Research On China’s Futures Business Innovation

In April2010, with the listing of stock index futures, China has entered the era of financial futures.Futures companies in China are facing new development opportunities, however, its business model has been suffered in huge impact.For a long time, a single business model of futures companies make profits always at low levels.Therefore, futures business innovation to improve the profitability is an important issues at this stage.It also related to the healthy development and improvement of China’s futures market. The liberalization of the three innovative businesses provides support to China’s futures business innovation in the policy.On this background, this paper uses research methods of comparative analysis and qualitative analysis and describes relevant innovation theory. This paper analyzes the necessity of China’s futures business innovation, learns from the experience of developed countries and regions futures business development, and then proposes the promotion strategies for China’s futures business innovation.The introduction section briefly describes the background and significance of this topic,research status at home and abroad, the main content of this article, research methods and innovations.The second part describes the relevant innovation theory, including the theory of financial intermediation and financial innovation,on the basis of the definition for the connotation and extension of futures company business innovation.This part clears the properties of futures companies as a financial intermediary and locates our futures company as a modern financial services industry.It provides theoretical support for the following studies.The third part describes the development status of China’s futures business,and then analyzes the necessity of China’s futures companies business innovation:the urgent requirements of China’s futures company’s own development and growth;the objective needs of the national policies and regulations;the practical requirements of futures markets.The fourth part learns futures company’s business development model and the case of typical futures companies in developed countries and regions, and then sums up the revelation for the development of China’s futures companies. The fifth part is the focus of the full text.It describes the basic content of the China’s futures companies business innovation and focuses on the futures investment consulting business and offshore futures brokerage business.Then,it gives a brief introduction to the business of asset management and other innovative business.In the end,the article puts forward to the advancing strategies for business innovation of China’s futures companies.The general idea is:Futures companies---to focus on strengthening self-construction;to be in close cooperation with other financial institutions;to determine the different business models according to their own circumstances;Regulatory authorities---to optimize the macro-environment of the futures company’s business innovation.On the background of the new changes of the pattern of futures market and the support of national policy,it has a strong practical significance to choose China’s futures business innovation as a research topic.