| 价格发现:期货市场与现货市场的协同作用 |
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| 引用本文： | 葛永波.价格发现:期货市场与现货市场的协同作用[J].山西财经大学学报,2006,28(3):103-107. |
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| 作者姓名： | 葛永波 |
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| 作者单位： | 山东大学,经济学院,山东,济南,250013 |
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| 摘 要： | 对期货市场的价格发现功能需要辩证看待。在价格发现过程中，期货市场与现货市场紧密相联，内在一致地确立了市场的价格体系。期货价格与现货价格之间存在较好的协整关系，期货价格只有在特定条件下才与预期未来的现货价格相一致，考察期货价格是预期未来现货价格无偏估计的实证研究似乎没有经济意义，但这并不能否定期货市场的价格发现功能，尤其是“内在期货价格”的测算更为重要。
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| 关 键 词： | 期货市场 价格发现 无偏估计 |
| 文章编号： | 1007-9556(2006)03-0103-05 |
| 修稿时间： | 2006年4月25日 |
Price Discovery: The Cooperation of Future and Spot Markets |
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| GE Yong-Bo.Price Discovery: The Cooperation of Future and Spot Markets[J].Journal of Shanxi Finance and Economics University,2006,28(3):103-107. |
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| Authors: | GE Yong-Bo |
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| Abstract: | The future market is closely linked to the spot market in the course of price discovery.Future market and spot market have established the price system of the market together,and the future price of an asset and its spot price have good feedback effects.The future price of an asset is equal to its expected future spot price only when there is no systematic risk to this kind of investment.To investigate whether the futures price is the unbiased estimate of the expected future spot price by empirical analyses seems no great significant. |
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| Keywords: | future market price discovery unbiased estimate |
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