Study On PVC Industrial Chain Based On The Perspective Of "Futures&Manufacture"

The new industrial mode of “futures&manufacture” is available for PVC industry towardssustainable development as Chinese petrochemical industry entered into high-cost era and PVCindustry is facing serious difficulties especially with over-capacity. This paper puts forwardnovel corporate value chain model and three-dimensional rotating “Diamond model” which takefutures factors as its core from the perspective of industrial upgrading function mechanism. Aftera VEC model has been set to analysis the relation between PVC futures and spot prices andEderington’s percentage method and Sharpe ratio model have estimated the effectiveness ofhedging, the results illustrate that PVC futures behaves unsatisfactory in the functions of pricediscovery and hedging and spot market still plays a leading role.