“保险+期货”模式与农户增收——基于全国124个县的多期双重差分估计

目的 “保险+期货”作为我国金融支农的重要创新,对农户实现增收起着关键作用。在农产品价格风险成为农户主要风险的背景下,分析“保险+期货”对农户增收的影响路径和效果具有重要的理论和现实意义。方法 文章基于准自然实验的思路,将“保险+期货”试点视作外部冲击,构建多期双重差分模型,采用2011—2020年中国124个县的面板数据,估计“保险+期货”试点对农户增收的影响路径和效果。结果 （1）“保险+期货”试点对农户具有显著的增收效应,使农村居民人均可支配收入平均提高了2.75%。（2）“保险+期货”试点对农户的增收效应存在异质性,对贫困县农户更为明显。（3）“保险+期货”试点对农户的增收效应是逐年递增的,试点第5年增收效应达到上限。结论 建议稳步扩大“保险+期货”试点、优先在脱贫地区开展“保险+期货”试点,并且积极探索建立收入保险。     

目标价格补贴政策对棉花生产的影响分析基于PSM-DID的实证研究

目的 目标价格补贴政策是改革农产品价格形成机制的重要举措,对于优化我国农业供给结构具有重要的意义。方法 为了评估临时收储制改为目标价格补贴政策对新疆棉花生产的影响,文章基于2011—2018年新疆和其他棉花主产区县级棉花生产相关数据,运用双重差分倾向得分法（PSM-DID）分析了目标价格补贴政策对新疆棉花的种植面积和产量的总体影响、动态效应和区域效应。结果 目标价格补贴政策对调控国内棉花供给起着重要作用;该政策总体上促进了新疆棉花产业发展,棉花面积和产量显著提高;从政策的动态效应来看,目标价格政策调整为三年一定的方案对棉花生产的促进作用显著大于试点期一年一定的效应;此外,目标价格补贴政策对南疆和北疆的影响效应存在差异,对南疆棉花生产的促进效果更显著。结论 在此基础上,结合我国缺乏棉花定价权,目标价格补贴政策可能导致国家财政负担过重,且容易触及WTO黄箱补贴的限制等问题,该文提出了进一步完善目标价格补贴政策,逐步向脱钩的补贴方式过渡,并积极探索财政补贴与市场补偿相结合的补贴机制等相关建议。     

中国棉花产业链价格传导机制浅析

分析我国棉花价格与棉花期货价格、棉纱价格在产业链中的价格传导机制,为完善棉花价格形成机制提供参考。借助2017～2021年中国棉花价格指数、中国棉花信息网的棉纱价格信息和郑州棉花期货数据进行实证分析,研究三者之间的传导关系。经过实证分析,发现三者之间存在协整关系,其中棉花价格每变动1%,使棉纱价格变动1.103%、棉花期货价格变动0.265%。我国棉价对棉纱价格存在单向影响,棉花期货对棉花价格存在单向影响关系,棉纱价格与棉花期货之间是互为影响关系。我国棉花现货市场与下游棉纱市场关系日益紧密,棉纱价格与棉花价格两者之间存在引导作用,棉花期货中介效应明显。     

天然草原综合风险评估与区划研究——基基于多重风险相互作用的视角

目的 在建立健全草原风险管理体系,保障草原生态安全和稳定草原畜牧业生产的背景下,草原保险的作用更加凸显。草原风险评估和区划作为草原保险设计的前提和基础,其准确性直接决定着草原保险条款的合理性及科学性。方法 文章利用半定量化因果关系矩阵法、HP滤波模型、多种聚类分析法和单因素方差分析法。结果 可将锡林郭勒草原分为低、中、高和极高4个风险区,各风险区间的差异显著,其中,低风险区呈现出致灾因子危险性低、承灾体脆弱性低和防灾减灾能力强的显著特点;中风险区呈现出承灾体暴露性水平高,但致灾因子危险性处于中等水平的显著特点;高风险区呈现出致灾因子危险性高,防灾减灾能力处于中等水平的典型特征;极高风险区呈现出承灾体脆弱性水平高,防灾减灾能力弱的典型特征。结论 在厘定草原保险费率时,应考虑多种风险间的交互作用,构建合理的草原风险区划图。     

农业保险对农业技术采纳行为的影响研究——基于种植业家庭农场的调研数据

目的 农业保险是分散农业风险、保障农业生产的重要手段,农业技术是发展现代农业、实现农业转型升级的关键因素,文章拟通过实证分析,探究农业保险是否对家庭农场农业技术采纳行为产生影响。方法 文章基于2021年山东省348家种植业家庭农场为样本,运用Logit模型和多元线性回归模型分析农业保险对家庭农场农业技术采纳行为的影响;并通过建立调节效应模型,分析农业保险对家庭农场农业技术采纳行为产生的异质性影响。结果 农业保险对家庭农场农业技术采纳行为具有显著正向影响;且影响因家庭农场的异质性而存在差异,种植粮食作物（相比于经济作物）、农业收入占比高、风险偏好程度大的家庭农场更倾向采纳农业技术。结论 农业保险促进家庭农场农业技术采纳。从农业保险对接农业技术、提高粮食作物的保险补贴力度和保障水平以及加强农业保险宣传三个方面提出相关政策建议。     

基于全产业链的国家粮食安全产业带建设基础评价

目的 通过对国家粮食安全产业带建设基础的客观评价,确定不同区域国家粮食安全产业带建设的比较优势和短板制约,为差异化区域发展路径提供依据和支撑。方法 文章从全产业链的角度构建国家粮食安全产业带发展水平评价指标体系,并基于熵权法、全局莫兰指数和耦合协调度模型,对2020年东北、黄淮海和长江中下游平原国家粮食安全产业带产业链发展水平、空间相关性和协调度进行测度。结果 （1）由于其生产环节突出的比较优势,东北平原粮食安全产业带发展水平综合得分最高,黄淮海平原加工环节比较优势显著,长江中下游平原各环节都不具备比较优势,综合得分最低;（2）粮食生产和加工地理集聚特征显著,得分高的区域分布较为集中,而流通和服务支撑集聚特征不显著;（3）粮食产业链各环节间耦合协调度区域得分排名与综合发展水平一致,其中东北平原耦合协调度最高,且加工环节发展滞后于其他环节,黄淮海平原居中,流通体系建设相对滞后,而长江中下游平原最低,以濒临失调型为主。结论 基于上述横向比较结果,按照“强化优势、补齐短板、重点突出、差异发展”的原则,认为东北平原、黄淮海平原和长江中下游平原应分别施行绿色优质生产引领、流通加工一体化和工贸带动的差异化发展路径。     

棉纺业应“牵住棉价的鼻子”

棉花期货涨跌源自现货供需面的变化,同时反映出现货价格走势。现货价格的波动对棉纺业利润的影响很大。但其涨跌过程对棉纺织企业的影响是不尽相同。棉花期货作为风险管理工具,对现货市场价格越发具有引导作用,棉纺企业密切关注棉花期货价格的趋势,才能最大限度避开市场风险,促进行业健康发展。     

主粮作物市县级农业综合风险区划与收入保险定价研究

本文基于农业综合风险区划深入探讨主粮作物收入保险的市、县级差异化定价,选取玉米为代表,运用江苏省13个地级市与33个产粮大县(市、区)1999—2019年农业数据,构造产量风险、气候风险、土壤风险的多维指标体系区划农业综合风险,验证期货市场价格发现功能,采用参数估计法与Copula函数的定价方法厘定保险费率,运用ARIMA模型预测保险金额并计算财政补贴政策下政府与农户保费承担情况。研究发现：第一,13个地级市与33个产粮大县(市、区)被划分为低、中、较高、高4类风险等级;第二,玉米期货市场具备价格发现功能,期货价格与单产的对冲效应比现货价格更强,可以在同等保障水平下有效降低保险费率与保险费用;第三,得到异质性风险等级下市级、县(市、区)级的四种保险组合,包括单产与现货价格、单产与期货价格的两类保险费率以及预期保险金额、历史保险金额两类保险金额。基于Copula函数定价方法经过试点市(县)数据检验,对我国其他省份市(县)也可具有普适性与可操作性,亦能对主粮作物以外的其他农作物定价提供参考。针对收入保险定价提出加强数据积累、成立国家级农业大数据集成共享平台、完善主粮期货市场、因地制宜差异化...     

农业科技园区的经济发展带动效应——来自河北省县域的实证评估

目的 农业科技园区作为农业现代化的示范基地,发挥着拓展农业功能、促进农业经济增长的作用。文章将评估农业科技园区的经济发展带动效应。方法 将农业科技园区视为一项“准自然实验”,以2007—2020年河北省167个区县的面板数据为研究样本,运用多期双重差分模型,评估了河北省省级以上农业科技园区对农业经济的影响。结果 （1）农业科技园区总体上显著提高了农业产值,从而有效带动当地农业经济发展水平,这一结论在经过安慰剂检验、稳健性检验后依然稳健。（2）机制分析表明,农业科技园区能够通过科技创新促进农业经济的发展;异质性分析结果显示,农业科技园区对农业经济的影响在不同等级、不同地理空间、不同行政层级中存在差异。结论 河北省应继续加大农业科技园区的建设力度,持续提升科技园区创新水平以助力实现河北省农业高质量发展。     

价格支持、政策调整及粮食市场波动

目的 为了估计价格支持政策对不同粮食品种期现货价格波动的直接影响,实证分析和比较了政策及其调整对粮食期现货价格波动实施效果的影响,为深化粮食价格形成机制改革提供一定的理论参考和实证支撑。方法 文章利用稻谷、小麦、玉米和大豆的现货与期货价格日数据,将政策以虚拟变量的形式引入GARCH模型实证分析最低收购价政策、临时收储政策及其调整对平抑粮食期现货市场波动的作用。结果 价格支持政策对粮食价格波动产生了显著影响,最低收购价政策能够明显降低稻谷和小麦现货市场的波动程度,但对期货市场波动的作用则相反;玉米和大豆临时收储政策的取消导致现货市场波动性提高,而对期货市场波动的影响存在差异。结论 价格支持政策具有降低价格波动的作用效果,政策调控效果与实施品种的国内供求及市场形势、国内外市场的联系程度密切相关,政策的完善还需关注对期货市场波动的影响。     

Causality and Efficiency in the Coffee Futures Market

Tests for causality and rationality in the coffee futures market were carried out using data from the New York Market. Tests of causality indicated that futures prices strongly influence variations in spot price eight weeks or more to maturity. However, beginning seven weeks to maturity there seems to be a strong causal relationship going from futures to spot and from spot to futures. Risk constancy or neutrality, equality of risk premium and spot price, and efficiency were rejected for the period 18, 51, and 33 weeks or more to maturity. However, simultaneity of risk neutrality and efficiency was accepted for contracts with 55-77 weeks to maturity. The general conclusion from this study is that coffee futures market can be used as an indicator of spot market prices for contracts with 55-77 weeks to maturity. While benefits can be obtained through short term adjustment of available stock and making use of quality storage facilities, planning longer term planting and marketing decisions (e.g., ≥ 77 weeks) on the basis of futures market price can result in misallocation of resources and welfare loss.     

Futures Markets and Spot Price Volatility: A Case Study

Futures markets, where they exist, can play a crucial role in determining the storage decision in the underlying spot (physical) market. The futures market acts as a conduit for market information and is a gatherer of agents' expectations about the future prospects for the spot market. As such, it is able to provide both price insurance and price discovery roles, the latter of which generates information for spot market traders and allows them to make rational storage decisions. If this were to be the case, then the efficiency of storage is improved which can potentially lead to a reduction in the volatility of spot prices over the marketing season. The existing literature is ambiguous as to whether futures markets can help spot markets price more efficiently. This paper seeks to examine whether this is the case in the British maincrop potato market by evaluating the volatility of spot prices over the period 1969–96 in a “before-after” analysis of the impact of the introduction of futures trading in 1980. The results suggest that the introduction of the futures market has led to a reduction in price volatility, despite some problems in the operation of the futures market itself.     

苹果种植户对“保险+期货”的认知度及其影响因素研究——以静宁县为例

为进一步了解苹果种植户对苹果"保险+期货"模式的认知情况,提升参保率,在梳理苹果"保险+期货"模式运行机制的基础上,利用2018年参与静宁县苹果"保险+期货"精准扶贫项目试点的种植户的微观调研数据,建立二元Logistic回归模型,分析种植户对该种保险产生认知差异的影响因素。结果表明,果农的教育水平、劳动力人数、社会资本、参保经历、灾害经历、风险感知以及风险信息关注均对认知度有显著影响。     

New Futures Markets in Agricultural Production Rights: Possibilities and Constraints for the British and Dutch Milk Quota Markets

Farms are increasingly being affected by policies that involve production rights. Because of fluctuations in the prices of these rights in the spot market, farmers face a price risk. Establishing a futures market might enable them to hedge against this price risk. Rights futures have some features that differ from those of traditional commodity futures. This makes them an effective and efficient tool for managing price risk. The implications of these findings will be illustrated for milk quotas in the United Kingdom and The Netherlands. Prior conditions which might make a futures market for milk quotas successful in both countries will be deduced.     

内蒙古自治区森林保险优化策略

内蒙古自治区森林保险自2013年正式启动试点工作以来,虽然森林保险的覆盖率稳步增长,但仍存在森林保险发展极不均衡、商品林参保所占比例偏低、保险产品尚难以满足灾害恢复需要、部分市县配套保费补贴压力过大、现行招标模式未能形成有效市场竞争等问题,这些问题严重制约内蒙古自治区森林保险的发展。为了促进内蒙古自治区森林保险高质量发展,必须丰富和创新保险产品,提高商品林参保意愿;提升灾害风险区划和费率厘定的科学性;调整保费补贴标准,减轻地方财政压力;优化完善招标机制,提高保险服务质量。     

Finding optimal price risk management instruments: the case of the Spanish potato sector

This article offers a comprehensive analysis of the problem of choosing between alternative market risk management instruments. We model farmers' behavior to optimize the certainty equivalent, formulated by a mean–variance model, by combining instruments with and without basis risk. Results are expressed as the demands for hedging with futures, forward contracts and insurance. Theoretical results are applied to a selection of Spanish producers of fresh potatoes, a sector that is exposed to significant market risks. Amsterdam's Euronext provides potato futures prices, and the recently launched revenue insurance in Spain provides the example for price insurance. Three conclusions summarize the article's main findings. First, we show that Spanish potato revenue insurance subsidies are a factor that determines the instrument rankings and choice. Second, the efficiency of insurance subsidies is generally low. Finally, the Amsterdam potato futures market does not provide a cost‐effective means to manage price risks for Spanish fresh potato growers.     

洪水保险的保费计算方法研究

确定洪水保险费的计算方法是防洪保险事业的基本工作，也是推行洪灾保险工作的关键。现有的洪水保险费率的计算模式对保险公司而言实际上存在着隐性保费亏空问题，对此，提出一种洪水保险费的失真定价原则来计算纯保费，并给出基于GIS的具体计算方法和修正步骤，与传统的保险精算模型方法相比，这种基于GIS的保险定价方法提供了一个更加精确、高效、灵活的解决方案，将赋予保险商更加强大的竞争力。     

Developing Hedging Strategies for Québec Hog Producers under Revenue Insurance

The paper investigates the optimal hedging strategies of Québec hog producers when they participate in a publicly funded revenue insurance program known as ASRA (Régime d'assurance-stabilisation des revenus agricoles). A forecast model of local cash and futures prices is built and Monte Carlo methods are used to derive the optimal futures and option positions of Québec hog producers. The positive correlation between forecasts of futures and cash spot prices induces positive sales of futures and put options to hedge price risk. ASRA provides put options to hog producers at actuarially advantageous terms. Producers can increase the expected utility of profits by selling back a portion of these put options using financial markets. Options are attractive to manage price risk given the nonlinearity in the profit function induced by the revenue insurance scheme. Speculative incentives to use futures and options are also discussed in the context of ASRA.     

Is a Futures Market Viable in Turkey? The Case of a Cotton Futures Market

Abstract

Many countries as they reduce price controls develop an interest in futures markets as a way to manage risk. This article explores the potential of using existing futures markets to hedge cotton in Turkey. Futures prices in New York and Liverpool are not cointegrated and only weakly correlated with cash prices in Izmir. Thus, existing futures markets have limited ability to reduce the risk faced by the cotton industry in Turkey. While there are obstacles to overcome, there does appear to be a potential demand for a cotton futures market in Turkey.