西部论坛
西部論罈
서부론단
JOURNAL OF CHONGQING TECHNOLOGY AND BUSINESS UNIVERSITY(WEST FORUM)
2015年
3期
38-45
,共8页
制度创新%强制性制度变迁%诱致性制度变迁%期货市场%交割制度%商品期货%零交割%限制交割%无限制交割
製度創新%彊製性製度變遷%誘緻性製度變遷%期貨市場%交割製度%商品期貨%零交割%限製交割%無限製交割
제도창신%강제성제도변천%유치성제도변천%기화시장%교할제도%상품기화%령교할%한제교할%무한제교할
institutional innovation%mandatory institutional change%induced institutional change%futures market%delivery system%commodity futures%zero delivery%limited delivery%open-ended delivery
交割是连接期货市场和现货市场的桥梁和纽带，是促使期货价格和现货价格趋合的制度保证。我国商品期货交割制度是在政府偏好主导期货市场的发展、现货市场基础逐渐加强和借鉴西方成熟市场交割制度的基础上建立和发展起来的，其制度变迁过程反映了从“零交割观点”到“限制交割观点”再到“无限制交割观点”的转变。过去二十多年，中国商品期货交割制度的演变是政府推动的强制性制度变迁；随着中国经济进入新常态，未来交割制度创新的路径应当由强制性变迁向诱致性变迁转变。政府应放松对市场微观主体（投资投机者、套利者、套期保值者和经纪商等）合理的自发行动的限制，充分发挥其主观能动性和创新能力；市场微观主体则需加强与政府监管部门的沟通及互动，以减少制度变迁的成本和阻力。
交割是連接期貨市場和現貨市場的橋樑和紐帶，是促使期貨價格和現貨價格趨閤的製度保證。我國商品期貨交割製度是在政府偏好主導期貨市場的髮展、現貨市場基礎逐漸加彊和藉鑒西方成熟市場交割製度的基礎上建立和髮展起來的，其製度變遷過程反映瞭從“零交割觀點”到“限製交割觀點”再到“無限製交割觀點”的轉變。過去二十多年，中國商品期貨交割製度的縯變是政府推動的彊製性製度變遷；隨著中國經濟進入新常態，未來交割製度創新的路徑應噹由彊製性變遷嚮誘緻性變遷轉變。政府應放鬆對市場微觀主體（投資投機者、套利者、套期保值者和經紀商等）閤理的自髮行動的限製，充分髮揮其主觀能動性和創新能力；市場微觀主體則需加彊與政府鑑管部門的溝通及互動，以減少製度變遷的成本和阻力。
교할시련접기화시장화현화시장적교량화뉴대，시촉사기화개격화현화개격추합적제도보증。아국상품기화교할제도시재정부편호주도기화시장적발전、현화시장기출축점가강화차감서방성숙시장교할제도적기출상건립화발전기래적，기제도변천과정반영료종“령교할관점”도“한제교할관점”재도“무한제교할관점”적전변。과거이십다년，중국상품기화교할제도적연변시정부추동적강제성제도변천；수착중국경제진입신상태，미래교할제도창신적로경응당유강제성변천향유치성변천전변。정부응방송대시장미관주체（투자투궤자、투리자、투기보치자화경기상등）합리적자발행동적한제，충분발휘기주관능동성화창신능력；시장미관주체칙수가강여정부감관부문적구통급호동，이감소제도변천적성본화조력。
Delivery is coupled to the futures market and spot market as a bridge, which is the institutional guarantee to promote the convergence of futures price and current price. The delivery system of commodity futures in china is established and developed from dominating futures market by the government’ s preference, the spot market strengthened gradually but not formed, and referring to western mature market delivery system. During the evolution of delivery theories, three kinds of views changes: zero?delivery view, limited?delivery view and open?ended delivery view. The government is the main driving force for the change in the past more than 20 years. Along with the state economy enters the new normal, the future direction of innovation in the delivery system should be induced institutional change instead of mandatory change. The government should lessen restriction on the microscopic economic subjects such as investor and speculators, arbitrageurs, hedgers and brokers and encourage them to play their subjective initiative and innovation capability. The microscopic economic subjects need to strengthen communication and interaction with government regulators to decrease the cost and resistance caused by institutional change.
