摘要
后疫情时代背景下,大宗商品期现价格频现宽幅震荡行情,期货套保避险意义重大,套保平台选择问题突出。文章选取2013年1月至2021年4月的价格数据,对上海期货交易所与伦敦金属交易所的铜期货价格的动态联动关系进行实证分析。研究结果表明,伦敦金属交易所铜期货价格对上海期货交易所铜期货价格具有单向引导关系,但随时间推进,影响效力逐渐减弱,我国铜期货定价自主性逐渐增强。结合现实因素分析,考虑跨市场套保操作风险,且当前国内期货市场发展迅速,铜企业应逐步提高国内套保操作比例,以实现平稳健康发展。
Under the background of the post-epidemic era,the futures and spot prices of commodities frequently fluctuate widely.Due to the great significance of futures hedging and hedging,the problem of hedging platform selection is very prominent.Based on the price data from January 2013 to April 2021,this paper conducts an empirical analysis on the dynamic linkage of copper futures prices belonging to the Shanghai Futures Exchange and the London Metal Exchange.The results show that the copper futures price on the London Metal Exchange has a one-way guiding relationship with the copper futures price on the Shanghai Futures Exchange,but with the advancement of time,the influence effect gradually weakens,and the autonomy of my country's copper futures pricing has gradually increased.Taking into account the risks of cross-market hedging operations and the current rapid development of the domestic futures market,combined with practical factors,copper companies should gradually increase the proportion of domestic hedging operations to achieve stable and healthy development.
作者
张重
ZHANG Zhong(Tongling University,Tongling Anhui 244061,China)
出处
《铜陵学院学报》
2021年第6期102-106,共5页
Journal of Tongling University
基金
铜陵学院校级人文科学项目“后疫情时代下企业价格风险管理优化配置的策略研究”(2020tlxy16)
安徽省社科创新发展项目“金融助力安徽农村养老产业发展的实现路径研究”(2020CX095)
安徽省高校人文社科重大项目“‘双循环’新格局下安徽旅游消费提质转型升级的路径研究”(SK20202D41)。
