中国黄金市场监管初探.pdfVIP

要 我国以2002 年10 月30 日上海黄金交易所正式开业运行为起点，标志着黄金 市场由以前的严格的计划管理体制向以市场为目标的管理体制的转变。经过近 4 年的发展，以上海黄金交易所为代表的中国黄金市场已经初步具备继货币市场、 证券市场和外汇市场我国第四大投资品市场的规模和主要特征。 作者回顾了我国黄金市场发展的轨迹，从组织结构、业务种类和目前存在的 问 等三个方面分析了以上海黄金交易所为代表的国内黄金市场的现状，与国际 发达黄金市场比较，得出发展的方向和创新的可能；在以上论述的基础上，预见 我黄金市场已经或者将要面临的风险，提出有效切实的黄金市场监管方式。 作者认为，在这样利好的市场形式下，作为以市场为目标的黄金交易所，改 革创新成为必然的趋势。黄金市场借助创新工具和业务提高了运作效率，丰富了 交易品种，多元化的投资组合也增加了风险的防范能力。但是从全国或全球的角 度看，金融创新仅仅是转移或者是分散了某中风险，并不意味着减少了风险。不 仅如此，创新还增加了新的风险。所以，应该完善以市场为主导的产品创新机制， 形成价格发现和风险管理并举的金融市场产品结构；培育诚实守信、运作规范、 治理机制健全的市场主体和市场中介群体，强化市场主体约束和优胜劣汰机制； 健全职能定位明确、风险控制有效、协调配合到位的市场监管体制，切实保护投 资者的合法权益。 关键词：黄金市场， 创新， 金融风险，监管 1 Abstract The opening of Shanghai Gold Exchange on Oct. 30th, 2002 set a milestone for the transformation of gold market administration model from a strictly planned mechanism into a market-oriented one. Over the past four years, the Chinese gold market, with Shanghai Gold Exchange as its representative, has taken its shape available for capital investment along with the monetary, securities and foreign exchange markets. The present thesis takes a look back on the historical development of the Chinese gold market, and makes analyses on its ongoing status by probing into three aspects of the market, namely the structures, business genres and existing questions yet to be answered. The prospective orientation of future development and probability of further innovation are also discussed on the basis of comparison with the domestic and western markets. Upon conclusion, much attention is paid to the possibly foreseen risks and proposal concerning relevant practical regulatory administration. It is believed in the present thesis that reform in the spirit of innovation is absolutely critical for market-oriented gold exchanges in such a favorable envir