关于重新设立国债期货的若干问题

在简单回顾中国国债期货试点经历及其失败深层原因的基础上,本文以金融发展与金融功能理论为主线,从金融深化视角出发对国债期货的产生及其经济效应做了一些分析.我们认为作为市场完全化过程的必然产物,金融衍生产品不仅本质上是"风险中性"的,而且也成为了企业、居民风险管理的重要手段.其风险主要是主体使用动机异化所致.最后,对当前在中国重新恢复国债期货试点的迫切性与必要性进行了分析,指出国债期货的重新恢复对于当前中国金融体制改革的深化可能是具有深远意义的重要步骤之一.

Several Issues On The Re-opening Of National Bonds Futures

Based on a simple review of the development of national bonds futures in China and a thorough analysis on the reasons why it failed, the paper, recurring to the theory of financial development and financial function, presents an analysis on the development of financial derivatives(including national bonds futures, options, swaps, forwards etc ) and their economic effects In our opinion, the financial derivatives are not only risk-neutral in principle, that is to say the risks associated with derivatives are zero-sum, but are central to the risk management activities of both individuals and firms Therefore the introduction of derivatives does not add to the total risk in a perfect economy Finally the paper analyzes the necessity and importance of the re-opening of national bonds futures in China at present We think that the re-opening of national bonds futures may be a key step conducing to the deepening of financial system reform in China