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Please use this identifier to cite or link to this item: http://hdl.handle.net/11266/5617

Title: 中国の商品直物取引市場 ―渤海商品取引所を中心に―
Other Titles: Commodity Spot Trading System in China —Bohai Commodity Exchange in Tianjin
Authors: 林, 康史
聂, 赛楠
張, 書訳
歌代, 哲也
Hayashi, Yasushi
Nie, Sainan
Zhang, Shuyi
Utashiro, Tetsuya
Keywords: 商品取引
直物取引
先物取引
受け渡し
延期(ロールオーバー)
渤海商品取引所
Issue Date: 30-Jan-2015
Publisher: 立正大学経済学会
Abstract: 企業改革・金融改革の進展とともに,中国の商品先物市場は飛躍的な発展を遂げている.改革・開放の過程で,1980 年代半ばに商品の市場関連リスクのマネジメントの必要性が高まり,1990 年には商品先物取引が始まった.しかし,無秩序に取引が拡大したため,中国政府が市場の整理に着手し,1993 年末以前に開業していた33 の商品先物取引所は統廃合され,ブローカーも淘汰された.その後,世界的な取引の増加にともなって,中国でも商品先物取引は拡大している.そうしたなかで商品直物取引市場が整備されていくこととなる.中国政府は天津の渤海新区に商品直物取引所の創設を決定し,2009 年9 月28 日,中国最初の商品の直物取引所として渤海商品取引所が設立された.同取引所の制度は商品先物取引を基礎としているが,世界最初の連続直物取引システムを採用し,決済の期日が毎営業日であることが特徴である.現物の直渡し,現物交付の延期に対する補償を制度化し,全国の市場サービス・物流システムを整備し金融機関と提携した.2014 年10 月現在,取扱銘柄はエネルギー,化学製品,農産物,貴金属を含め127 種類となっている. 本稿では,同取引所の設立の経緯と現状を紹介し,直物の商品取引所としての特徴と機能を考察する.商品直物取引は,商品先物取引以上に,人材不足,不明瞭な規制体系,法整備の不備等の問題を抱えている.健全な市場取引の場の育成・整備,投資家保護のための制度という観点からすると,途上の状態にあるものと考えられる.同取引所および商品直物取引の中国の金融・経済全体における位置付け・評価はまだ確立されていない.
With the development of enterprise and financial reform, China’s commodity futures market has been growing dramatically. Necessity to manage commodity market related risk rose in the process of China’s reform and opening-up in the mid 1980s, thus China launched commodity futures transactions in 1990. If we take a look at it from the investment point of view, in the history of economic development, consolidation of financial markets has progressed and the Chinese national disposable income per person has increased, leading to the rise of interest in asset management. Investment outlets have increased, and investment in alternatives have grown rapidly. Several years after its futures transaction started, the Chinese government recognized that its commodities market was not refl ecting the status of the real Chinese economy. In response, it began to consolidate commodities exchanges. Thirty three commodities futures exchanges that had opened before the end of 1993 had merged or had been consolidated, and brokers were washed out. Still, China’s commodities futures transaction expanded along with the growth of global transactions. Investors in the search of diversifi cation of assets, due to sluggish Chinese stock market performance in the wake of the global financial crisis of 2008, entered into commodities trading. Spot transactions also went through consolidation. The Chinese government decided to open a spot commodities exchange in Binhai District, Tianjin city and the Bohai Commodity Exchange, China’s fi rst commodity spot trading exchange, was established in September 2009. The system of this exchange is based on commodities futures and forward trading, but it has adopted the world’s first system of spot trading, called the Bohai Exchange Spot Trading (BEST) System (i.e. a system that can defer settlement for spot trading repeatedly), and the unique feature of the system is a daily clearing date. It institutionalized the spot trading system, a compensation system for deferred settlements and the complementary settlement system for intermediate positions. It established the remediation of market service and logistics industry and cooperated with financial institutions. By October 2014, 127 products, including energy, chemicals, agricultural products, and precious metals were being traded in the exchange. Traditional commodities futures exchange is the place where futures for which settlement dates come after several months, and are traded. However, the Bohai Commodity Exchange is a place for which spot trading settlements are due overnight, and is patronized by manufacturers, trade companies, consumption enterprises, and investors. It is the largest comprehensive spot market, employing over 30,000 people. This paper discusses the background of the Exchange’s establishment as well as the current picture, and focuses on the characteristics and the functions of a spot transaction exchange, particularly that of the Bohai Commodity Exchange. China’s commodities spot trading market has serious problems, such as lack of talent, non-clarity of regulators, and an incomplete legal system, something mature commodities futures exchanges enjoy. The Exchange is still in the process of establishing regulations to ensure investor protection, and thereby developing a healthy spot trading market. The position and value of the Exchange and commodity spot trading in the financial industry and the economy in China has not been established yet. This paper also introduces the characteristics and advantages of the Bohai Commodity Exchange in Tianjin and its spot trading system, and discuss the potentials of the Exchange and the market.
URI: http://hdl.handle.net/11266/5617
Appears in Collections:64巻2/3号

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