Research On The Pricing Function Of Domestic Timber Futures And The Linkage Effects With American Futures Markets

In the 1980s,China began to produce wood-based panels.In recent years,the demand for wood-based panels has increased year by year.However,China lacks of forest,so timber dependent on imports.October 18,2013,Dalian Commodity Exchange put fiberboard,plywood futures into the futures varieties,to fill the futures market in China’s forest products futures vacancies.In this paper,we use the covariance test,the error correction model,the Granger causality test and the impulse response function to study the effect of the forest product futures pricing function and the linkage effect,and find that China’s forest products futures market pricing function works well,and have a better linkage effect with the US timber market.Based on the empirical results,this paper puts forward relevant opinions and suggestions from four aspects:improving forest product futures varieties,market pricing and circulation mechanism,diversifying investment subjects and improving financial market environment.