中国黄金期货上市对黄金现货市场质量的影响

Impact of gold futures trading on the quality of gold spot market in China

探讨了中国黄金期货引入对黄金现货市场质量的影响,利用黄金期货引入前后各6个月期间黄金现货市场的日交易数据,从流动性、波动性和信息效率3个方面展开研究。该研究发现:在消除其他影响因素的基础上,黄金期货上市交易后,黄金现货市场的流动性下降、波动性增加、信息效率降低,表明黄金期货引入整体降低了黄金现货市场质量。该研究结果对完善中国黄金市场结构,提高黄金市场效率,具有借鉴意义。

This paper examines the impact of the introduction of the gold futures on the spot market quality. The paper looks into it from 3 aspects, namely liquidity, volatility and informational efficiency according to the data of gold spot market trading compiled in 6 months before and after the introduction. Not considering other influencing factors, the results indicate a decrease in spot liquidity and efficiency riod, proving the hypothesis that introduction of gold futures have implications for improving China＇s gold market structure as well as an increase in volatility in the post-futures pctrading overall damages the and workinz efficiency. market quality. The results