摘要
本文以螺纹钢为例,对钢铁产业去产能过程中螺纹钢期货市场价格发现能力进行探究。通过对国内螺纹钢期货市场和华北、华东和东北三个区域涉及唐山、天津、杭州、南京、沈阳和哈尔滨六个城市现货市场的研究发现:华北与华东地区螺纹钢期货与现货市场间存在长期双向引导关系,且螺纹钢现货对期货市场价格引导优势明显强于东北地区;螺纹钢期货市场对现货市场冲击的反应速度比现货市场对期货市场的冲击反应速度更快,但现货市场对期货市场的冲击程度更大;整体来看,我国螺纹钢期货市场与现货市场间变动是同向变动,并且信息流动速度很快。
Under the background of structural supply-side reform,this article took screw thread steel as an example and made a research on price discovery ability of rebar futures market in the steel industry to capacity process. Through the analyses of domestic rebar futures market and spot market of six related cities, Tangshan, Tianjin, Hangzhou, Nanjing, Shenyang, and Harbin, in North, East and Northeast China, it shows that there is a long-term bi-directional relationship between the rebar future market and the spot market of North and East China, and the guide price advantage of future market caused by rebar spot is obviously stronger than that of Northeast China. Futures market to spot market has a faster reaction speed than spot market to futures market of screw thread steel. But the spot market has a greater impact on the futures market than the futures market had on the spot market. In overall view, the change between the steel futures market and the spot market in China is a change in the same direction. And the flow of information is very fast.
出处
《价格理论与实践》
CSSCI
北大核心
2017年第10期115-118,共4页
Price:Theory & Practice
基金
北京市社会科学基金项目(合同编号:15JGC147)资助
关键词
螺纹钢
期货市场
价格发现
地区差异
Rebar
Futures market
Spot market：Price discovery
Regional difference
