中国期货市场价格发现功能的实证研究

Empirical Research on Price Discovery Function of China Futures Market

从已有的和本文的实证研究结果来看,我国国内期货价格与现货价格之间以及国内外期货价格之间基本上存在着长期均衡关系。从实际情况来看,我国商品生产者与经营者利用期货市场价格信息,发挥期货市场价格发现功能的事例在不断增多。但与期货市场应有的功能相比,我国期货市场的价格发现功能还没有得到应有的发挥。为此,一方面要进一步完善我国期货市场价格形成机制,另一方面要进一步提高我国期货市场价格信息的指导作用和国际市场的定价权。

From the findings that the author and others have researched, they found there is a long-term balanced relation between China domestic futures price and spot price as well as domestic futures price and foreign futures price. And the price discovery function of China futures market is enhancing gradually. But its price discovery function hasn＇t been brought into play enough. Therefore, it is necessary to further utilize the price discovery function of China futures market. On the basis of this viewpoint, two measures should be taken： the first is to perfect China futures market price form mechanism, and the second is to further enhance China futures market price information function and pricing power in the international market.