(shí)踐性和原創(chuàng)性。
[Abstract]:With the development of social progress and the development of world economy , oil and finance have become inseparable . Oil finance market has become an important part of modern international financial market . Petroleum finance not only covers all aspects of petroleum market system and international financial system , but also is regarded as an important part of energy security and energy strategy by developed countries such as Europe and America . In the 150 - year history of the birth of modern petroleum industry , the pattern of international petroleum market has changed . After the official control of oil companies and OPEC in the late 1990s , the international futures market has developed rapidly . In the late 1990s , the international futures market has been booming , and a large amount of oil trade has become the international standard for the pricing of commodities in the world . The development of the oil futures market reflects the huge fund of the futures market in the pursuit of oil , and the financial attributes of the international petroleum market have become more and more obvious , and the term " oil and finance " is used to describe the price fluctuations on the international crude oil market . In recent years , speculation has become one of the most important factors that affect the oil price . In recent years , speculation has become one of the most important factors that affect the oil price . The international oil price is not only a kind of financial concept based on the production marginal cost and the consumer effect function of the oil market , reflects the balance of supply and demand , but also becomes a financial concept including a large amount of financial speculation . The dollar ' s monetary policy has become an important factor in determining oil prices because of the monopoly on the media position of oil trading . The U.S . dollar ' s monic currency system is a loose , manipulated international monetary system that can be used to transform the financial crisis and obtain more profits without excessive responsibility . The changes in the U.S . monetary policy have immediately become the head of oil prices for hedge funds . In exchange rate factors , interest rate factors and inflation factors , fluctuations in oil prices have become a financial phenomenon and currency phenomenon . As the world ' s second largest oil - importing country and consumer , China ' s existing oil - circulation system dominated by the two big groups and the government - led pricing mechanism are relatively closed , so it is not conducive to the security of oil supply . It has a very important role in ensuring the resource allocation function of China ' s oil financial system and improving our position in the international petroleum market . This topic is divided into six parts : The first chapter introduces the purpose and significance of the study of this topic , the basic concept of petroleum and finance market and the research results at home and abroad , and points out the research structure , main innovation points and shortage points of this topic . The second chapter summarizes the characteristics , forms , production conditions and economic functions of the financial attributes of the petroleum market , and summarizes the current research situation and future development direction of the theory of oil futures pricing theory , price fluctuation theory and oil monetary theory . In chapter 3 , " Price Formation Mechanism of Petroleum Financial Market " takes the combination of historical analysis and comparison , analyzes the derivative course and market trading system of international oil pricing mechanism , and shows the general mechanism and historical fluctuation track of international oil price . In the fourth chapter , " the monetary transmission mechanism of the oil - finance market " , combined with the combination of norms and demonstration , quantitative and qualitative analysis , through the analysis of the price - conduction mechanism of the oil dollar , the oil price and the United States dollar ' s joint initiative , demonstrates the deep influence of the hegemony and the depreciation of the United States dollar on the United States dollar hegemony . In the fifth chapter , " the speculation and supervision of the oil - finance market " is also combined with the combination of norms and demonstration , the quantitative and qualitative method , through the empirical analysis of the speculation fund in the international oil market speculation , and the financial supervision defect displayed by the sub - loan crisis , demonstrates that speculation is the systemic factor pushing the high oil price . In the sixth chapter , the author analyzes the market characteristics of China ' s highly - monopoly oil industry pattern , the first prototype oil financial market and the rigid - lag price forming mechanism , analyzes the necessity of perfecting China ' s oil - finance market from the angle of national energy security and import height dependence , and puts forward a series of reform measures . The main innovation points of this selection are as follows : 1 . Innovation in theme In recent years , the financial phenomenon of oil has caused social concern as the price of oil has soared , and it has become an important issue that affects the livelihood of the country . The problem of " oil and finance " is both a new research field and a good research direction . Based on the systematic analysis of petroleum financial markets from the aspects of global and development , the paper examines the current situation of the stock market , futures market , oil derivatives market and the financial factors such as futures and options in the international petroleum market . On the basis of the above , the financial factors such as currency , exchange rate , speculation and liquidity are examined . On this basis , the thesis combines the finance of oil price , international speculative capital on the manipulation of oil market and the linkage between oil price and international monetary system . 2 . The angle of analysis is novel . The transformation of international petroleum market from monopoly to competition is an inevitable rule of its development , and it is an empirical process of the close relationship between theory and practice . This thesis demonstrates the relationship between financial attributes and international petroleum market from the unique perspective of the historical pattern of international petroleum market . This paper analyzes the relationship between financial attributes and international petroleum market . It has positive theoretical and practical significance to prompt the financial risks of the international petroleum market , improve the risk management and risk control of oil derivatives trading , and develop China ' s oil financial market . 3 . It is suggested to have novelty This paper analyzes how to perfect China ' s petroleum and finance strategy , puts forward the suggestion of " reasonable application of foreign exchange reserve " , " determines the relationship between domestic product oil and crude oil , accelerates the oil price adjustment frequency " , " makes full use of the tax lever , properly adjusts the collection standard of gasoline and diesel consumption tax " , " gradually launches oil derivatives OTC , accelerates the oil futures variety innovation " and so on . The proposal and the idea put forward in this selection are based on the conclusion that the author has made on the basis of long - term practical work , and has stronger practicability and originality .

【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F416.22;F831.5

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