Futures Markets, Risk Control And Its Application In China,

With the development and advancement of the socialist market economy, the futures markets in China have been improved a lot both in scales and in depth. By contrast, China lags behind in risk management in terms of its theoretical research and practice. That is the reason why the theme has been chosen. This thesis'theme is about risk control of Chinese futures markets. The thesis tries to make mechanism and process of the risk control systematization on the basis of the formers'researches. According to a logic process of risk definition, risk discrimination, risk measure and risk control, the writer gives some advices about risk control of Chinese futures markets.This thesis consists of six chapters.The first chapter is introduction, which explains the theme's background, the theme's purpose, research thinking, research method and its innovation and drawbacks.The second chapter is document summary, which successively introduces predecessors'research achievement by two sectors, theory and empirical research. The first sector introduces the foreign theory of risk control. The second sector introduces empirical researches of domestic futures markets and overseas, and indicates the application of ARCH models will be popular.The third chapter is about the definition of futures markets, which introduces the definition of risk and the definition of futures markets'risk, and tries to find the factors that result in the futures markets'risk by third sector, macroeconomics, microeconomics and theoretics.The forth chapter is risk discrimination. In this chapter, the writer explains risk of futures markets comprise mostly market risk and credit risk, and introduces fundamental effectible factors and technical effectible factors.The fifth chapter, risk measurement, explains general situation of Copper Contract in Shanghai Futures Exchange (SHFE), then analyzes the factors that affect the Contract's price, and describe price fluctuation of SHFE's Copper Contract...