华东经济管理
華東經濟管理
화동경제관리
East China Economic Management
2010年
12期
74~78
,共null页
中国商品期货市场 涨跌停板限制 市场效率
中國商品期貨市場 漲跌停闆限製 市場效率
중국상품기화시장 창질정판한제 시장효솔
Chinese commodity futures; price limit; market efficiency
运用上海、郑州、大连期货交易所近六年日交易数据，实证研究涨跌停板制度对我国商品期货市场效率的影响。结论表明，涨（跌）停限制干扰了交易的正常进行，阻碍了信息传递，降低了我国商品期货市场效率，并且涨（跌）停所造成的价格延迟效应一般会延续到第二天。在此基础上，比较分析了与其他市场的异同，提出了相应的政策建议。
運用上海、鄭州、大連期貨交易所近六年日交易數據，實證研究漲跌停闆製度對我國商品期貨市場效率的影響。結論錶明，漲（跌）停限製榦擾瞭交易的正常進行，阻礙瞭信息傳遞，降低瞭我國商品期貨市場效率，併且漲（跌）停所造成的價格延遲效應一般會延續到第二天。在此基礎上，比較分析瞭與其他市場的異同，提齣瞭相應的政策建議。
운용상해、정주、대련기화교역소근륙년일교역수거，실증연구창질정판제도대아국상품기화시장효솔적영향。결론표명，창（질）정한제간우료교역적정상진행，조애료신식전체，강저료아국상품기화시장효솔，병차창（질）정소조성적개격연지효응일반회연속도제이천。재차기출상，비교분석료여기타시장적이동，제출료상응적정책건의。
Making use of recent six years daily data from Shanghai futures exchange, Zhengzhou commodity exchange and Dalian commodity exchange, the impact of price limit on Chinese commodity futures marketing efficiency has been demonstrated. The empirical conclusions show that the effect of price limit which usually extends until the next day has both a disturbance on futures transaction and a hindrance on information communication, and makes a negative effect on commodity futures marketing efficiency. On this basis, the similarities and differences has been compared and analyzed with other markets, and the relevant policy recommendations have also been put forward too.
