本文選題：電力行業(yè) + 金融衍生品　； 參考：《西南財(cái)經(jīng)大學(xué)》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(duì)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(yùn)輸、利用的費(fèi)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(chǎn)要素流轉(zhuǎn)的高速通道。我國的能源儲(chǔ)備區(qū)和能源需求區(qū)并不匹配,往往能源儲(chǔ)備豐富的地區(qū)能源消納利用能力有限,能源需求強(qiáng)烈的地區(qū)能源儲(chǔ)備有限；從經(jīng)濟(jì)全局考量,資金、技術(shù)、需求的優(yōu)勢(shì)地域與資源儲(chǔ)備的優(yōu)勢(shì)地域迫切需要一種高效的媒介進(jìn)行要素的互動(dòng)和互補(bǔ)。而通過電力的傳輸,煤炭、風(fēng)能、水能、地?zé)岬荣Y源可以高速傳輸?shù)叫枨髤^(qū),既轉(zhuǎn)化利用了儲(chǔ)備區(qū)的資源,又滿足了需求區(qū)的發(fā)展需要,有力推動(dòng)了經(jīng)濟(jì)要素的優(yōu)勢(shì)互補(bǔ)。 正是因?yàn)殡娏Y源具備上述優(yōu)點(diǎn),電力行業(yè)逐步發(fā)展壯大,如今,電力行業(yè)已經(jīng)成為關(guān)系國計(jì)民生的支柱行業(yè)。人們的生產(chǎn)、生活已經(jīng)越來越依賴于電力的支持。在生產(chǎn)中,制造業(yè)的自動(dòng)化、流水線作業(yè)都需要電力作為動(dòng)力,而金融業(yè)等服務(wù)行業(yè)也早已脫離了手寫筆算的時(shí)代,進(jìn)入了電算化時(shí)代,可以說,電力已經(jīng)成為了最重要的生產(chǎn)要素,各行各業(yè)的生產(chǎn)都離不開電力。電力不僅是生產(chǎn)的重要保障,同時(shí)也已經(jīng)滲透到了我們生活的每個(gè)角落,事關(guān)人們的衣食住行,人們?nèi)粘Ｉ畹脑S多家庭工具都需要以電力為動(dòng)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(biāo)志。 當(dāng)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(chǎn)生活聯(lián)系得越來越緊密,以至于電力行業(yè)的狀況已經(jīng)成為了反映經(jīng)濟(jì)發(fā)展?fàn)顩r的晴雨表。2007年,李克強(qiáng)與美國大使談起遼寧的GDP數(shù)字,他說自己更關(guān)注另外三個(gè)指標(biāo)：鐵路貨物運(yùn)輸量、電力消費(fèi)和銀行貸款。2010年末,《經(jīng)濟(jì)學(xué)人》雜志據(jù)此專門創(chuàng)造了一個(gè)“克強(qiáng)指數(shù)”。在花旗銀行編制的“克強(qiáng)指數(shù)”權(quán)重中,鐵路貨運(yùn)占25%、銀行貸款占35%、用電量占40%,用電量占比最大。可見,通過用電量的增減和結(jié)構(gòu)的合理度,可以很大程度上判斷一個(gè)地區(qū)的經(jīng)濟(jì)發(fā)展速度和經(jīng)濟(jì)結(jié)構(gòu)。一般來說,用電量增長較快,且結(jié)構(gòu)較為合理的地區(qū),其經(jīng)濟(jì)發(fā)展速度和質(zhì)量也會(huì)處于較高水平。 當(dāng)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(jīng)濟(jì)50人論壇上,吳敬璉指出,電力系統(tǒng)改革中,“網(wǎng)廠分開,競價(jià)上網(wǎng),輸配分開,售電放開”只有第一步很有成效地完成了。但這個(gè)市場不正常,唯一的買家就是電網(wǎng),不是一個(gè)競爭性的市場。幾天后,在亞布力論壇上,吳敬璉又進(jìn)一步指出,完善我國市場化體系需要著力進(jìn)行以下改革,即要確立市場的產(chǎn)權(quán)制度基礎(chǔ)；要放開各類產(chǎn)品和各種生產(chǎn)要素的價(jià)格；要明晰市場的競爭規(guī)則；要反對(duì)壟斷,強(qiáng)化競爭；要實(shí)現(xiàn)司法公正和加強(qiáng)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(huì)撤銷,相關(guān)職能并入國家能源局,電力行業(yè)改革再次啟動(dòng)。 但是,如果在電力行業(yè)改革中,單單推進(jìn)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(xiàn)《加州電力危機(jī)：給發(fā)展中國家的教訓(xùn)》中就指出,在逐步放松管制的電力市場上,因?yàn)榧雌陔娏κ袌霈F(xiàn)貨價(jià)格必然會(huì)出現(xiàn)較大幅度的波動(dòng),買賣雙方都有動(dòng)力想要通過遠(yuǎn)期合約來控制風(fēng)險(xiǎn)。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(duì)電力金融衍生工具有著極大的需求。這時(shí),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(jià)格急劇波動(dòng)的風(fēng)險(xiǎn)之下,而又缺乏有效手段管控其風(fēng)險(xiǎn),這必將反過來抑制并阻礙電力市場化改革的進(jìn)程。所以,在我國不斷推進(jìn)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(jìn),論述了應(yīng)當(dāng)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(gè)部分。 第1部分主要描述了本文的研究意義、目的、結(jié)構(gòu)以及本文的不足。 第2部分對(duì)相關(guān)的研究文獻(xiàn)進(jìn)行了綜述和總結(jié)。首先概括了關(guān)于電力市場化的演進(jìn)以及電力金融市場概念的提出的相關(guān)文獻(xiàn),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(fēng)險(xiǎn)管理討論的相關(guān)文獻(xiàn),最后對(duì)電力金融市場中的電力期貨與期權(quán)的相關(guān)文獻(xiàn)進(jìn)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(guān)金融市場。 第4部分總結(jié)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(gè)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(gè)方面展開。首先,論述了電力市場化是大勢(shì)所趨,既是國際電力行業(yè)發(fā)展的趨勢(shì),又是我國進(jìn)一步推進(jìn)社會(huì)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(jié)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(chǎn)品的功能,有效促進(jìn)我國的電力市場的不斷完善。 第6部分對(duì)我國家建立電力金融市場的可行性和必要性進(jìn)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(duì)電力行業(yè)的環(huán)保監(jiān)管比較嚴(yán)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(jù)國外電力金融市場研究的經(jīng)驗(yàn),并結(jié)合我國電力市場發(fā)展的實(shí)際情況,得出我國電力金融衍生品交易模式的設(shè)計(jì)應(yīng)遵循的原則。 第8部分根據(jù)前幾部分的分析,得出結(jié)論并提出相關(guān)政策建議。 因?yàn)楣P者知識(shí)有限,所以在本文中可能會(huì)出現(xiàn)某些錯(cuò)誤和不足,在此懇請(qǐng)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(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F426.61

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本文編號(hào)：1963916