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甘蔗燃料乙醇产业改变了糖业与能源市场之间原有的价格传导关系。本文研究原油、甘蔗燃料乙醇与食糖市场间的价格传导机制,以识别能源市场及其价格波动对食糖价格的影响路径及其冲击程度。研究结果表明:原油价格、甘蔗燃料乙醇价格与食糖价格之间存在长期均衡关系;虽然原油和甘蔗燃料乙醇市场价格波动都显著影响食糖市场价格,但是甘蔗燃料乙醇市场是原油价格影响糖价的媒介;不断攀升的能源价格是触发糖价高涨的首要原因。
Sugarcane fuel ethanol industry has changed the original price of sugar and energy markets between the conduction. This paper studies the price transmission mechanism between crude oil, sugarcane fuel ethanol and sugar market to identify the energy market and its impact on the price of sugar and its impact on the impact of price fluctuations. The results show that there is a long-term equilibrium relationship between crude oil price, sugarcane fuel ethanol price and sugar price. Although the market price of crude oil and sugarcane fuel ethanol all significantly affect the sugar market price, the sugarcane fuel ethanol market is the medium of crude oil price affecting sugar price ; The rising price of energy is the primary reason triggering high sugar prices.