期货市场对资本形成的影响

资本形成的组织形式与风险管理、风险配置系统相辅相成。作为重要的风险管理工具,期货等衍生品的作用是将风险从风险厌恶者转移至风险偏好者,使实体企业、金融机构及其他投资者承担与之相适应的风险水平;通过将风险在全社会进行有效配置,吸引更多资金投入基础市场,进而促进资本形成。本文从风险管理制度及理论发展,期货等衍生品对企业投资、资本供给及需求,分析了期货市场对资本形成的影响。     

场外期权助力期货公司转型升级服务实体经济

2017年中国场外期权市场蓬勃发展,然而期货风险管理子公司深耕的商品类场外期权和证券公司主打的股权类场外期权最终却有着截然不同的局面。期货行业各方对于市场的多年培育,激发了利用场外期权进行全方位风险管理的需求。本文从场外期权业务出发,思考场外期权业务对于风险管理子公司的意义,同时提出了风险管理子公司发展场外期权业务服务实体经济的一些建议。     

从有色产业运行看期货市场功能

有色金属期货是我国发展时间较长、公认较为成熟的期货板块,价格发现、风险管理、优化资源配置等功能发挥长期较好;同时,我国有色产业的长期稳定盈利和长期稳健经营能力也较为突出,行业供求关系、杠杆率、库存和成本等结构性指标长期处于相对较合理水平。     

期货定价方式对产业结构的影响

期货定价方式的出现和广泛使用对企业竞争力和产业结构有着深刻影响。与现货定价相比,期货定价方式更加透明、高效、公允,有利于提高企业经营管理的科学性和产业集中度,促进产业链整合和产融结合。本文分析了期货定价方式对产业结构的影响,并建议积极发挥期货定价在价格形成机制中的作用,加快推荐我国大宗商品定价中心建设,引导更多实体企业积极参与期货市场。     

衍生品模式创新对完善市场参与主体、加强农业风险管理的积极影响——天然橡胶“保险+期货”实证研究

农业保险和农产品期货都是政府服务农业、保障民生的重要金融工具。2016年、2017年中央一号文件从国家政策层面对"保险+期货"的对接创新模式予以了肯定。"十三五"规划纲要也明确要求稳步扩大保险加期货模式的试点,国家通过市场化轨道推动农产品价格形成机制改革的步伐又向前迈进了一步。保险加期货的创新模式对于确保农业供给侧结构性改革以及农产品价格风险管理具有重大意义和积极影响,在发挥了保险公司和期货公司精算和风险管理的技术优势的同时,增强了财政支农资金使用的透明度和有效性。本文在分析保险加期货创新模式的实施背景以及理论可行性的基础上,运用了实证案例及对比研究的方法,指出了中国保险加期货创新模式对于农业改革、农民增收、完善期货市场参与者结构的积极作用,并梳理了美国农业风险管理模式的发展历程和经验做法,为国内衍生品模式创新提供了具有实操性的参考意见。     

我国金融期货风险管理制度解读

我国的金融期货风险管理制度是根据我国的社会主义制度和具体国情指定的。其目的是尽量把金融期货的风险降到最低。目前为止,尽管这种管理制度存在一些缺陷,但其在一定程度上促进了金融市场的发展,为金融期货风险管理保驾护航。本文对金融期货风险管理制度进行了全方位、多层次的解读,使读者更好的理解我国金融期货风险管理制度。     

期货交易将引领水泥行业步入金融衍生产业

从在浙江杭州召开的水泥期货合约规则设计研讨会上获悉，来自海螺水泥、南方水泥、天瑞水泥、华润水泥等大中型企业代表及国内知名期货公司代表出席了会议。会议就发展期货交易对水泥行业的影响，以及水泥期货合约规则设计规范等问题展开深入探讨。郑州商品交易所副总经理巫克力表示，受制于产能过剩压力，水泥价格波动愈加频繁，直接影响到企业经济效益，也关系到水泥行业的稳定持续发展。期货作为企业规避价格波动风险的有效工具，是现货市场发展的高级形式，其本身所具有的价格发现和风险管理等经济功能，将为水泥企业规避价格风险发挥积极作用。巫克力同时指出，期货品种推出需要注重的两个原则，其一、贴近现货，体现现货需求；其二、在现货基础上按照期货规则设计合约。只有在坚持这两大原则的基础上，期货市场才能得到有效发展。     

市场聚焦

1 大商所正积极研究铁矿石国际化方案 大商所负责人在2014中国煤焦钢产业大会上致辞时表示，当前焦炭、焦煤、铁矿石三个期货品种发展势头良好，且大商所正在积极研究铁矿石期货国际化方案，期待通过不断研发新产品、新工具和新的交易模式，努力丰富和完善能够满足产业链各类企业避险需求的衍生产品和工具体系。     

中国价格:从期货功能到期货本质的实现

对期货本质的认识关涉期货功能的有效发挥、期货市场存在的合理性和合法性问题。每一次期货市场的大幅波动都会引起社会各界对期货功能发挥和期货本质的追问。期货从发现价格、风险管理功能,到中国金融双向开放、促进落后产能淘汰,再到服务供给侧结构性改革、落实国家产业政策、服务"三农"并助力贫弱地区脱贫,呈现出21世纪期货本质的三个中国特色(即同一性、监管性和普惠性)。用"上海价格""大连价格""郑州价格"等一系列"中国价格"的世界影响力,体现出中国特色社会主义经济模式的市场自由与普遍利益体系的同一性。中国的普遍利益体系也通过特殊利益体系的对象性存在,实现在期货服务大众的期货功能再创造。     

房地产业与国民经济关系探析

房地产业是一国国民经济的基础产业、先导产业和支柱产业。房屋、土地作为人们生产生活的载体,是人类社会发展进步的基本物质条件之一。房地产业高附加值的特点,使其在增加政府财政税收、实物地租方面发挥了巨大作用,其快速健康的发展有利于为国家建设积累资金,同时也有利于政府实现国民收入的合理再分配。房地产业的蓬勃发展既能够拉动上游企业的需求,也能为下游企业提供生产资料,     

Past as guide to sustainable futures: 16th IPHS conference report

The 16th biennial conference of the International Planning History Society took place in St. Augustine, Florida, USA, from 20 to 23 July 2014. Chris Silver, FAICP, from the University of Florida and Leslee F. Keys from Flagler College co-chaired the conference. The programme included 45 paper and roundtable sessions, with 167 papers, plus 3 plenary sessions.     

不确定目标的多解规划研究--以北京大环文化产业园的预景规划为例

预景规划被认为是当今处理动态的、复杂的、非线性的环境的最好的规划方法之一。欧美生态学家和景观规划师早在20世纪80年代就将此方法运用于环境规划和管理之中。本文以大环文化产业园的预景规划为例,探索从一个模糊的不确定目标通过多次头脑风暴和不断搜寻,进而寻找到若干个相对清晰的目标的多解规划的过程与方法。     

我国有色金属矿产品期货市场现状研究

国际矿产品期货市场主要可以分为三大类:国际贵金属期货市场、国际能源期货市场和国际有色金属期货市场,本文以有色金属矿产品期货市场为研究对象,简要介绍了国际有色金属矿产品期货市场特点、总结了我国有色金属矿产品期货市场发展过程,分析了我国有色金属矿产品期货市场在市场经济发展中的重大作用,并呼吁,要努力实现有色金属期现市场深度融合,最终增强我国有色金属行业的国际竞争力和定价话语权。     

The futures of construction management research

Construction management is an internationally recognized area of research with an established and growing community of academics. It has grown from largely “research consultancy” activities to additionally attracting significant amounts of academic research funding and has, partially, moved away from its applied, engineering dominated origins to increasingly engage with, and contribute to, mainstream academic debates in business and management, economics and the social sciences. It has, as such, become an academic field in its own right. However, recent dynamics within both university institutions and national economies are changing the landscape of construction management research (CMR). A blurring of traditional university boundaries, reprioritization of research funding and increasing emphasis on national and international rankings have led to increased pressure on individual academics and the community they constitute. Drawing on scenario development we ask what, in the face of a turbulent environment, might the futures of CMR be? Four potential futures for CMR are outlined, depicted as four potential scenarios: convergence, retrenchment, disappearance and hybridization. These describe potential outcomes from the institutional dynamics currently at play. The intention is neither to predict the future, nor to prioritize one scenario over another, but to open a debate on the institutional pressures the field is facing, and what the outcomes might be.     

The development of the construction alternative futures explorer

The aim of the research which has led to the development of the Construction Alternative Futures Explorer (CAFE) was to devise a means of supporting and influencing the strategic thinking of managers within construction contracting organisations. CAFE is a computer based decision support tool. It supports strategic decision making by providing structure to and analysis of ‘soft' data about possible future business environments, helping construction managers to make sense of the vast amount of data about the business environment which is available to them.     

Evaluating alternative economic growth rates and land use policies for Flathead County, Montana

Nine alternative futures are simulated for Flathead County, Montana for 2000–2014 and 2000–2024. Alternative futures incorporate high, moderate, and low growth rates, and baseline (current), moderately restrictive, and highly restrictive land use policies. Increases in employment are estimated using the IMPLAN regional economic model and translated into acreage requirements for commercial–institutional–industrial (CI&I) units and six types of housing units. Conversion of developable parcels to CI&I and housing units is based on a multiple-criteria score that measures the suitability of developable parcels for various developed uses. Additional jobs and housing units needed to support those jobs increase substantially, particularly for the moderate and high growth rates. Total acreage required for CI&I and housing units exceeds the acreage available for development for the baseline policy with the moderate and high growth rates, and for the moderately restrictive policy with high growth rates. There are no land shortages with any of the growth rates for the highly restrictive land use policy. Moderate and high growth can be sustained through 2024 in Flathead County by implementing a moderately restrictive land use policy if growth rates are moderate, and a highly restrictive land use policy if the growth rates are high.     

Defining alternative futures and projecting their effects on the spatial distribution of wildlife habitats

This study had two purposes: (1) to inform a public process that would propose land use zoning for the Chico Creek Watershed in Washington State, USA and (2) to develop and demonstrate the use of readily accessible analytical tools and data for similar public processes across Washington. Three development alternatives (Planned Trend, Moderate, and Conservation) were designed by local citizens and county planners. We created artificial landscapes that depicted how land use zoning and land management practices would effect the spatial distribution of vegetation types. Wildlife–habitat relationship models were constructed for nine focal species. Using computer software known as HABSCAPES, the spatial distributions of habitats were mapped for each species. Under all alternatives the amount of forest vegetation decreased but the amount of mature conifer forest increased relative to current conditions. The relative habitat area index was 0.75, 0.69, 0.71, and 0.71 for the current condition, Planned Trend, Moderate, and Conservation alternatives, respectively. For six species, all future alternatives resulted in less habitat than the current condition, but for three species, all future alternatives resulted in more habitat. When species status was used to weight outcomes, the moderate alternative provided slightly more conservation benefit than the conservation alternative. Lessons learned about public land use planning processes are discussed.     

石油沥青期货市场建立对沥青卷材生产企业的影响

石油沥青期货的上市交易,可以发挥发现价格和套期保值的作用,有助于沥青卷材生产企业运用杠杆作用,用较少的成本弱化沥青价格上升对生产经营带来的冲击.     

Building environmental assessment methods: redefining intentions and roles

The initial intentions and current emphasis of building environmental performance assessment methods are compared and contrasted with their emerging roles. This analysis provides a starting point for anticipating future developments in environmental assessment methods for buildings, how they are likely to evolve and how they will be used. The current varying expectations of assessment methods are examined, including the extent to which they can address complex issues while remaining simple and practical, their role as 'market transformation tools', and their ability to enhance dialogue among a range of stakeholders broader than a design team. More importantly, the increasing framing of environmental issues within the wider context of 'sustainability' raises the question about whether existing methods are capable of being easily reconfigured to fulfil this new agenda.     

Evolution of energy policy in the Netherlands: past,present and future

In this paper, the past, present and possible future developments of energy policy for the built environment in the Netherlands are described briefly. The focus is on the development of and necessity for introducing new policy instruments for the built environment. Over the years, energy policy has evolved gradually to create a more integrated approach to the energy efficiency of buildings and larger urban districts. However, further evolution might be inevitable due to a shift of the primary driver for ‘energy’ policy from energy conservation to carbon dioxide reduction. Maximum targets of carbon dioxide emissions are being developed for each sector by 2010 and each sector has the obligation to meet its defined carbon dioxide reduction goal. Severe carbon dioxide reduction goals for the built environment in the Netherlands can only be achieved by means of energy efficiency improvement and fuel substitution, replacing natural gas with lower-carbon fuels. The introduction of lower-carbon fuels raises policy questions on whether to maintain the old infrastructure at great cost or whether investment should be in a new energy infrastructure and how this transition can be managed.