CAJ | 학술논문

钢材产业是我国的支柱产业．与国外钢材市场不同，国内出现了三类市场形态：电子交易市场、期货市场、现货市场．钢材电子交易市场是我国独有的一种钢材交易市场．该市场的价格发现功能一直被理论界和实业界所关注．研究国内外钢材交易市场的价格发现功能对于弓I导国内各钢材市场的健康发展和形成钢材定价中心尤为重要．本文运用共同因子度量模型的两种经典方法，测算并分析了国内三类钢材交易市场和国外两大钢材期货市场的价格发现．结果表明：电子交易市场的价格发现功能明显优于期货、现货市场；与伦敦金属交易所和印度国家商品及衍生品交易所相比，国内钢材电子交易市场的价格发现功能更强；且国内外钢材期货价格尚不能真实反映价格变化趋势．
강재산업시아국적지주산업．여국외강재시장불동，국내출현료삼류시장형태：전자교역시장、기화시장、현화시장．강재전자교역시장시아국독유적일충강재교역시장．해시장적개격발현공능일직피이론계화실업계소관주．연구국내외강재교역시장적개격발현공능대우궁I도국내각강재시장적건강발전화형성강재정개중심우위중요．본문운용공동인자도량모형적량충경전방법，측산병분석료국내삼류강재교역시장화국외량대강재기화시장적개격발현．결과표명：전자교역시장적개격발현공능명현우우기화、현화시장；여륜돈금속교역소화인도국가상품급연생품교역소상비，국내강재전자교역시장적개격발현공능경강；차국내외강재기화개격상불능진실반영개격변화추세．
Steel industry is the pillar industry of China. There exist three types of markets in domestm which are different from other foreign markets： bulk stock electronic market~ futures market and spot market. China＇s steel electronic market is a unique steel market. Its price discovery has been of concern to theorists and industry. Study on price discovery in domestic and abroad steel markets is of great use to the formation of steel pricing power, as well as the smoothy development of domestic steel markets. This paper uses two classical methods which belongs to common factor measurement model to measure the price discovery of three domestic steel markets and two foreign steel futures markets. The results show that： steel electronic market is the leading market in domestic steel markets. The price discovery of steel electronic market is more powerful than SHFE, LME and NCDEX; and abroad steel futures price is still not an effective steel price by now.