本文選題：電力行業(yè) + 金融衍生品��； 參考：《西南財經大學》2012年碩士論文

【摘要】：隨著電力行業(yè)的市場化改革不斷深入,電力金融市場的建立越來越迫切,對如何建立電力金融市場這一問題,我們必須深入研究。電力是最優(yōu)化的能源形態(tài)。比起煤炭、石油等能源,在開采、運輸、利用的費用和難度上,電力是輸送最便捷、形式最環(huán)保、使用最方便的。電力是生產要素流轉的高速通道。我國的能源儲備區(qū)和能源需求區(qū)并不匹配,往往能源儲備豐富的地區(qū)能源消納利用能力有限,能源需求強烈的地區(qū)能源儲備有限；從經濟全局考量,資金、技術、需求的優(yōu)勢地域與資源儲備的優(yōu)勢地域迫切需要一種高效的媒介進行要素的互動和互補。而通過電力的傳輸,煤炭、風能、水能、地熱等資源可以高速傳輸到需求區(qū),既轉化利用了儲備區(qū)的資源,又滿足了需求區(qū)的發(fā)展需要,有力推動了經濟要素的優(yōu)勢互補。 正是因為電力資源具備上述優(yōu)點,電力行業(yè)逐步發(fā)展壯大,如今,電力行業(yè)已經成為關系國計民生的支柱行業(yè)。人們的生產、生活已經越來越依賴于電力的支持。在生產中,制造業(yè)的自動化、流水線作業(yè)都需要電力作為動力,而金融業(yè)等服務行業(yè)也早已脫離了手寫筆算的時代,進入了電算化時代,可以說,電力已經成為了最重要的生產要素,各行各業(yè)的生產都離不開電力。電力不僅是生產的重要保障,同時也已經滲透到了我們生活的每個角落,事關人們的衣食住行,人們日常生活的許多家庭工具都需要以電力為動力,電力在群眾生活中的重要意義成為他區(qū)別于其他能源的鮮明標志。 當前,電力行業(yè)的影響面越來越大,電力行業(yè)和人們的生產生活聯(lián)系得越來越緊密,以至于電力行業(yè)的狀況已經成為了反映經濟發(fā)展狀況的晴雨表。2007年,李克強與美國大使談起遼寧的GDP數字,他說自己更關注另外三個指標：鐵路貨物運輸量、電力消費和銀行貸款。2010年末,《經濟學人》雜志據此專門創(chuàng)造了一個“克強指數”。在花旗銀行編制的“克強指數”權重中,鐵路貨運占25%、銀行貸款占35%、用電量占40%,用電量占比最大�？梢�,通過用電量的增減和結構的合理度,可以很大程度上判斷一個地區(qū)的經濟發(fā)展速度和經濟結構。一般來說,用電量增長較快,且結構較為合理的地區(qū),其經濟發(fā)展速度和質量也會處于較高水平。 當前,電力行業(yè)改革再次引起了人們的熱議。2013年2月,在中國經濟50人論壇上,吳敬璉指出,電力系統(tǒng)改革中,“網廠分開,競價上網,輸配分開,售電放開”只有第一步很有成效地完成了。但這個市場不正常,唯一的買家就是電網,不是一個競爭性的市場。幾天后,在亞布力論壇上,吳敬璉又進一步指出,完善我國市場化體系需要著力進行以下改革,即要確立市場的產權制度基礎；要放開各類產品和各種生產要素的價格；要明晰市場的競爭規(guī)則；要反對壟斷,強化競爭；要實現(xiàn)司法公正和加強合規(guī)性監(jiān)管。2013年3月10日,新一輪大部制改革靴子落地,國家電力監(jiān)管委員會撤銷,相關職能并入國家能源局,電力行業(yè)改革再次啟動。 但是,如果在電力行業(yè)改革中,單單推進電力現(xiàn)貨市場改革,那是注定要失敗的。John Besant-Jones和Bernard Tenenbaum (2001)在世界銀行的文獻《加州電力危機：給發(fā)展中國家的教訓》中就指出,在逐步放松管制的電力市場上,因為即期電力市場現(xiàn)貨價格必然會出現(xiàn)較大幅度的波動,買賣雙方都有動力想要通過遠期合約來控制風險。也就是說,在電力市場化的背景下,電力行業(yè)的供需雙方都對電力金融衍生工具有著極大的需求。這時,如果缺失電力金融市場,就將得電力供需雙方都完全暴露在電力現(xiàn)貨價格急劇波動的風險之下,而又缺乏有效手段管控其風險,這必將反過來抑制并阻礙電力市場化改革的進程。所以,在我國不斷推進電力行業(yè)市場化改革的今天,如何建立、健全、完善電力金融市場,就成了不能不討論和研究的問題。 本文按照提出問題、分析問題、解決問題的思路,逐層遞進,論述了應當如何建立、健全、完善電力金融市場這一問題。本文主要分為7個部分。 第1部分主要描述了本文的研究意義、目的、結構以及本文的不足。 第2部分對相關的研究文獻進行了綜述和總結。首先概括了關于電力市場化的演進以及電力金融市場概念的提出的相關文獻,然后歸納了電力金融市場交易模式討論和電力金融市場風險管理討論的相關文獻,最后對電力金融市場中的電力期貨與期權的相關文獻進行梳理。 第3部分介紹了國外電力金融市場的發(fā)展現(xiàn)狀。分別介紹了北歐電力金融市場、歐洲能源交易市場以、美國PJM電力金融市場以及其他國家的電力相關金融市場。 第4部分總結了我國電力市場化的改革歷程。大體分為政企合一的國家壟斷階段、打破政企不分的公司化改革階段以及打破壟斷的市場化改革階段這三個階段。 第5部分論述了建立電力金融市場是電力市場化的必然要求。主要從兩個方面展開。首先,論述了電力市場化是大勢所趨,既是國際電力行業(yè)發(fā)展的趨勢,又是我國進一步推進社會主義市場化改革的方向。其次,論述了在電力市場化的大背景下,我們亟需逐步建立電力金融市場,并結合我國目前電力行業(yè)的各方面情況,說明建立我國的電力金融市場是可行的。通過建立電力金融市場可以發(fā)揮金融衍生產品的功能,有效促進我國的電力市場的不斷完善。 第6部分對我國家建立電力金融市場的可行性和必要性進行了研究。我國要建立電力金融市場,一是需要建立較為完善的電力現(xiàn)貨市場,二是建立了較為完善的輔助電力市場,三是對電力行業(yè)的環(huán)保監(jiān)管比較嚴格、到位。然后提出建立電力金融市場須注意的問題。 第7部分根據國外電力金融市場研究的經驗,并結合我國電力市場發(fā)展的實際情況,得出我國電力金融衍生品交易模式的設計應遵循的原則。 第8部分根據前幾部分的分析,得出結論并提出相關政策建議。 因為筆者知識有限,所以在本文中可能會出現(xiàn)某些錯誤和不足,在此懇請各位老師糾正指出,筆者表示誠懇的感謝!
[Abstract]:With the deepening of market reform in the electric power industry, the establishment of the electric power financial market is becoming more and more urgent. We must study the problem of how to establish the power financial market. The power is the optimal energy form. Compared with coal, oil and other energy, the power is the most convenient and convenient transportation, in the cost and difficulty of mining, transportation and utilization. It is the most environmentally friendly and most convenient way. Electricity is the high speed channel for the circulation of production factors. China's energy reserves are not matched with energy demand zones, and energy reserves are often limited in energy reserves, and energy reserves are limited in areas with strong energy demand. The dominant region of resource reserve requires an efficient medium to interact and complement each other. Through the transmission of electricity, coal, wind, water, geothermal and other resources can be transmitted to the demand zone at high speed. It can not only transform the resources of the reserve area, but also meet the needs of the demand Zone, which has greatly promoted the advantages of the economic factors. Supplement.
It is because the power resources have the above advantages, the power industry has gradually developed, and now the power industry has become a pillar industry in relation to the national economy and the people's livelihood. People's production and life have become more and more dependent on the support of electricity. In production, the automation of manufacturing and running water lines require power as a power, and financial services. The business industry has already divorced from the time of handwriting and entered the era of computerization. It can be said that electricity has become the most important factor of production, and the production of all walks of life can not be separated from electricity. Electricity is not only an important guarantee of production, but also has penetrated every corner of our living, it is related to people's food and clothing, people day. Many family tools that live frequently need to be powered by electricity. The importance of electricity in the life of the masses becomes a distinct sign that distinguishes him from other sources of energy.
At present, the power industry has a growing impact, the power industry and people's production and life are getting closer and closer, so that the power industry has become a barometer of economic development in.2007, Li Keqiang talked with the US ambassador about the GDP figures in Liaoning, he said he paid more attention to the other three indicators: railway goods. Transport volume, electricity consumption and bank loans at the end of.2010, "the economist > magazine specifically created a" strong index ". In Citibank's" strong index "weight, railway freight accounted for 25%, bank loans accounted for 35%, electricity consumption accounted for 40%, the largest proportion of electricity consumption. Visible, through the increase and decrease of electricity consumption and structural rationality, can be seen To a large extent, the speed of economic development and economic structure of a region is judged. In general, the speed and quality of economic development will also be at a high level in areas with faster growth and more reasonable structure.
At present, the reform of the electric power industry has aroused the hot discussion in February.2013. In the 50 Party of China's economic forum, Wu Jinglian pointed out that in the reform of the power system, the first step was accomplished only with the first step, "separation of network plants, bidding for Internet, separation and distribution, sale of electricity". But this market is not normal, the only buyer is the power grid, not one A few days later, at the Yabuli forum, Wu Jinglian further pointed out that the following reforms should be made to improve the market system in China, that is, to establish the basis of the property rights system of the market, to liberate the prices of all kinds of products and all kinds of production factors, to clear the competition rules of the market, to oppose monopoly and to strengthen competition; In order to realize judicial justice and strengthen compliance supervision in March 10th.2013, a new round of large-scale reform boots fell to the ground, the National Electric Power Regulatory Commission revoked, related functions into the national energy administration, and the reform of the power industry started again.
However, if the power spot market reform is pushed alone in the power industry reform, it is doomed to fail.John Besant-Jones and Bernard Tenenbaum (2001) in the world bank literature < California power crisis: lessons for developing countries > in the gradually loosely regulated power market, because the immediate electricity market is present The price of goods will inevitably fluctuate, and both buyers and sellers have the power to control the risk through the forward contract. That is to say, in the background of the electricity market, both the suppliers and the suppliers of the power industry have a great demand for the power financial derivatives. If the electricity market is missing, the two sides will get the power supply and demand. All of them are completely exposed to the risk of the sharp fluctuations in the spot price of electric power, and the lack of effective means to control the risk. This will in turn inhibit and impede the process of the reform of the electricity market. So, how to establish, improve and perfect the power finance market will be impossible without the reform of the electric power industry in China. The question of theory and research.
According to the question, the analysis of the problem and the idea of solving the problem, this paper discusses the problem of how to establish, improve and perfect the power financial market. This paper is divided into 7 parts.
The first part mainly describes the research significance, purpose, structure and shortcomings of this paper.
The second part reviews and summarizes the related research literature. Firstly, it summarizes the evolution of the electricity market and the related literature of the concept of the power financial market, and then sums up the related literature of the discussion on the trading mode of the power finance market and the discussion of the risk management in the power financial market. The related literature of power futures and options is combed.
The third part introduces the current situation of the development of foreign power financial market, including the Nordic electricity market, the European energy market, the PJM electricity market in the United States and the electricity related financial markets in other countries.
The fourth part summarizes the reform course of China's electricity market, which is divided into the state monopoly stage of the government enterprise union one, breaking the stage of the undivided reform of the government and the enterprises and breaking the stage of the market reform in the three stages of the monopoly.
The fifth part expounds that the establishment of the electricity market is the inevitable requirement of the power market. It is mainly from two aspects. First, the trend of the electric power market is the trend of the development of the international power industry, and it is the direction for our country to further promote the reform of the socialist market. Secondly, the big back of the power market is discussed. Under the view, we need to set up the power financial market gradually, and show that it is feasible to establish the power financial market in our country, combining with all aspects of the current power industry in our country.
The sixth part studies the feasibility and necessity of establishing the power financial market in our country. In order to establish the electric power financial market, the first is to establish a more perfect spot market, the two is to establish a more perfect auxiliary power market, and the three is to be strict in the supervision and management of the electric power industry. The problems that must be paid attention to in the financial market.
In the seventh part, according to the experience of foreign power financial market research and the actual situation of the development of China's electricity market, the principles of the design of China's power financial derivatives trading model should be followed.
The eighth part, based on the analysis of the previous parts, draws conclusions and puts forward relevant policy recommendations.
Because the author is limited in knowledge, there may be some mistakes and shortcomings in this article. I hereby urge all the teachers to correct and point out that the author expresses my sincere thanks.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F426.61

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