期刊文献+

玉米能源属性分析

Analyst on Corn Energy Attribution
下载PDF
导出
摘要 文章分析了国内玉米期货的能源属性,从协整模型的角度分析发现,中美玉米期货都不具有能源属性。但国内玉米期货对美盘的连动效应明显,协整实证发现,美玉米期货对国内玉米期货的价格弹性为1.34,远大于国内玉米对美玉米期货的价格弹性0.65,前者是后者的大约2倍,说明当前国内玉米期货还不是国际期货的主导力量,需要加强期货市场建设,增大国内玉米期货的影响力,取得国际玉米的定价权,以保障我国利益。 This paper analyzed energy attribution of corn futures in China and found out that there wasn't energy attribution by using co-integration model. However, domestic corn futures was linked to the United States corn futures obviously, co-integration evidence that the U.S. corn futures on the domestic corn futures as the price elasticity of 1.34, much larger than the domestic corn futures on the U.S. corn futures as the price elasticity of 0.65, the latter is the former 2 times. It is showed that the current domestic corn futures is not the dominant force in international corn futures market, so it need to strengthen the building of the futures market, increase domestic corn futures influence in the international ,take pricing power to protect our national interests.
出处 《生态经济》 CSSCI 北大核心 2009年第5期40-43,共4页 Ecological Economy
基金 国家自然科学基金项目"粮食安全目标下我国粮食生产 流通与储备协调机制研究"(70673027)
关键词 玉米 期货 协整模型 误差修正模型 corn futures co-integration error-correct model
  • 引文网络
  • 相关文献

参考文献12

二级参考文献17

  • 1黄季火昆 S.罗泽尔.迈向21世纪的中国粮食经济[M].北京:中国农业出版社,1998.276.
  • 2-.我国玉米产业化的“3+1”创新模式[J].科学时报,1999,8:25-25.
  • 3Chen, G., Firth, M. and Rui, O. M. ( 2001 ) : The Dynamic Relation Between Stock Returns, Trading Volume, and Volatiity[ J]. The Financial Review, 38,153 ~ 174.
  • 4Clark, P. K. ( 1973 ) : A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices[J]. Econometrica,41,135 ~ 155.
  • 5Copeland, T. E. (1976) : A Model of Asset Trading under the Assumption of Sequential Information Arrival[ J]. Journal of Finance, Vol. 31,1149 ~ 1168.
  • 6Crouch, R. L. (1970) : The Volume of Transactions and Price Changes on the New York Stock Exchange[J]. Financial Analysts Journal,Vol 26,104 ~ 109.
  • 7Engle, R. (1982) : Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation[J]. Econometrica, 50,987 ~ 1007.
  • 8Karpoff, J.M. ,(1987) :The Relation between Price Changes and Trading Volume:A Survey[J] .Journal of Financial and Quantitative Analysis, Vol.T2,109 ~ 126.
  • 9Kocagil, A. E., and Shachmurove, Y. ( 1998 ) : Return-Volume Dynamics in Futures Markets[J] .The Journal of Futures Markets, Vol. 18,399 ~ 426.
  • 10Lamoureux, c., and Lastrapes, W. (1990) : Heteroskedasticity in Stock Return Data: Volume versus GARCH Effect [ J]. Journal of Finance, Vol 45,221 ~ 229.

共引文献127

相关主题

;
使用帮助 返回顶部