CAJ | 학술논문

1992年至2014年, 我国商品期货交割先后经历了逼仓现象严重及交割风险频发、交割限量放开、交割制度逐渐完善的过程, 并逐步形成了以实物交割为主、其它交割为辅的多种交割方式. 从新制度经济学的视角看, 推动我国商品期货交割变迁的主要力量是政府, 即它是一种强制性制度变迁, 而且是一种渐进性制度变迁并具有后发性; 交割依赖且促进整个商品期货市场的发展. 22年来, 尽管商品期货交割制度对促进期货市场功能的实现发挥了重要作用, 但其仍然存在组织制度、市场制度及合约设计制度的某些缺陷.
1992년지2014년, 아국상품기화교할선후경력료핍창현상엄중급교할풍험빈발、 교할한량방개、 교할제도축점완선적과정, 병축보형성료이실물교할위주、 기타교할위보적다충교할방식. 종신제도경제학적시각간, 추동아국상품기화교할변천적주요역량시정부, 즉타시일충강제성제도변천, 이차시일충점진성제도변천병구유후발성; 교할의뢰차촉진정개상품기화시장적발전. 22년래, 진관상품기화교할제도대촉진기화시장공능적실현발휘료중요작용, 단기잉연존재조직제도、 시장제도급합약설계제도적모사결함.
From 1992 to 2014, the commodity futures delivery in China had successively experienced the several proces-ses such as the frequently occurred delivery risk triggered by the serious market corners, the free delivery and the im-provement of delivery system step by step. Gradually, the multiple forms of the futures delivery had come into being:the material delivery played a main role while a variety of the other methods were supplementary. Based on the view of the new institutional economics, we consider that the evolution of commodity futures in China is promoted by government, which means that it is the result of mandatory changes and it is also the result of gradual institutional transition with the effect of backwardness. Such delivery relies on and promotes the development of commodity futures market. In the past 22 years, the commodity futures delivery system played a prominent part to realize the function of futures markets. How-ever, there are some defects in the fields of organization system, the market system and the contract design system.