从金融属性看中国水权交易平台的发展

The Development of China’s Water Right Trading Platform from the Perspective of Financial Attributes

水权交易平台在活跃及规范水权交易方面起到至关重要的作用,是中国水权改革的成功探索。为丰富和拓展水权交易平台的业务范围,进一步深化水权市场改革,借助金融证券市场中的做市商理论,探讨水权交易平台的金融属性。提出在水权交易平台的基础上,发展水权金融衍生品有利于水资源内在价值的市场发现,实现水资源配置的帕累托效率,进而对水权交易平台的做市流程、必备条件和现实困难进行分析,提出相应对策建议。

The water rights trading platform plays an important role in the active and standard water rights trading, which is the successful exploration of the reform of water rights in our country. In order to enrich and expand the business scope of the water rights trading platform, further deepen the reform of the water rights market, and explore the financial attributes of the water rights trading platform with the help of the market maker theory in the financial securities market, on the basis of the water rights trading platform, it is proposed that the development of water rights financial derivatives will benefit the market discovery of the intrinsic value of water resources and realize the Pareto efficiency of water resources allocation. Then it analyzes the process of market making, prerequisites and real difficulties of water rights trading platform, and puts forward corresponding countermeasures and suggestions.