石油市场的金融支持体系研究

Financial Support for Oil Market in China

国际石油市场价格不断攀升,中国作为第二大消费国深受影响。国际石油市场供求基本面背后活跃着各类金融资本,基金、银行、跨国石油公司等作用强大,推动石油衍生品远高于现货规模的巨额成交量,并使衍生品的定价和避险功能在国际石油市场得到广泛运用。并且石油与外汇、基金的紧密关系也表明石油市场的金融化特性必须得到正视。同时,国内石油价格市场化过程中由于不合理的定价机制出现利润转移矛盾,深受价格波动之苦的石油相关产业也迫切需要价格避险的市场和工具,石油企业“海外寻油”也需要金融支持。因此借鉴国际市场发展,构建我国石油市场的金融支持体系顺应趋势和需求。核心是建设国内多层次的石油市场,创新各类石油衍生品交易品种,提供市场交易平台。石油基金、石油外汇和石油银行的运作是石油市场发展的动力,并通过石油金融支持的法律法规、部门规章程序加以保障。

As the second largest oil-consuming country, the international oil market. Oil price may not be China is affected deeply by the increasing price of so high if oil production and consumption are considered. However, financial capitals exist behind the supply and the demand of this market such as fund management companies, commercial banks, and investment banks. International oil market has changed to a market behind which financial players stipulate in recent two years. With the increasing crude oil import, China has to adapt to this market. Oil markets include not only the physical dealing market, but also the derivative dealings such as futures, option and swap. From the experiences of the international oil market, oil futures markets such as NYMEX and IPE are the benchmark of crude oil price, and great amount paper dealings are based on the benchmark and some pricing indices. The power of funds, banks and multinational oil companies are so strong that the incredible large quantities in the derivatives markets far exceed that of the physical dealings. Nevertheless, the function of pricing and risk avoiding are used extensively in the derivatives markets. This suggests that participating in the international oil trade must consider these factors. Exchange market and investment fund are related to the oil price too. Facing the financial characteristics of the oil market, China should take measures to control the oil pricing to reflect China＇s demand. One of these measures is building oil futures market to raise the domestic price, but the oil market includes not only futures market also paper market and advanced physical market. In the domestic market, oil prices are controlled by the government now. Unreasonable oil pricing makes the price signal chaotic, and uneven profit rates in the petroleum production lines arouse conflicts. Oil companies and end users are harried by the price fluctuations and the pricing systems. They cry for markets and instruments to avoid the price risks. Oil derivatives can satisfy this demand. Furthermore, oil companies which explore the oil abroad need financial support too. This suggests that we should consider the market, the exchange rate and the oil funds simultaneously. This paper analyzed the financial players in the oil market and the domestic demands of financial support, and called for the construction of petroleum financial system in China. The basis of this system is the various oil markets and it is the foundation of all kinds of oil derivatives innovations. Operation of oil funds and oil banks is the impetus of market. The laws and the regulations of financial support are the guarantee. Some applicable measures are given to promote the innovation, the supervision and the management.