商品期货市场

香港财政司司长曾俊华（JohnTsang）表示，香港面临发展商品期货市场的巨大机遇。

John Tsang , Hong Kong 's financial secretary , said there was a huge opportunity for Hong Kong to develop a commodities futures market .

商品期货市场与外汇市场之间存在显著的负相关关系，而通过Granger因果检验，我们发现它们（除了黄金）之间的这种关系是单向的，商品期货市场很大程度受外汇市场的影响。

The relationship between commodity futures market and foreign exchange market is negative . The Granger causality test displays that commodity futures ( except gold ) market is influenced by foreign exchange market , but the reverse is not true .

基于对Hong-Stein模型的讨论，我们构建了随机持有期动量策略，并重新在A股市场及商品期货市场上检验其有效性。

Based on the discussion of Hong-Stein model , we construct the momentum strategy with stochastic holding period and we also test its profitability in A share market and commodity futures market .

全文共分四章。第一章是商品期货市场概述。

The first chapter is a review for commodity futures market .

积极扶持和发展大连商品期货市场。

And actively supporting and developing Dalian commodity futures market .

上海商品期货市场发展研究

Study on the Development of Shanghai 's Commodities Future Market

中国商品期货市场流动性风险度量实证研究

An Empirical Research on Liquidity Risk Measurement of Chinese Commodity Futures Market

第一章具体分析了我国商品期货市场面临的风险；

Chapter 1 analyses the futures market risk in China .

商品期货市场操纵成本以及操纵收益评价

On Manipulation Cost and Manipulation Profit in Commodity Time-bargain

本文首先阐述了期货市场具有价格发现功能的原因，并采取价格领先滞后关系和波动性溢出效应的检验方法对我国商品期货市场进行了价格发现的实证分析。

This thesis expatiates why the futures market has the function of price discovery at first .

期转现与中国商品期货市场功能关系研究

A Study of the Relationship between Exchange for Physicals and the Function of Chinese Commodity Futures Markets

那些目前在大宗商品期货市场下注的人可能会把裤子都输掉。

So those who are now betting the ranch in commodity futures markets are likely to lose their shirts .

此外，我们还检验了传统动量策略在A股市场及商品期货市场上的有效性。

In addition , we test the classical momentum strategy in A share market and the commodity futures market .

通过事件研究法，实证检验了中国商品期货市场对重大信息的过度反应现象。

An empirical test was conducted on the overreaction to big news in China 's futures market using the method of event study .

我国商品期货市场不仅具有期货市场的一般性质，而且还拥有自己的独特性。

Commodity futures market in China not only has the general nature of the futures market , but also has its own unique character .

大陆的商品期货市场已初具规模，台湾的金融期货市场也逐渐成熟。

The commodity futures market in the mainland has already assumed an initial scale , and the financial futures market in Taiwan has gradually matured .

商品期货市场是一国金融体系的重要组成部分，在国际商品定价体系中发挥巨大的作用。

Commodity futures market is one of the most important sections in national financial system , and it has great influence on international commodity pricing system .

第五部分是商品期货市场非正常价格风险典型案例，分别介绍郑州小麦期货和上海橡胶期货风险案例。

At last the part gives two cases on abnormal price risk , which are about the Zhengzhou Wheat Futures Market and Shanghai Rubber Futures Market .

我国的商品期货市场是个新兴的市场，其价格发现功能对我国经济发展、市场经济体系完善有着非比寻常的影响。

Chinese commodity futures market is a rising market , whether it has price discovery function is very important to affect our economic development and market economy system improvement .

但金管局最近研究发现，内地商品期货市场在担当价格发现与风险转移的功能上还有较大的改善馀地。

However , recent research by the HKMA suggests that there remains considerable room for improvement in the mainlands commodity futures market in terms of its price-discovery and risk-transfer functions .

检验结果表明，在A股市场及商品期货市场上，随机持有期动量策略均能产生显著的正收益。

From the test results we can find that that the momentum strategy with stochastic holding period can generate significantly positive profit both in A share market and commodity futures market .

检验结果表明，在A股市场上，动量策略不能产生显著正收益；而在商品期货市场上，动量策略却能带来显著的正收益。

The test result shows that there is no significantly positive profit from the momentum strategy in A share market while it can generate significantly positive profit in commodity futures market .

第二，因为内地实行外汇管制，所以内地商品期货市场只对内地参与者开放，内地和外地的市场参与者没有碰头互动的机会。

Secondly , the mainlands commodity futures market is open only to domestic participants because of capital controls , and there is therefore no interaction between domestic and foreign market participants .

第五部分从股票现货市场与商品期货市场的发展，分析我国推出股指期货已具备的基本条件；

Chapter 5 , by reviewing the development of the stock actual market and commodity futures market , represents the existing basic conditions for launch of the stock index futures in China .

债券、期货、股票、外汇、房地产市场、大宗商品期货市场以及大量金融衍生品交易市场等逐渐成为美国人创造新的货币财富的重要工具。

In USA , debts , futures , stocks , foreign exchanges , real estates and a large number of financial derivatives have become important tools to create wealth for American people .

由于我国期货市场上金融期货上市较迟，相比于商品期货市场还很稚嫩，而且可得数据较少，故本文的研究主要是针对商品期货价格的期限结构。

This paper , therefore , largely studies the term structure of commodity futures price because of the young financial futures relative to the commodity futures in China and no enough data available .

1999年是我国商品期货市场整顿与规范的一年。在这种条件下，培育套期保值市场是当前我国期货市场发展战略的首要选择。

The year of 1999 has been regarded as a year of regulating and normalizing for the commodity future market of China , and how to foster the hedging market is the key .

接下来，在第4章中介绍了目前我国商品期货市场的品种和作用、主要商品期货的波动性和主要商品期货之间的相关性。

In the fourth chapter , the article introduces the futures varieties and their functions in our economic and the main commodity futures ' volatility and the correlation among the main commodity futures .

1990年10月12日，中国郑州粮食批发市场以现货交易为基础引入期货交易机制，成为我国第一个商品期货市场。

On Oct 12th , 1990 , China Zhengzhou Grain Wholesale Market introduced the mechanism of futures trading with base of merchandise on hand and became the first commodity futures market of China .

商品期货市场是现代市场经济高度发展的产物，作为市场经济的重要组成部分，在市场经济运行中发挥着十分重要的作用。

Commodity futures market is one of products derived from highly developed modern market economy , as an important part of market economy , futures market plays an important role in market economy .