Research On The Development Path And Strategy Of Timber Futures

Timber market is an important component of China's commodity market system,and the development of wood ind ustry is crucial for the national economy and people's lives.The development and research of timber futures,which is marked as one of the important varieties of commodity futures market in C hina,not only plays an important role in the development of the commodity futures market in C hina,but also has a far—reaching effect on the perfection of timber market system in China,the integration of the timber industry chain and the provision of risk transfer mechanism for timeber enterprises.The growth of timber futures commodity in C hina didn't come singly but in pairs.For example in the 1990 s,log and plywood futures achieved some success and influence,but subsequently led to the exit because of the closure of the futures market.At present,the plywood and fiberboard futures launched in 2013 to are also facing an awkward situation that few people will pay for it,and unable to perform the function of the futures market.Therefore,the selection of timber commodity futures,the design of futures contract and the cultivation approach of futures market remain a problem needed for further research.The promotion of timber futures is not only an important mission for the establishment of timber industry under the new system of socialist market economy,but also a key solution for the pursuit of green materials,further development of timber industry and the healthy construction in finance.To begin with,on the basis of reviewing the industrial chain of wood,I do some analysis on the present state and existing problems of t imber market in China,and demostrate the necessity and feasibility for China to set up timber futures market.Then,through it,I make a summing up of the global development of timber futures,which provides experience for the design of timber futures contrac t that fits our national condition,the exploration of the development of C hinese timber industry and the promotion of timber futures trading under financial forestry.Finally,according to the actual operation of the wood industry chain and the price relationship between different sectors of wood products,this paper puts forward the path of the development of timber futures,together with the preliminary design of timber futures contracts and policy proposal.This paper puts forward: Firstly,The timber industry has developed rapidly,but the status of the timber market organizations still exist problems such as small market segments,low industry concentration,unperfect logistics system,standardized implementation dislocation and low efficiency of transactions.Secondly,there is an objective demand for hedging in the timber industry,but there are few varieties of timber futures market and its has inefficient hedging and price discovery function.Thirdly,Timber production,market participants,product storage characteristics,price volatility and other conditions in line with the development of timber futures.However,the small size of the market segmentation,product quality differences,high logistics costs,delivery locations scattered also restricted the development of timber futures varieties,and the development of domestic and foreign timber futures varieties also have encountered some obstacles.Finally,the development of the futures market based on the improvement of wood spot market,according to the characteristics of wood species and the running status of the wood industry chain,we should reasonably design and innovate the timber futures varieties,and promote the development of timber futures market.With the conclusion of the above analysis,the paper puts forward the development path and strategy of C hina's timber futures market: First,the domestic timber market should be integrated to establish a unified national timber market system by supporting the leading enterprises in the wood trading market;It is to expand the scale of online timber transactions,promote the formation of the online auction at timber market,and form a authoritative wood price signal;Finally,on the basis of the improvement of the existing two plate futures contrac,we will gradually establish a series of timber futures market,such as sawn timber futures,pulp futures,etc.and promote the development of timber futures market.