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文章分析了国内玉米期货的能源属性,从协整模型的角度分析发现,中美玉米期货都不具有能源属性。但国内玉米期货对美盘的连动效应明显,协整实证发现,美玉米期货对国内玉米期货的价格弹性为1.34,远大于国内玉米对美玉米期货的价格弹性0.65,前者是后者的大约2倍,说明当前国内玉米期货还不是国际期货的主导力量,需要加强期货市场建设,增大国内玉米期货的影响力,取得国际玉米的定价权,以保障我国利益。
The paper analyzes the energy attributes of domestic corn futures. From the perspective of cointegration model, it finds that both Chinese and American corn futures do not have energy attributes. However, the linkage effect between the domestic corn futures and the US dollar is obvious. Co-integration empirical evidence shows that the price elasticity of the US corn futures to domestic corn futures is 1.34, which is much larger than the price elasticity of domestic corn to the U.S. corn futures of 0.65. The former is about the latter 2 times, indicating that the current domestic corn futures is not the dominant force of international futures, the need to strengthen the construction of the futures market, increasing the impact of domestic corn futures and obtain the pricing power of international corn in order to protect our interests.