Studying On The Development And Perfomance Of China Agricultures Futures Market

The efficiency of agricultural product futures market consists in its function to the market mechanism. The futures market can slacken prices undulation in order to restrain its spider web' s expand. In the centralized price competition, it can forecast the price to meet the business both sides' need, adjust an equilibrium of supply and demand to play a role of discovering price and the hedge function. It can also provide an heading economic target to be a reference for macro-control and the investor decision. In market economy, as one risk administration implement, the function of futures market will make an affect to more trade financing, enterprise and individual in bigger range.Agricultural product futures market is the important component of farm produce market system. Its function of discovering price and hedge will defend the effective works of agricultural product market.The thesis is attempted to discuss the function of China agricultural product futures market, aspect from market efficiency. The three aspects compose the fundamental frame of thesis: (1) The studying core is "futures market efficiency "; (2) The studying bid is ZCE, Zhengzhou Commodity Exchange; (3) The studying method is compare analysis and demonstration analysis.The ZCE is the first futures market in China. The thesis describes the present situation of China futures market, and emphasizes futures market's function on agriculture developing and market economy construction. In several aspects, such as the market environment, products structure, products marketing mechanism , investor structure , management system and operating mechanism, the thesis reveals the deficiency and the thought of forward development, on promoting Zhengzhou commodity exchange. The Part I is the fundamental summary on entire thesis, Part II is the instruction of Zhengzhou commodity exchange, Part III is the developing of ZCE on market structure, products, marketing scale, functions. Part IV is on ZCE wheat trading rules and the innovation of rules. Part V is countermeasure and suggestion on the development of ZCE and China futures market.The aim of the thesis is to find out some effective ways of agricultural product futures market. For more negative effect and less positive propagating on futures market, the understanding of futures market should be strengthened, its function should be made on macro-control. On studying of futures market, the decision-makers may grasp the change of prices and supply-demand relations, cutting down the blindness and subjectivity of macro-control. The government should make futures market as an effective method of macro-control, encouraging agricultural enterprise to participate in agricultural product futures and call-option business, putting agriculture to market. The government should make agricultural enterprise to adjust farming pattern on the market price signal, to evade price risks forward market, stabilizing income, cut ting down the fiscal subsidies being used for agriculture on use of futures market.