| This paper analyzes the run of the future markets, which include two basic functions:price discovery and risk management. Function well of future markets have a positive impact on cash markets. Many problems still exit in China agricultural market:price volatility and trading difficult problem occurred frequently. Based on the above problems, on the basis of learning, agricultural product future market’s price discovery and price stability function was studied, which have a positive impact on stability and enhancing the international status.This paper selects cotton future as the research object, collecting the futures price and spot price time series, using econometric analysis tools and methods, finding running characteristics and laws of varieties of futures market behind the phenomenon from the data, futures varieties to evaluate objectively the operation situation and situation of function, how to provide reference basis for futures function.The empirical analysis of the paper include two sections:(1) Make an empirical analysis on the function of price discovery of cotton future, in order to make sure that does future play a leading role in price discovery in cash markets and can it forecast the trend of the cash markets.(2) Analyze the influence on price volatility of future market to cash market. Through the empirical analysis, make sure that does the future market increase price volatility or decrease price volatility in cash markets.Results showed that cotton prices in futures price discovery function and stability functions will work. The last chapter of the paper puts forward to enhancing our country agricultural product futures market position of the proposal, including optimization of the structure of investors, the development of new varieties of futures, promote technology and system innovation, to speed up the pace of the internationalization of the futures market, to promote China’s agricultural product futures market is more mature and stable... |
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