摘要
当前经济形势复杂严峻,内外需求不足,经济发展动力不足,实体经
济滞胀。期货公司作为连接期货交易所和广大投资者的中介,是整个期
货交易链条上的重要环节。期货行业高风险的特性,要求监管部门有套
行之有效的监管体系。用“经调整的净资本”对期货公司实施监管,是
期货监管链条上最关键的抵御期货公司风险的指标。期货公司为了适应
监管要求,要探索出适合自身发展的盈利模式

文章首先梳理了国内外对净资本和盈利模式研宄的成果。其次,从
监管的核心净资本入手,结合期货行业盈利模式发展历程与现状,阐明
国内期货公司净资本监管体系下盈利模式问题,分析净资本监管体系对
期货公司盈利模式的影响。再次,对净资本监管体系下A期货公司的盈
利模式转型进行分析,以A期货公司为例,分析其适应净资本的盈利模
式,研宄其优势、劣势、市场机会、困境与挑战。最后,通过前面对A
期货公司净资本监管体系下的盈利模式转型分析,对A公司适应净资本
监管体系的盈利模式提出管理对策

通过对我国净资本监管体系下的A期货公司盈利模式进行研究,不
仅有助于探寻期货公司未来的发展路径、推动期货公司创新转型,更对
未来促进期货行业的监管体系升级、提升我国期货市场国际地位有着重
要的意义

I
北京化T大学专业硕上学位论文
关键字:净资本,期货公司,盈利模式
II ABSTRACT
Study on Profit Mode of A Futures Company under Net Capital
Regulation System
ABSTRACT
Currently, the economic situation is complicated and severe; the
domestic and foreign, and economic development dynamic are insufficient;
the entity economy suffers stagflation. As the intermediate for linking the
futures trade with the investors, the futures company is an important link in
the whole futures trade chain. The high-risk characteristic of the futures
industry requires the supervision department to possess feasible regulation
system. To implement the supervision on the futures company through the
adjusted net capital is the most important index that resists the risk of the
futures company on the futures supervision chain. To adapt to the regulation
requirements, the futures company should explore profit mode that is suitable
for own department.
The paper firstly sorts out the achievements from the study on domestic
and foreign research regarding the net capital and profit mode. Secondly,
starting from the core regulated net capital, and according to the development
progress and current status of the profit mode every period, it expounds the
issues about the profit mode under the net capital regulation, and analyzes the
impact of the net capital regulation system. Take A Futures Company as an
in
北京化工大学专业硕士学位论文
example, analyze its adaptation to the profit mode of the net capital, study its
advantages, disadvantages, market opportunities, dilemma and challenges.
Finally, through the previous analysis on profit mode transition under the net
capital supervision system, it puts forward management countermeasures for
A company to adapt to the profit mode of net capital regulation system.
The study on the profit mode of A Futures Company under the net capital
regulation system not only is favorable for exploring the future development
routes of the futures company, and promoting the innovation and transition,
but also plays a vital role in upgrading the regulation system of the futures
companies in futures, and promoting the status of our domestic futures in the
world.
KEY WORDS: Net Capital, Futures Company, Profit Mode
IV
目录
第一章绪论 1
l.i研宄目的和意义1.2国内外相关研究综述1.2.1国外研究现状1.2. 2国内研宄现状1.2. 3研究评述 8
1.3研究内容和研究方法1.3. 1研宄内容 9
1.3. 2研究方法 9
1.3_3技术路线 10
第二章净资本监管体系对期货公司盈利模式的影响2.1国内外期货公司发展情况2. 1.1国外期货公司发展情况2. 1.2国内期货公司发展情况2.2净资本监管体系2.2. 1国外期货公司净资本监管体系2.2.2国内期货公司净资本监管体系2.3净资本压力下的期货公司盈利模式
24
2.3. 1期货公司基本盈利模式
24
2.3.2期货公司收入构成
27
2. 3_ 3期货公司净利润
36
第三章净资本监管体系下A期货公司的盈利模式转型分析
40
3.1 A期货公司盈利模式
40
3. 1.1 A期货公司期货许可情况
40
3. 1. 2 A期货公司净资本发展情况
40
.3. 1.3 A期货公司收入构成
43
3. 1. 4 A期货公司利润分析
45
3.2 A期货公司盈利模式转型分析
46
V
北京化工大学专业硕士学位论文
3.2.1 A期货公司的优势
46
3. 2. 2 A期货公司的劣势
47
3. 2. 3 A期货公司的市场机会
48
3. 2. 4 A期货公司的困境与挑战
…
…49
第四章A公司适应净资本监管体系的盈利模式管理对策
52
4. 1服务质量差异化,扩大传统经纪业务收入
52
4. 2积极推动期货资产管理业务
52
4. 3深入推进风险管理业务模式
52
4.4稳步推进场外衍生品业务
53
4.5推动产业布局与资源编织,打造服务式营销
54
4.6多渠道充实期货公司资本
54
4. 7着力发展仓单质押融资业务
55
4.8进军银行间债券市场
55
第五章结论与展望
56
5. 1 ^ 56
5.2 MM 56
参考文献 57
m 59
作者和导师简介
60
VI
目录
Contents
Chapter 1 Chapter 1 Introduction1.1 Research objective and significance1.2 Overview of related domestic and foreign researches1.2.1 Current status of foreign research1.2.2 Current status of domestic research1.2.3 Research review1.3 Research content and approaches1.3.1 Research content1.3.2 Research approaches1.3.3 Technical routesChapter 2 Influence of net capital regulation system on profit mode of the
futures company 11
2.1 Development status of foreign and domestic futures companies2.1.1 Development status of foreign futures companies2.1.2 Development status of domestic futures companies2.2 Net capital regulation system2.2.1 Net capital regulation system of foreign futures companies2.2.2 Net capital regulation system of domestic futures companies2.3 Profit mode of futures companies under net capital pressure
24
2.3.1 Basic profit mode of futures companies
24
2.3.2 Income composition of futures companies
27
2.3.3 Net margin of futures companies
36
Chapter 3 Analysis on profit mode transition of A Futures Company
under net capital regulation system
40
3.1 Profit mode of A Futures Company
40
3.1.1 Futures permission status of A Futures Company
40
3.1.2 Net capital development status of A Futures Company
40
3.1.3 Income composition of A Futures Company
43
VII
北京化工大学专业硕士学位论文
3.1.4 Profit analysis of A Futures Company
45
3.2 Analysis on profit mode of A Futures Company
46
3.2.1 Advantages of A Futures Company
46
3.2.2 Disadvantages of A Futures Company
47
3.2.3 Market opportunities of A Futures Company
48
3.2.4 Dilemma and challenges of A Futures Company
49
Chapter 4 Countermeasures for A company to adapt to the profit mode
management of net capital regulation system
52
4.1 Service quality differentiation enlarges the income of traditional brokerage
52
4.2 Actively promote the futures asset management
52
4.3 Deeply push the risk management business mode
52
4.4 Stably promote the over-the-counter derivatives
53
4.5 Push forward the industry layout and resource constitution, and create service-oriented
marketing 54
4.6 Fill in the capital of futures company through multiple chan
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