Empirical Research On The Correlation Of The Board Characters And Financial Distress

China,as the world’s largest soybean importer,has gradually increased its dependence on foreign countries,while the United States,due to geographical environment,planting costs and other advantages,has far more domestic soybean supply than demand,and needs to rely on exports to solve the soybean surplus.As important global soybean trading partners,the two countries are increasingly closely related.Therefore,it is particularly important to study the correlation between Chinese and American soybean futures markets.Theory,the relationship between existing in soybean futures market of China and the United States the research conclusion there exist certain differences,and most scholars studied the trade war under the background of China soybean futures market spillover effects of static,dynamic spillover effects for soybean futures market of China and the United States was lacking,and larger space,and the soybean trade policies of China and the United States is still in the phase change,The research needs to be further,more fully and more accurately discussed.In reality,with the constant adjustment of Sino-US trade policies,China’s soybean market remains highly dependent.Therefore,it is of great practical significance to study the dynamic correlation between Chinese and American soybean futures markets from the perspective of different trade policies,and then explore the difference in response degree between Chinese and American soybean futures markets.In this thesis,DCE soybean futures price return series and CBOT soybean futures price return series are taken as the research objects,and the spillover effect changes between Chinese and American soybean futures markets are studied from the perspective of different Sino-US trade policies.DCC-GARCH and TVP-VAR models were constructed to estimate the dynamic correlation and time-varying impulse response between Chinese and American soybean futures prices.The empirical results show that :(1)there is a positive transmission effect between Chinese and American soybean futures prices,and both of them fluctuate in the same direction;(2)When Sino-US trade was normal,the correlation between Chinese and US soybean futures prices was stronger,and the spillover effect between Chinese and US soybeans was weaker after tariff was imposed;(3)The adjustment of Sino-US trade policies weakens the impulse impact intensity between Sino-US soybean futures prices;(4)Both Chinese and American soybean futures prices can fully absorb the price fluctuation information at specific time points in a relatively short time,and DCE soybean futures market is more significantly affected by CBOT soybean futures market.According to the research results,the following suggestions are put forward: the government and futures market supervision and management departments should constantly optimize and perfect the price monitoring and crisis prevention and control mechanism of soybean futures market;Further expand the diversification of soybean import channels,reduce the dependence on a single market;Promote the use of RMB as settlement currency in soybean trade to improve China’s soybean international pricing power;Optimize the domestic soybean planting structure,improve the balance between supply and demand of agricultural products,improve the level of scientific soybean planting;Pay attention to the international situation,improve the ability of risk hedging;Improve the professional education of investors.