■肖怀洋

S XiaoHuaiYang

　　今年中秋“月饼期货”一词开始频现报端，一个中国传统节日食品如何就演变为期货了呢？这还要从月饼券说起。

Mid-Autumn festival this year"Moon cake futures"A word began to frequency is made public,A traditional Chinese festival food how to evolution for futures?This but also from the moon cake coupon about.

　　随着消费市场去现金化和小额支付服务市场的逐渐发达，预付卡开始被越来越多的使用。月饼券就算是预付卡的一种。消费旺季只发生在中秋节前夕。消费者不可能提前数月购买月饼，厂商也不可能只在中秋前几天出售月饼。于是，利于买卖双方的月饼券应运而生。

Along with the consumer market to cash is changed and small payment services market gradually developed,Prepaid card begins to be more and more use.Moon cake coupon is a kind of prepaid card.Consumption season occur only in the Mid-Autumn festival eve.Consumers may not buy moon cakes for many months ahead,Manufacturers also could not only in a few days before Mid-Autumn festival moon cakes sold.so,For buyers and sellers of mooncakes coupons arises at the historic moment.

　　消费者按照自己需要提前购买月饼券，一张月饼券对于厂商就意味着未来的一张订单。月饼券发展到现在还只是停留在实体经济的范畴内。然而，由于月饼过了中秋就销售不动，厂商为尽可能降低成本开始超发月饼券，把节后未售出的库存也提前通过月饼券卖出去。

Consumers need to shift to an earlier date according to oneself buy mooncakes coupons,A moon cake coupon for manufacturers means that the future of an order.Mooncakes coupons development up to now is still stay in the real economy in the category.however,Due to the moon cake the Mid-Autumn festival is sales did not move,The manufacturer for as far as possible to reduce cost began to super hair mooncakes coupons,After the unsold inventory also advance through the mooncakes coupons to sell out.

　　发展到此，月饼厂商的套利冲动出现了。因为一旦过了中秋节，失去节日气氛的月饼便大幅贬值，消费者也乐于低价出手。超发的月饼券在市场上流转一圈，又转回到厂商手里。月饼厂商光靠印发月饼券，不必开工生产，便可获得高额利润。倘若翻开现代期货交易发展历史会发现，“月饼期货”的演变历程与期货有着惊人的相似。

Development to the,Moon cake the manufacturer's arbitrage impulse appeared.Because once after the Mid-Autumn festival,Lose the atmosphere of festival of mooncakes and depreciated,Consumers are willing to sell at a low price.Super hair of mooncakes coupons in the market circulation of a circle,He turned back to manufacturers hand.Moon cake manufacturer light by mooncakes coupons issued by,Don't have to start production,Can get high profits.If open modern futures trading development history will find,"Moon cake futures"The evolution process and futures have an amazing similarity.

　　早在十九世纪中叶，由于农产品受天气因素影响，产量不固定，价格波动也很大。农场主为了规避价格波动，在收割之前以远期合约方式出售。后来随着标准化合约和结算制度的建立，现代期货交易正式出现。期货的诞生原本是实体经济为了规避风险，降低成本而设计出的一套制度。而月饼厂商出售月饼券也是出于同样目的，只不过期货交易起到了稳定价格的作用，而超发月饼券只能使月饼价格波动更加剧烈，扰乱正常的市场秩序。

As early as in the middle of the 19th century,Due to the agricultural products is affected by weather factors,Yield is not fixed,Price fluctuation is very big also.Farmers in order to avoid price fluctuations,Before the harvest with forward contracts sold way.Then with the standardized contract and settlement system establishment,Modern futures trading appeared officially.The birth of futures was the real economy in order to avoid risk,Cost reduction and designed a set of system.And the moon cake manufacturers sell mooncakes coupons is also for the same purpose,Just futures trading played the role of price stability,And super hair mooncakes coupons can only make the moon cake price fluctuation will be even more intense,Disturb the normal market order.

　　那么为什么不能把月饼设计为标准化的期货品种呢？首先，月饼不是大宗商品，与现有的期货品种相比量很小。其次，月饼不像农产品、工业用品属于必需品。归根到底，这里还有一个重要的逻辑，不是任何实体经济都可以金融化。金融是服务于实体经济的，最终目的是促进物质生产的提高。古人云术业有专攻，对于实体经济和虚拟经济而言，也要各守其职，各司其位。

So why not put the moon cakes design for the standardization of the futures varieties?First of all,Moon cakes are not commodities,Compared with existing futures varieties volume is small.secondly,Moon cake is not like agricultural products/Industrial goods belong to the necessities.In the final analysis,There is an important logical,Not any entity economy can JinRongHua.Finance is in the service of the real economy,Ultimate goal is to promote the improvement of material production.The ancients cloud specialize in one subject,For the real economy and virtual economy in,Also shall each hold to their posts,Each department its a.

　　但现在很多实体企业都有类金融的冲动，上市公司热衷理财，有闲钱的企业都在搞民间借贷。

But now many of the entity enterprise have kind of financial impulse,Listed companies keen to finance,Have spare cash businesses are doing folk loan.

　　倘若只是实体企业的经营创新，那么理应鼓励和引导。但对于过分的金融化，应当通过制度来规避。最近出台的针对预付卡的管理办法，就对这两种职能进行了区分。预付卡按发行方分为支付机构预付卡和单用途预付卡。第三方支付机构发行的预付卡由于脱离了买卖双方，实际承担了支付功能，所以由央行出台文件进行监管。而对于单用途预付卡，因为只能在发卡企业自身经营体系内使用，属于实体企业的经营策略，由商务部进行监管。月饼厂商发售的月饼券应当归类于后一种预付卡，按照商务部出台的规定，应对预付资金按一定比例进行存管，同时对超发进行限制。

If only entity enterprise management innovation,So should encourage and guide.But for excessive JinRongHua,Should be through the system to avoid.Recently issued against prepaid card management measures,The two functions to the distinguish between.Prepaid card by issue party is divided into payment mechanism prepaid card and single use prepaid card.The third party payment mechanism of prepaid card issued to deviate from the buyers and sellers,For the actual payment function,So the central bank issued documents supervision.For single use prepaid card,Because only in the hairpin enterprise oneself management system in use,Belong to the entity enterprise business strategy,Supervision by the ministry of commerce.Moon cake manufacturer of put on sale of mooncakes coupons shall be put into the category in after a kind of prepaid card,In accordance with the provisions of the ministry of commerce issued,To advance funds according to a certain proportion to save tube,At the same time limit for super hair.

　　实体企业的类金融冲动不是错，说到底都是企业趋利的天性。然而，如何让企业能够在市场无形的手控制下，正常合理的追逐利润，合理的市场制度约束不可或缺。如果相关规定能够严格执行，相信“月饼期货”可以休矣。

Entity enterprise class financial impulse is not wrong,In the final analysis is the enterprise the nature.however,How to make the enterprise in the market can invisible hand control,Normal reasonable chasing profit,Reasonable market system constraint indispensable.If the relevant provisions to strictly carry out,believe"Moon cake futures"Can Sue is.