运用协整检验、误差修正模型检验、脉冲响应函数检验和方差分解检验等方法,并通过基差分析、期货合约流动性分析,对中国豆油期货市场的价格发现功能和回避风险功能的发挥情况进行了实证分析。结果显示:在长期过程中,中国豆油期货市场的价格发现功能基本得到发挥;回避风险功能在期货市场自身运行机制的作用下逐渐得到改善,并开始发挥作用。 Cointegration test, error correction model test, impulse response function test and variance decomposition test and other methods, and through the basis of analysis, futures contract liquidity analysis of China’s soybean oil futures market price discovery and avoidance risk function of the situation Empirical analysis. The results show that in the long run, the price discovery function of China’s soybean oil futures market has basically been brought into play. The risk avoidance function has been gradually improved under the function of the futures market itself and has begun to play a role.