An Empirical Study On The Function Of Commodity Electronic Trading Market In China

Bulk stock electronic transaction market is based on the spot of the warehouse receipt for the transaction subject matter, and the uses of the Internet to centralize bidding transactions, unified brokered transactions and settlement and payment, price of real-time display of the market. Along with the advancement of commodity price mechanism reform, the circulation of goods is accelerated, and the problems existing in the traditional mode of spot transactions arise. In the process of traditional spot trading, huge interest chains make the widening price gap between supply-side and demand-side, which is not conducive to the flow of products and sales. The formation of bulk stock electronic transaction market has a solid basis in reality. On the other hand, the wide application of computers and the Internet provide technical guarantee for bulk stock electronic transaction market. Under the background of marketization, internationalization and marketization, the formation of bulk stock electronic transaction market is inevitable. Bulk stock electronic transaction market provides a good platform for the effective connection between supply and demand, through the platform to save the transaction cost, improve the efficiency of transactions, and promote the healthy development of the industry chain. Bulk stock electronic transaction market in China being in the early stages of development, the market is not very mature, and the government supervision and management does not reach the designated position, the problems existing in the market is more, so the market function has been questioned. Through studying whether electronic commodities trading market has corresponding market functions, this paper discusses whether we should support the development of electronic commodities trading market, and how to guide the reasonable development of the market.According to the research, the function of bulk stock electronic transaction market includes price formation function, order completion function and industrial service function. Price formation function and order completion function are the basic functions, which industrial service function is the derivative function. There are close relationship between the three functions.The price formation function is the premise of the existence of a commodity trading market. The market with a commodity pricing power is beneficial to attract more investors to join, and enhance the activity of commodity trade, promote the realization of order completion. The validity of the order complete function is conducive to the realization of the price formation function. No actual transaction price is non-existent. Price forming function is prerequisite to form industrial service function, and the realization of the order completion function ensures the effect of industrial service function.The effect of poor order to clinch a deal, the spot enterprises to participate in the enthusiasm will be affected, hinder the effective connection industry chain upstream and downstream. If the upstream and downstream enterprises cannot realize the effective connection, the role of the market for the optimization of the industrial chain will decline. In turn, if the market participation is not enough, price forming function are difficult to achieve. In all, Price forming function is the core, the order completion function is the guarantee, and the industrial service function is purpose. They supplement each other.In this paper, we study the three functions of the bulk stock electronic transaction market through empirical model, and to find that the functions of different market have significant differences. At first, the article researchs the price forming function of the bulk stock electronic transaction market through the VEC model. The results show that the Shanghai Gold Exchange silver prices are greatly influenced by the foreign silver futures, and have no price forming function; coke price of the Bohai Commodity Exchange and the spot price influence each other, and has a significant impact on Dalian Commodity Exchange coke price; the LLDPE of Zhejiang Plastic City Online Trade Market and spot prices have close relations, and has played a very good market function. Secondly, the article researchs the order completion function of the bulk stock electronic transaction market through the AR-GARCH model. The empirical results show that the Shanghai Gold Exchange silver speculation is relatively clear, although have a certain order completion, but physical delivery demand strength is weak; The coke of Bohai Commodity Exchange is basically speculative power dominates, lack of order completion; Although Zhejiang Plastic City Online Trade Market has some short-term speculative participants, but the market investors participating in the main body is a physical delivery demand, has the good order completion.Through the research of price formation function and order completion function, the price formation function of Shanghai Gold Exchange is not sufficient, the order complete function of Bohai Commodity Exchange is not complete, but Zhejiang Plastic City Online Trade Market has a good function, thus continuing the empirical study of its industrial services. Results show that the price of LLDPE has certain conduction ability to upstream ethylene prices, and can be timely feedback to upstream ethylene price changes; the price of PP has strong ability of conduction to propylene upstream and downstream industry chain BOPP, in leading the core link of industrial chain in price. So these two kinds of Zhejiang Plastic City Online Trade Market are mature, having the strong industrial services. Empirical concluded that Zhejiang Plastic City Online Trade Market functioning is more complete, while the Shanghai Gold Exchange and the Bohai Commodity Exchange functioning is not fully effective.Through the research of bulk stock electronic transaction market, the market has the appropriate functioning of markets. Some mature markets have a certain commodity pricing power, and can provide platform service function for trading goods industry chain upstream and downstream, but most of the market functions play obviously not enough, and there are a lot of problems. So how to guide electronic trading market development, and make full use of its functions of the market is very important. There are two major factors of market and government behavior. Factors such as participating in the main body, market transaction mode and the system design, market entry and exit barriers and market competitiveness have impact on functional electronic trading market. The change of the government behavior has very important influence on the market development and function, and domestic regulatory policy changes frequently affect the healthy development of the market, to restrict the effectiveness of the function. In view of the factors influencing the market function, the author puts forward six aspects problems of market development in our country, and makes some suggestions.