国内黄金市场介绍 ——上海黄金交易所介绍
发布日期： 19:42:47
概述： 上海黄金交易所是经国务院批准，由中国人民银行组建，在国家工商行政管理局登记注册的, 不以营利为目的，实行自律性管理的法人。遵循公开、公平、公正和诚实信用的原则组织黄金、白银、铂等贵金属交易。基本职能：（一）提供黄金、白银、铂等贵金属交易的场所、设施及相关服务；（二）制定并实施黄金交易所的业务规则，规范交易行为；（三）组织、监督黄金、白银、铂等贵金属交易、清算、交割和配送；（四）设计交易合同、保证交易合同的履行；（五）制定并实施风险管理制度，控制市场风险；（六）生成合理价格，发布市场信息；（七）监管会员交易业务，查处会员违反交易所有关规定的行为；（八）监管指定仓库的黄金、白银、铂等贵金属业务；（九）中国人民银行规定的其他职能。基本概况：一、业务介绍（一）组织形式:黄金交易所实行会员制组织形式，会员由在中华人民共和国境内注册登记，从事黄金业务的金融机构、从事黄金、白银、铂等贵金属及其制品的生产、冶炼、
加工、批发、进出口贸易的企业法人，并具有良好资信的单位组成。现有会员128家，分散在全国26个省、市、自治区；交易所会员依其业务范围分为金融类会
员、综合类会员和自营会员。金融类会员可进行自营和代理业务及批准的其它业务，综合类会员可进行自营和代理业务，自营会员可进行自营业务。目前会员中金融类20家、综合类119家、自营类10家；据初步统计，会员单位中年产金量约占全国的75%；用金量占全国的80%；冶炼能力占全国的90%。（二） 交易方式:标准黄金、铂金交易通过交易所的集中竞价方式进行，实行价格优先、时间优先撮合成交。非标准品种通过询价等方式进行，实行自主报价、协商成交。会员可自行选择通过现场或远程方式进行交易。（三）交易品种和价格：交易所主要实行标准化撮合交易方式。目前，交易的商品有黄金、白银、铂，交易标的必须符合交易所规定的标准。黄金有Au99.95、Au99.99
和Au50g三个现货实盘交易品种，和Au(T+5)与延期交收两个现货保证金交易品种；铂金有Pt99.95现货实盘交易品种，和Pt(T+5)
& & & &现货保证金交易品种；白银准备挂牌延期交收合约。详细品种信息见交易表。交易品种表
& &（五）资金清算：中国银行、中国农业银行、中国工商银行和中国建设银行作为交易所指定的清算银行，实行集中、直接、净额的资金清算原则。（六）储运交割：交易所实物交割实行“一户一码制”的交割原则，在全国35个城市设立47家指定仓库，金锭和金条由交易所统一调运配送。（七）认定质验：交易所对于可提供标准金锭、金条企业的资格进行认定。并指定权威质检机构对交易产品质量进行监督，对质量纠纷进行检测和仲裁。（八）税收：经财政部、国家税务总局批准，产金企业通过交易所销售标准黄金、铂金，免征增值税；用金企业通过交易所购买黄金、铂金，发生实物交割的，由税收机关按实际成交价格代开增值税专用发票。（九）商业银行的作用：按照国际惯例和市场原则在供求发生变化的情况下进行调剂，参与市场交易、提供黄金抵押、租赁、代理和个人黄金买卖业务等金融服务，从而进一步活跃交易、促进流通。（十）系统服务：上海黄金交易所将积极维护和保障会员在交易中的合法权益，以会员为本，为会员的发展提供全方位服务。包括1.系统平台：上海黄金交易所的交易系统设计合理、技术先进、功能齐全，运行安全可靠、快捷，该系统可以满足未来的会员以及代理客户的黄金、白银、铂等贵金属交易需要。2.质量保证：交易所认定的可提供标准金锭企业对其提供产品的质量终身负责。3.资金安全：通过指定清算银行的全国网点进行资金清算，由交易所统一管理会员保证资金账户，确保资金的安全、方便、快捷。4.信息共享：可实时接收和查询黄金交易所的行情，国内外黄金等贵金属的交易行情、评论和相关报道。
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Powered by Tengine/2.0.3上传用户：xslbqldgyp资料价格：5财富值&&『』文档下载 ：『』&&『』学位专业：&关 键 词 ：&&&&&&权力声明：若本站收录的文献无意侵犯了您的著作版权，请点击。摘要:（摘要内容经过系统自动伪原创处理以避免复制，下载原文正常，内容请直接查看目录。）本文关于中国黄金市场的研讨，在实际剖析方面，一是从狭义的市场微不雅构造实际角度，对天津贵金属生意业务所的微不雅构造停止了具体的实际剖析，商量其微不雅构造较之上海黄金生意业务所微不雅构造的不完善性，剖析所存在的风险类型；二是从信誉风险防备的角度动身，应用博弈论的常识剖析黄金市场的市场准入机制，解释会员制在黄金市场的存在公道性及两个生意业务所会员天资差别的影响。本文的实际剖析以为：天津贵金属生意业务所的微不雅构造不完善性，从市场准入机制角度看，表现在综合会员天资、做市商天资和特殊会员天资三个方面；从价钱构成机制角度看，表现在存货头寸不肯定、做市商非自立报价、公有信息和杠杆差别四个方面；从清理机制角度看，表现在什物交割和清理风险两个方面。这些不完善性使得天津贵金属生意业务所的风险包含信誉风险、市场风险、存货风险、活动性风险等多种风险类型。针对个中的信誉风险，本文应用简略的非反复博弈模子考核市场介入者为躲避信誉风险而废弃生意业务机遇而形成的生意业务利润丧失。剖析成果以为，片面提交典质品的信誉担保方法轻易掉效，可斟酌应用两边提交典质品给第三方的机制。但这类机制关于两边均背约的情况有分歧的详细操作办法，第一种操作办法是第三方将典质品各自退回给两边；第二种是使各自取得对方的典质品。剖析成果以为两种操作办法下的向第三方说起典质品的机制均有用。关于市场准入机制的剖析解释关于黄金市场采取会员制的准入机制的公道性，然则准入门坎，即会员天资的认定非常主要。对上海黄金生意业务所会员构造的纵向比较剖析以为，多年来其会员组成慢慢多元化、会员信誉认定趋于严厉，解释上海黄金生意业务所关于信誉风险掌握的公道性和主要性。对上海黄金生意业务所和天津贵金属生意业务所会员组成的横向比较剖析以为，虽异样采取会员准入机制，但天津贵金属生意业务所会员机制的公道性和实用性却有待讲究。本文还综合金融市场微不雅构造实际和时光序列的相干计量实际，对中国黄金市场的市场运转绩效停止了多角度的实证研讨。本文的实证研讨就研讨主体来看，牵扯到上海黄金生意业务所和天津贵金属生意业务所；就研讨对象来看，重要针对市场运转绩效中的活动性和动摇性两年夜方面；就数据样原来看，因可取得性等多方面缘由，低频数据和高频数据均被采取；就研讨目的来看，有针对单个市场运转绩效的研讨，还有天津贵金属生意业务所对上海黄金生意业务所运转绩效影响的研讨。重要的实证研讨结论包含：第一，在对上海黄金生意业务所的活动性实证研讨中，本文重要对黄金AU (T+D)合约停止，采取多个活动性目标，分分歧时光区间，磨练黄金期货推出、“天通金”推出和“天通金”被叫停三个事宜对该合约生意业务的活动性的影响。磨练成果发明，①黄金期货推出后AU (T+D)合约的活动性在短时间和历久来看均匀都要高于推出前的活动性，但历久来看，这类活动性改良后果更显著；②“天通金”的推出对AU(T+D)合约生意业务的活动性影响较为庞杂，短时间来看，“天通金”的推出对黄金AU (T+D)合约的活动性影响不甚明显，历久来看，影响却逐步加强，且是使得活动性加强，这一成果与直不雅熟悉较为纷歧致，“天通金”的推出其实不见得会下降上海黄金生意业务所的活动性，但在较长一段时光内确切会影响生意业务所的现货黄金的成交量；③“天通金”被叫停对上海黄金生意业务所活动性的影响异样庞杂，但综合来看，短时间内市场信念受挫，但历久来看，“天通金”被叫停使得市场信念疾速恢复，有益于上海黄金生意业务所市场活动性。从活动性的研讨成果可以看出，期货推出、清算整理处所黄金生意业务所等针对黄金市场的办法具有其活动性考量的现实根据。第二，应用低频数据，采取GARCH模子族相干实际对上海黄金生意业务所黄金AU (T+D)合约生意业务的动摇性停止实证研讨，发明：①AU (T+D)合约价钱动摇存在GARCH效应，文中所采取的GARCH(1，1)、TGARCH(l，l)、EGARCH(1，1)和EGARCH(1，1)一M均能很好的描写该合约的动摇特点，相较之下，EGARCH(1，1)一M模子最合适描写上海黄金生意业务所AU(T+D)合约的动摇性特点；②非对称效应存在于上海黄金生意业务所，且非对称效应的感化是使得动摇减小，受正内部冲击(好新闻)的影响年夜于受负内部冲击(坏新闻)的影响但这类效应的影响较小；③上海黄金生意业务所黄金AU (T+D)合约的生意业务价钱屈服风险和收益婚配的准绳。第三，应用高频数据，对“天通金”的动摇特点停止一系列实证研讨，包含分歧频率下收益率统计特征的比拟、收益率动摇的日内形式研讨、GARCH模子族动摇的实证磨练和“已完成”动摇实证剖析等多个方面，各部门实证剖析成果综合以下：①各类收集频率下“天通金”的收益率时光序列都表示出显著的尖峰厚尾特点，且收集频率越高的收益率时光序列这类特点越显著；②根据“天通金”的生意业务时光特点停止的日内形式研讨发明，“天通金”的动摇出现出倒“W”或称“M”型的日内形式，这类形式的构成与黄金市场的全球性有很年夜关系，也反应降生界各地域黄金市场顺次的受存眷水平，美洲盘最为活泼，其次是欧洲盘，而亚洲盘再次之；③“天通金”合约价钱动摇具有非常显著的杠杆效应，受负内部冲击(坏新闻)的影响高达近两倍，弘远于受正内部冲击(好新闻)的影响(约0。6倍)，“天通金”合约的生意业务价钱也屈服风险和收益婚配的准绳，TGARCH (1，1)模子是所选模子中最合适描写“天通金”动摇性的模子；④采取“已完成”动摇和赋权“已完成”实际对“天通金”动摇性所停止的研讨发明应用这两种已完成动摇办法盘算出的动摇差异不年夜，但“赋权”已完成动摇序列比“已完成”动摇的偏斜水平小很多，其散布外形也更加接近正态散布，最优的收集频率为10min，在此频率下盘算的赋权“已完成”动摇年夜小为1。60×10一4。基于一系列的实际和实证剖析，本文还测验考试关于完美中国黄金市场给出了一系列对策建议。Abstract:In this paper, the research on China's gold market, in the actual analysis, one is from narrow sense of market micro structure point of view of the actual, Tianjin precious metals business of the micro structure of stopped the practical analysis, to discuss the micro Ya structure compared with the Shanghai gold trade and industry provided the micro structure of the imperfect, analysis the ex the second is starting from the point of view of preventing the credit risk. Using game theory knowledge analysis of market access mechanism for the gold market, explain the membership in the gold market existence is reasonable and the two business member talent difference effect. In this paper, the theoretical analysis of thought: Tianjin precious metals business micro structure is not perfect, from the perspective of market access mechanism, manifested in three aspects: integrated members of the talent, market maker talent and mem from the price formation mechanism of point of view, performance in inventory positions, not sure, maker of non independent quotation, public information and leverage differe cleaned from the perspective of mechanism, in the two aspects of odds and ends of the settlement and clearing risk. These imperfections make the risk of Tianjin's precious metals business by including credit risk, market risk, inventory risk, liquidity risk and other risk types. According to the credit risk, the application of simple non repeated game model assessment of market participants to avoid credit risk and business opportunities and the formation of waste business profit loss. The analysis of the results that the one-sided submit credit guarantee collateral method easily out of efficiency, can be considered on both sides of the application submitted collateral to the mechanism of the third party. But this kind of mechanism on both sides have transgressed the covenant differences of specific operation method, the first way of operation is third party will mortgage products each re the second is to their other mortgage products. The analysis of the results of that two kinds of operation methods under the third party mechanism to speak of collateral are useful. Analysis on market access mechanism explanation about the gold market take membership access mechanism is reasonable, however access threshold, namely member talent identification of very main. The Shanghai gold business membership structure longitudinal comparative analysis of that, over the years its membership composition gradually diversified, member reputation identified tends to severe, explain Shanghai gold business on credit risk control of reasonable and important. Of gold business business in Shanghai and Tianjin precious metals business member composed of transverse comparison analysis thinks, although strange membership access mechanism, but Tianjin precious metals business membership mechanism of fairness and practicality has yet to be pay attention to. The actual measurement of coherent integrated financial market micro structure and the actual time series, the market operation of the performance of China gold market an empirical study of multi angle. The empirical study of the research subject involved to the Shanghai gold business and Tianjin precious research objects important for the functioning of the market performance of the activity and shake of the ev data like the original look, can be achieved and other reasons, the low frequency and high frequency data w research purpose, research on the performance of a single market operation, and Tianjin precious metals business the of Shanghai gold business operation performance research. Important conclusions of the empirical study include: first, the Shanghai gold business activities of empirical research, this paper gold Au (T + D) contract to stop, take multiple active goals, different time interval, hone gold futures, &Tian Tong gold& push out and &Tian Tong gold was halted three matters of the contract business activity. The results of hone invention, gold futures after the launch of AU (T+D) activity of the contract even in short time and longer term than launch activities before, but for a long time, this kind of activity improved the consequence the &launch day gold& on AU (T+D) activity affect the business contract business is very complicated, the short term &launch day gold& on the gold AU (T+D) activity affect the contract is not very obvious, long-term view, influence is gradually strengthened, and the activity is strengthened, the achievements and intuitive familiar is inconsistent, &launched through gold& in fact does not necessarily decrease the Shanghai gold exchange activity, but in a longer period of time will affect the business operations of the exact spot the &gold day& was conducted activity on the Shanghai gold exchange. Sound strange and numerous, but overall, short time market beliefs frustrated, but long-term point of view, &day gold was stopped making market belief in a quick recovery, beneficial in Shanghai gold business market activity. From the activity of the results can be seen, futures clearing business premises, such as finishing gold for the gold market approach has its active consideration according to the reality. Second, application of low frequency data, adopt GARCH model group of Shanghai gold business coherent actual gold AU (T+D) shake contract business to stop the empirical research, invention: AU (T+D) contract price fluctuation has GARCH effect, adopted the GARCH (1, 1), TGARCH (L, l), EGARCH (1, 1) and EGARCH (1, 1) compared with the characteristics of a M are shaken, can be a very good description of the contract under the EGARCH (1, 1) M model is the most appropriate description of the Shanghai gold exchange AU (T+D) shake charact asymmetric effect exist in Shanghai the gold business and the non, asymmetric effect effect is made by the internal impact is reduced to shake, (good news) effect is greater than the negative impact (bad news) the internal impact but this kin the Shanghai gold exchange gold AU (T+D) contract business industry The price of Treasury yield risk and return matching criterion. Third, the application of high frequency data, a series of empirical research on the fluctuation characteristic of day of gold &, including the statistical characteristics of yield under different frequency comparison, yield shake days discussion, form GARCH model family moved to hone and empirical& completed &empirical analysis shake the aspects of the analysis the empirical results below: 1. Department of comprehensive collecting all kinds of frequency& day gold &rate of return time series are said leptokurtic characteristics significantly, and collect the high frequency return time series of this kind of characteris according to& stop the business time characteristics through the day in the form of gold &study found that& day gold &shake appear inverted& W &or& M &type, form, structure and the gold market of this kind of global has the very big relations, also the reaction around the world was born Up to nearly twice the effect of Huai Xinwen domain gold market sequentially the concern level, American disc is the most lively, followed by the pan European, and A (3) the day gold &contract price that shake has very significant leverage effect, due to the impact of negative internal, Hongyuan by positive internal shock (good news) (about 0. Frequency collection of research take 6 times), &Tian Tong gold contract business price and yield risk and return matching criterion, TGARCH (1, 1) model is the model in the most appropriate description of& Tian Tong Jin & (4)& has been completed &shake and empowerment& completed &actual& day pass &shake of the invention and application of the two kinds of completed shake method calculates the shake the difference is not big, but the& empowerment &has been completed shake sequence has been completed& shake of the horizontal deflection is small, the distribution shape is more close to the normal distribution, the optimal frequency for 10 min in the footwall of empowerment &completed& shake the eve of the small one. 60 * 10 4. Analysis of a series of practical and empirical based on the test of the perfect Chinese gold market gives a series of countermeasures and suggestions.目录:摘要4-7Abstract7-81. 绪论13-32&&&&1.1 选题背景及意义13-16&&&&&&&&1.1.1 为什么研究市场微观结构13&&&&&&&&1.1.2 为什么研究黄金市场的微观结构13-14&&&&&&&&1.1.3 为什么研究中国黄金市场微观结构14-16&&&&1.2 研究文献综述16-27&&&&&&&&1.2.1 关于市场微观结构的文献综述16-23&&&&&&&&1.2.2 黄金市场相关文献综述23-25&&&&&&&&1.2.3 黄金市场微观结构相关文献综述25-26&&&&&&&&1.2.4 国内相关研究26-27&&&&1.3 研究内容及结构安排27-30&&&&&&&&1.3.1 研究内容27-28&&&&&&&&1.3.2 研究方法28-29&&&&&&&&1.3.3 本文结构29-30&&&&1.4 本文创新30-322. 世界黄金市场概述32-45&&&&2.1 世界黄金供需概况32-38&&&&2.2 世界黄金市场结构38-41&&&&2.3 世界黄金市场41-44&&&&&&&&2.3.1 世界黄金市场分类41-42&&&&&&&&2.3.2 世界黄金市场分布及主要黄金市场介绍42-44&&&&2.4 本章小结44-453. 金融市场微观结构理论概述45-54&&&&3.1 狭义的金融市场微观结构46-49&&&&3.2 广义的金融市场微观结构49-53&&&&&&&&3.2.1 广义的交易机制49-51&&&&&&&&3.2.2 市场绩效51-53&&&&3.3 本章小结53-544. 我国黄金市场发展历程及主要黄金交易所介绍54-68&&&&4.1 中国黄金市场的发展历程55-58&&&&&&&&4.1.1 统购统配时期55-56&&&&&&&&4.1.2 逐步开放时期56-57&&&&&&&&4.1.3 地方黄金交易所快速发展时期57&&&&&&&&4.1.4 清理整顿与创新并存时期57-58&&&&4.2 中国黄金现货交易国家级交易所——上海黄金交易所58-65&&&&&&&&4.2.1 上海黄金交易所成立背景58-59&&&&&&&&4.2.2 上海黄金交易所发展历程59-63&&&&&&&&4.2.3 上海黄金交易所黄金相关业绩63-65&&&&4.3 中国黄金现货交易地方性平台——天津贵金属交易所65-67&&&&&&&&4.3.1 天津贵金属交易所成立背景65-66&&&&&&&&4.3.2 天津贵金属交易所发展历程66-67&&&&4.4 本章小结67-685. 我国主要黄金市场微观结构68-85&&&&5.1 上海黄金交易所市场微观结构68-73&&&&&&&&5.1.1 狭义的市场微观结构68-70&&&&&&&&5.1.2 广义的市场微观结构70-73&&&&5.2 天津贵金属交易所黄金市场微观结构73-83&&&&&&&&5.2.1 狭义的市场微观结构73-74&&&&&&&&5.2.2 广义的市场微观结构74-79&&&&&&&&5.2.3 市场结构不完美性79&&&&&&&&5.2.4 市场不完美性在市场微观结构中的体现79-83&&&&5.3 本章小结83-856. 我国黄金市场市场准入机制的比较分析85-96&&&&6.1 市场准入机制和信用风险85-86&&&&&&&&6.1.1 信用风险的治理方式85-86&&&&&&&&6.1.2 黄金市场市场准入机制与信用风险86&&&&6.2 信用风险的代理成本86-91&&&&&&&&6.2.1 代理成本的构成86&&&&&&&&6.2.2 交易利润86-87&&&&&&&&6.2.3 各类代理成本具体分析87-91&&&&6.3 中国黄金市场准入机制对比分析91-95&&&&&&&&6.3.1 上海黄金交易所市场准入机制的纵向对比分析91-94&&&&&&&&6.3.2 上海黄金交易所和天津贵金属交易所市场准入机制的横向对比分析94-95&&&&6.4 本章小结95-967. 我国黄金市场运行绩效的实证研究96-134&&&&7.1 我国黄金市场流动性的实证研究97-107&&&&&&&&7.1.1 流动性衡量指标97-99&&&&&&&&7.1.2 上海黄金交易所流动性实证研究99-107&&&&7.2 上海黄金交易所波动性的实证研究107-117&&&&&&&&7.2.1 波动性建模一般理论107-112&&&&&&&&7.2.2 上海黄金交易所波动性实证研究112-117&&&&7.3 天津贵金属交易所波动性实证研究117-133&&&&&&&&7.3.1 金融市场高频时间序列的分析117-123&&&&&&&&7.3.2 “天通金”的基本统计特征和日内效应123-133&&&&7.4 本章小结133-1348. 结论与对策建议134-143&&&&8.1 本文的主要结论及不足134-139&&&&&&&&8.1.1 本文的主要理论观点134-137&&&&&&&&8.1.2 本文的主要实证结论137-138&&&&&&&&8.1.3 本文的不足之处及研究展望138-139&&&&8.2 完善中国黄金市场的对策建议139-143&&&&&&&&8.2.1 厘清两个市场的发展定位139-140&&&&&&&&8.2.2 完善上海黄金交易所市场微观结构的发展建议140-141&&&&&&&&8.2.3 完善天津贵金属交易所市场微观结构的发展建议141-143参考文献143-151致谢151-153在读期间科研成果目录153分享到：相关文献|