期货的经济属性与经济功能——基于现代金融理论的视角

The Economic Nature and Function of the Futures

传统期货经济功能理论是基于贸易视角创立并发展起来的,随着现代金融体系的建立和期货市场的快速发展,这一基础理论已严重滞后于期货市场的发展,逐渐成为制约期货市场发展和期货市场服务实体经济的瓶颈。本文从现代金融理论和金融服务实体经济的视角,对期货的定义、经济属性和经济功能三个方面进行了创新。首先从有价证券、现金流量的角度提出了期货的全新定义,其次是通过对这一新定义进行分析,揭示了期货的金融工具、衍生品、流通手段的经济属性,并在此基础上提出了将传统期货理论中的价格发现功能改进为定价功能,将规避风险功能改进为风险管理功能,除上述两大基本功能外,期货市场还具有资源配置、融资、信息反映、财富创造以及投资五个方面的经济功能。

The author believes that the traditional theory of the economic function of the Futures is established and developed from the angle of trade. With the establishment of modern financial system and the rapid development of the Futures market,this theory seriously lagged behind the real development of the Futures market;and it is becoming the bottleneck hindering the development of the Futures market and its service for real economy. So,from the angle of modern financial theory and providing service for real economy,the author makes innovation in terms of definition,economic nature and economic function of the Futures. First,the author puts forward the brand new definition of the Futures from the angle of securities and cash flow;second, with the help of analysis on this new definition,the author demonstrates the economic nature of the Futures,such as the financial instrument,derivatives and means of circulation;third,the author puts forward that we should change the function of price discovery in the traditional theory to the function of pricing,and change the function of risk transfer to risk management;and fourth,the author also puts forward that the Futures market has such five economic functions as resources distribution,financing, information reflection,fortune creation and investment.