Study On The Function Of China Agricultural Futures Market

In recent years, China has attached great importance to the construction of agricultural futures markets in the process of promoting sustained and effective development of domestic economy, promoting healthy and rapid development of the agricultural economy, for the agricultural futures market plays an important role in price discovery, risk aversion and so on for agricultural production.In practice, there are many succesful stories that agricultural futures market serves the agriculture,rural areas and farmers,such as DCE's"Ten Thousand Villages" project, ZCE's"four big models",etc.Agricultural futures markets have been exploring and trying to provide services for the agriculture,rural areas and farmers in a new perspective and new areas, this is the development requirements of agricultural futures markets itself, and it is also necessary to provide better services for the farmers. In this paper, For services to farmers from the perspective of price discovery and hedging functions, the agricultural futures market is also of special significance to farmers, and how these special significance embodied. Through this analysis, not only to our farmers on agricultural futures markets function more comprehensive understanding, but also can expand the agricultural futures markets farmers fields, in order to really achieve through agricultural futures markets to improve farmers revenue.Paper is divided into seven chapters, in the first chapter, the dynamics of domestic and foreign research are outlined. Chapter II of the agricultural futures market overview of the current situation of rural households, farmers and agricultural futures markets model is summarized and classified into direct use, direct participation, indirect use, indirectly involved in four types, Basically in this category will feature agricultural futures markets into direct and indirect functional features two categories, direct function of price discovery and hedging for the indirect function of agriculture information and agricultural industrialization. Chapter III of the agricultural futures market price discovery function of the empirical research, using VAR model, Johansen cointegration test, error correction model and other empirical analysis of the soybean and wheat futures contracts Functioning. Chapter IV of the agricultural futures market hedging function of an empirical study, the use of basis analysis of the current rate, volume index of the soybean and wheat futures contracts to hedge the effect of functioning. ChapterV farmers on agricultural futures markets function indirect theoretical discussion, the main analysis of the agricultural futures market for agricultural information, agricultural industrialization and agricultural information channels, promote agricultural industrialization of agricultural economic development mechanism.Chapter VI from the futures market, intermediary organizations, agribusiness, government and farmers on the impact of the perspective of agricultural futures markets functioning factors were analyzed. Chapter VII of the service chain from a single subject and the whole point of the relevant policy recommendations put forward.The main conclusions: (1) Empirical results show that the direct functions of soybean, wheat futures contracts have been initially apparent, especially in the soybean futures contracts, which are significantly better than the wheat futures contract in many indicators, this proves that the soybean futures and spot market remained relatively high correlation.(2) Theories tell us that the agricultural futures markets can promote agricultural informatization and agricultural development, from the construction of agriculture information network,the distribution of agricultural information resources,improving compliance mechanism of order agricultural and enhancing the enthusiasm of leading enterprises. Of course, all of this needs test in practice constantly.(3) It needs many bodies cooperation to better serve Agriculture, rural areas and farmers with the help of agricultural futures markets, and it is important to select the relevant policy measures according to local characteristics and needs of local agricultural development, as long as it is able to adapt to local agricultural economic development, and can really bring benefits to farmers, is the best choice.Based on the previous literature on the model of agricultural futures market serve household,the paper constructed a service chain map between the relationship of each subjects, and reclassified the existing model. (2) Besides the functions of price discovery and hedging functions, other functions that the agricultural futures market serves households are classified as agricultural information and agricultural industrialization of two categories, and defined as an indirect functional and theoretical aspects were discussed. (3) The impact of agricultural futures markets function in the play of factors, from the perspective of the five participating subjects were discussed, and the service chain from a single subject and the overall perspective of the relevant policy recommendations were put forward.