合格境外厂商的可行性及制度设计.pdfVIP

格境外厂商的可行性及制度设计 学勤 （郑州商品交易所，河南 郑州450008 ） 要：本文在研究和分析合格境外厂商的可行性及制度设计基础上，对完善交割纳税政策、防 控资金套利和过度交易等相关问题作了探讨，并提出实施合格境外厂商制度：在策略和步骤选 择方面，可以先行试点，取得经验，逐步推广；在选择品种方面，可以先选择全球惟一上市品 种、 选择普遍上市品种；在参与主体方面，可以先境外生产厂商， 境外加工商、贸易商， 基金、保险公司等；在参与方式方面，合格境外厂商可以先作为客户、后发展自营会员；在交 易和交割的平衡方面，可以先重点考虑交易可行性、后疏通交割渠道等建议。 关键词：商品期货市场，合格境外厂商，境外品牌境内交割 Abstract : Based on the research and analysis of the feasibility and its system designing of qualified foreign manufacturer s (QFM), we discu ss the issues on the improvement of the delivery of tax policy prevention of arbitrage and over-trading, etc. And finally we propose several su ggestions on the implementation of the system of qu alified foreign manufacturers. As for the selection of strategies and procedures of QFM, we propo se to run a pilot program from which we could gain some experiences, and then to gradu ally make QFM further spread. As for the selection of commodity product s, we suggest first choo sing the only produ ct which is listed global wise and then selecting other common produ cts listed in the markets. As for the main participants, we advise approving QFM first, followed by foreign processors, traders, funds, insurance companies, etc. As for the manner of participation, QFM can be qualified as a customer fir st and then develop as a proprietary member to trade. As for the balancing between bu siness trading and physical delivery, we propose considering the feasibility of the transaction fir st and then solve the issues on delivery. Key words: Commodities Futures Market, Qu alified Institutional Manufacturers, 作者简介：王学勤，经济学博士，现供职于郑州商品交易所。研究方向：期货期 权理论和交易策略。 中图分类号：F713.35 文献标识码：A 1 引言 目前，我国的QFII 制度仅适用于证券市场。根据 《期货交易管理条例》第八条规定，期货 交易所会员应当是在中华人民共和国境