企业期货市场投机行为效应——基于中国有色金属行业的实证研究

随着期货市场发展，期货交易量已远超出实体经济需要，期货市场已成为企业重要的投机场所。基于此，本文主要研究了期货市场投机是否真正有利于提高企业业绩这一问题。首先提出了对企业期货交易行为是出于套期保值还是投机动机的识别方法，在此基础上，基于中国有色金属行业上市公司期货交易数据，研究了期货投机对企业业绩的影响。结果表明：从投资回报的角度看，有色金属行业上市公司的期货投机行为并未为其带来超额收益，反而对企业业绩产生了负面影响。

The Effect of Enterprises Futures Market Speculation---Based on the Empirical Study of China's Nonferrous Metals Industry

〔Abstract〕 Based on futures trading data of listed companies , this paper first proposes the method of identifying that the purpose of enterprises'future trading is hedging or speculation , and then the impact on corporate performance of futures speculation is studied . The results show that from the perspective of return on investment , futures speculation do not bring the excess returns , it has a negative impact on corporate performance in the nonferrous metal industry .