Research On The Construction Of China's Electricity Futures Market Based On Market Microstructure Theory

Since 1985,China's electric power industry has undergone three stages of reform,from the old planned economic system to the new market economic system.According to the requirements of the national electric power reform document,the national electric power market should liberalize the price of electricity outside the transmission link in an orderly manner,liberalize the distribution and sale business and promote the relatively independent and standardized operation of trading institutions.At present,according to the local electricity supply and demand situation,many provinces have effectively promoted the construction of electricity market.However,many problems have been found in the actual operation process,such as the volatility of spot price,lack of market transparency and imperfect risk management mechanism.The national electric power reform document also explicitly proposed Hexploring the establishment of a unified electricity futures and derivatives market throughout the country,f.Electricity futures market has the function of avoiding the risk of price fluctuation,discovering the real price and improving the power market system.Investors can also use electricity futures to hedge and speculate for profits.In the future,with the deepening of China's electricity market reform,the establishment of an effective and reasonable electricity futures market is of great significance to the reform and development of China's electricity market.Therefore,this paper analyzed the development and research content of market microstructure theory through literature analysis,combined with the relevant research on power market structure and the practical experience of domestic and foreign securities markets,constructed the framework of power futures market construction.The main research contents are divided into four parts:The first part is the basic conditions for the establishment,including market demand,physical basis and government support.Through the analysis,it is found that the demand for electric power futures has been generated in China's electricity market,but the physical basis and government support for the construction of electric power futures market in an all-round way are still insufficient.The second part is based on the guiding principles of the international financial market,put forward the basic objectives and principles of the construction of China's electricity futures market,including liquidity,stability,transparency and so on.The third part is the research and analysis of the organizational structure of China's power futures market,including power futures exchanges,power dispatching agencies,futures companies and so on.The fourth part mainly studies the trading mechanism of electric power futures market,which is divided into two aspects:trading mode and trading rules.In terms of trading mode,this paper studies the equilibrium price and trading system of three trading modes in electric power futures market,and puts forward the selection mode of trading mode in China's future electric power futures market through analysis.In terms of trading rules,in order to implement effective risk management in the electric power futures market,relevant basic systems and rules are formulated.According to the trading rules and key points of futures contracts,electric power futures contracts in China are designed and the physical delivery process of electric power is constructed.This paper puts forward a relatively complete framework for the construction of electric power futures market,analyses and studies the contents of each part of the framework,and puts forward the corresponding construction ideas and schemes,which has certain theoretical significance and application value for the establishment and operation of China's future electric power futures market.