燃料油期货

上海燃料油期货价格发现功能研究&基于GS模型的实证分析

Study on Price Discovery Function of Shanghai Fuel Oil Futures Based GS Model

为此，建议我国应尽快建立燃料油期货市场，并大力研究和发展石油OTC（场外交易）市场。

Therefore , it is proposed that China should establish fuel oil futures market as soon as possible while studying and developing the oil OTC market .

采用协整理论及基于VAR的Grange因果关系检验与冲击反应函数方法对中国上海期货交易所燃料油期货价格作建模分析。

The futures prices of fuel oil of Shanghai Futures Exchange were analyzed through model building with Cointegration theory , VAR-based Grange Causality testing and impulse analysis .

基于VaR-GARCH族动态模型的燃料油期货市场风险测量

Risk Evaluation in Fuel Oil Futures Market Based on VaR-GARCH Dynamic Model

燃料油期货对我国上市煤炭期货的启示

Revelatory Features of Fuel Oil Futures to Coal Futures in China

应用上海燃料油期货套保航空燃油的可行性分析

Feasibility analysis for hedging aviation fuel oil with Shanghai fuel oil futures

套期保值在燃料油期货中的应用

The Applications of Hedging Theory in Fuel Oil Futures

燃料油期货市场成交量、持仓量与波动性关系

Relations among volume , open interest and volatility in fuel oil futures market

我国燃料油期货市场、现货市场价格的相互引导关系研究

On the Mutual Guidance Relationship between Fuel Oil Futures and Fuel Oil Spot Price in China

2004年上海燃料油期货正式在上海期货交易所交易。经过六年多的发展历程，燃料油期货逐渐走向成熟。

Shanghai fuel oil futures were traded at the Shanghai Futures Exchange official in 2004.After six years of history , fuel oil futures gradually mature .

最后，为了继续提升上海燃料油期货市场的有效性及其国际定价能力，我们有针对性的提出了一些意见和政策建议。

In order to improve the effectiveness and international pricing power of Shanghai fuel oil market , I sever as focused referneces and policy recommendations .

2004年8月25日，燃料油期货重新在上海期货交易所挂牌上市，这成为中国重启燃料油期货的一个重要里程碑。

August 25,2004 , fuel oil futures re-listed on the Shanghai Futures Exchange , it is an important milestone in the resumption of fuel oil futures of China .

目前，我国已经开始了燃料油期货交易，并希望以此为突破口全面建立石油期货市场。

At present , China has already started future trading in fuel oil futures , and expected to make a breakthrough to establish an all-around oil futures market .

2004年8月25日，中国燃料油期货的成功上市标志着我国石油期货市场的启动。

On August 25 of the year 2004 , the attained success in the fuel futures market in China was symbolizes that our country 's petroleum futures market starts .

在此模型的基础上，分析上海期交所燃料油期货市场风险控制制度的具体情况，为期交所风险控制制度的建设提供参考。

Basing on this model , chapter 4 analyses the detail circumstances of Shanghai fuel oil futures ' risk-controlling institution , this may provide some reference value to the decision-making person of futures exchange .

当前已有的研究多侧重于定性分析和规范分析，而用定量方法研究相对还不够丰富，特别是对燃料油期货市场的运行状况和风险度量更是缺乏有效的、全面的研究成果。

However , studies with quantitative methods is relatively not rich , especially , lack of effective and comprehensive research methodology on the operation of fuel oil futures market and the measurement method of risk .

我国是石油消费大国和进口大国，已经开设了燃料油期货市场，但是市场品种单一，仍然面临被动地接受国际油价的局面。

Our country is a oil consumption and importing country , we have opened fuel oil future market , but we still face to accept world oil because of limit production type of the future market .

本文的第二章对上海期交所的燃料油期货合约套期保值功能进行实证研究，并与世界主要石油期货市场的套期保值功能发挥状况进行比较，对比较的结果提供解释。

The second chapter of this paper has an empirical study on the hedging function of fuel oil futures market in Shanghai Futures Exchange , comparing to that of other oil futures market and providing explanation to the compared result .

同时重点进行了燃料油期货的实证分析，构建了燃料油期货市场和现货市场的拟合度模型及最小风险套期保值模型。

At the same time , it had emphasized an analysis composed of solid evidences on the fuel futures , whereas it had constructed the fuel futures market and the stock market 's relevance model and a smallest risk hedging model .

从转换函数与转换变量示意图中可以看出，2008年在受到美国次贷危机影响的情况下，上海燃料油期货价格与现货价格之间存在明显的非线性关联关系。

From the drawing of the conversion function and conversion variable , we can find that there is a obvious nonlinear relationship between Shanghai fuel oil spot and futures prices at the result of the effect of American subprime mortgage crisis in 2008 .

2004年8月25日，我国石油期货首个品种：燃料油期货终于在上海期货交易所上市，这也标志着我国的石油期货市场正在一步一步的规范发展。

On August 25th 2004 , the first oil futures product : fuel oil futures was listed on Shanghai Futures Exchange successfully based on many years preparation , which indicates that oil futures exchange is developing towards a right direction step by step .

然而，对于我国燃料油期货市场的理论和实证研究较为匮乏，要进一步发展和完善我国石油期货市场，必须全面认识和把握燃料油期货市场的发展现状及其内在特征。

However , the theoretical and empirical researches on our fuel oil futures market were deficient . To improve and develop our petroleum futures market , it is indispensable to know and master the actuality of development and the intrinsic characteristics in fuel oil futures market .

鉴于这种情况，本论文试图以期货和现货市场关系为主线，运用统计模型对燃料油期货市场的参与者进行分类风险度量，并尝试性地提出动态风险测度方法。

In view of this situation , this paper concentrates on the relationships between futures market and spot market , using statistical model attempted to measure generic risk by analyzing the participants of the fuel oil futures market and put forward attentively the Methods of Dynamic Measurement of risk .

结果表明，燃料油的期货价格与现货价格之间存在协整关系，期货市场具有良好的价格发现功能，这对我国建设完整的石油期货市场具有指导意义。

The results indicate that the futures price and spot price have feedback effects , and the futures market dominates the spot markets .

国内市场燃料油价格与新加坡价格经常倒挂，上海燃料油期货成为重要的价格风险管理手段。

The fuel oil price in the domestic market is often inconsistent with the price in Singapore , necessitating the Shanghai fuel oil futures as an important tool for price risk management .