商品金融化与产品定价机制变革——从近代欧洲大宗商品交易中心形成过程谈起

近年来,在金融全球化背景下,商品金融化趋势愈加显著。商品金融化并非新生事物,早在近代欧洲,一些大宗商品贸易已开始被赋予金融属性。本文从近代欧洲大宗商品交易中心的形成过程的历史视角研究商品金融化与产品定价机制变革关系,对荷兰的大宗商品交易中心发展过程及商品金融属性的表现特征研究发现,各类金融衍生工具在近代初期已从商品交易中发展起来,并在阿姆斯特丹商品市场上大量应用。由于过分依赖资本收益,国内产业衰落,荷兰商品交易中心地位没能保持下去,在工业革命前半个世纪甚至更早,欧洲商品交易中心从阿姆斯特丹转移至伦敦。从交易中心的形成与转移,可以看到商品金融化进程中基本条件的意义与作用,以及商品金融化问题的本质。这同时揭示出当代商品金融化趋势与产品定价机制变革的关系。

Commodity Financialisation and the Reform of Product Pricing Mechanism --from the View of Formation of Modern European Commodity Tradine Center

In recent years, under the background of financial globalization, there is a great tendency to make commodity financialisation getting more and more significant. Commodity financialisation is not a new thing. In the early modern Europe, finance began to attribute a particular feature to commodities trade. This paper investigates the relationship between the formations of financialisation and the reform of product pricing mechanism, from the perspective of the history of the modern European commodity trading center formation, focuses on the Dutch market which developing the first bulk commodity trading center at that time, emphasizes how the financial attributes reflected the bulk commodity market, when financial derivatives had been devel- oped after the middle age, used widely in Amsterdam bulk commodity market. The excessive reliance on cap-ital gains, which making the domestic industry decline, to some degree, can be explained why the trading cen- ter of commodity shifting from Amsterdam to London as half a century or even earlier before the first industrial revolution taken place in the Great Britain. From the formation and transfer of commodity trading center, we can see the basic conditions and function of financialisation, reveal the relationship between the tendency of commodity financialisation and the reform of product pricing mechanism.