我国棉花期货与现货市场价格具有高度相关性,研究其传导机制,可以深化对棉花市场价格波动特征的认识,保障我国棉花产业的健康发展。本文应用实证分析方法,对棉花期货与现货价格之间的传导关系进行研究,发现棉花期货与现货市场价格之间存在长期稳定的均衡关系。在此基础上,对棉花期货与现货市场的发展和完善提出建议。 China’s cotton futures and spot market prices are highly correlated, studying its transmission mechanism, deepen the understanding of the characteristics of the cotton market price fluctuations and safeguard the healthy development of China’s cotton industry. In this paper, Empirical analysis method is used to study the conduction relationship between cotton futures and spot prices. It is found that there is a long-term stable equilibrium relationship between cotton futures and spot market prices. On this basis, the cotton futures and spot market development and improvement of recommendations.