The Research On The Problem Of Petroleum Market Finance Based On System Theory

According to the promises of acceding to WTO, financial market and petroleum market of our country should be open to the world. Petroleum safety of China has essentially changed from"Production-Supply"mode into"Trade-Finance"mode. Therefore, the problem of petroleum market finance has become the core of the reform of market economy at present. The course of petroleum market finance has very realistic and important sense for the continuable development of petroleum industry and petroleum safety of our country. This paper primarily established a research frame based on system theory. And then, Under this frame, this paper expatiated on the process of petroleum market finance of our country, analyzed petroleum finance status of our country from the analyzation of traditional petroleum finance and modern petroleum finance, and qualitatively analyzed the problems in the process of petroleum market finance of our country through the contrast on the domestic and matured foreign petroleum finance process, and penetrated with the causation of the problems of our petroleum finance based on the practice of our petroleum market. On August 25, 2004, Shanghai fuel petroleum future came into the market, and it was a landmark in process of petroleum market finance of our country. So, this paper selected four variables of the closing price of Shanghai fuel petroleum future, the spot price of Huanan fuel petroleum, Singapore fuel petroleum price of PLATT'S as international spot price of fuel petroleum and NYMEX spot price of crude oil as international crude petroleum price. And set up a vector autoregression(VAR) model. And then did researches on the market operation of ShangHai fuel petroleum future, based on the vector autoregression(VAR) model, using Granger causality test, co-integration test and impulse response function to positively study on functions of the market. And then, this paper compared the results of the positive research of Shanghai fuel petroleum future market with the functions of NYMEX crude petroleum future market, and proved the results of qualitative research by positive research. At last, this paper tabled proposals on bringing in market competition, improving methods of petroleum market finance and upgrading mechanism in the process of petroleum market finance, surrounding the problem of how to accelerate the petroleum market finance, to promote steadily development of petroleum market, and enhance petroleum market safety of our country.