论文部分内容阅读
随着市场经济的发展,对期货市场功能的认识不断深化。文章在总结已有研究的基础上提出了价格发现是期货市场基本功能的观点,并将价格发现功能归结到微观上的套期保值、投机、套利和宏观上的节约社会试错成本。文章通过南华期货商品综合指数与PPI的关系检验,证实我国商品期货市场起到了节约社会试错成本的作用。为更好地发挥这一功能,应大力推进期货市场建设,完善商品期货体系,推出权威合理的商品期货指数。
With the development of market economy, the understanding of the function of the futures market is deepening. On the basis of summarizing the existing research, the article puts forward the view that price discovery is the basic function of the futures market, and the price discovery function is attributed to the microscopic hedging, speculation, arbitrage and macroscopic saving trial costs. The article tests the relationship between PPI and Nanhua Futures Commodity Index, confirming that China’s commodity futures market has played a role in saving trial costs of society. In order to give full play to this function, we should vigorously promote the construction of the futures market, improve the commodity futures system, and launch an authoritative and reasonable commodity futures index.