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近年来,我国生猪价格剧烈波动,为生猪期货的推出提供了很好的契机。国外的经验证明,生猪期货通过价格发现功能以及风险回避功能的发挥,可以很好地解决生猪价格剧烈波动的问题。不过,上述功能的发挥,不仅需要现货市场具备一定的条件,生猪期货自身的一些因素也可能对其产生不利影响。本文从生猪现货市场的价格形成机制、整合程度以及生猪期货的交易主体结构、合约设计、交易方式的选择等五个方面论述了生猪期货市场功能的影响因素,以便为生猪期货的推出提供一些有价值的参考。
In recent years, the price of live pig in China fluctuates violently, which provides a good opportunity for the introduction of pig futures. Foreign experience shows that pig futures through the price discovery function and risk avoidance function, can be a good solution to the problem of swift fluctuations in hog prices. However, the above functions not only need to have certain conditions in the spot market, but some factors of the pig futures themselves may also have an adverse effect on them. This article discusses the factors that affect the function of the pig futures market from five aspects of the price formation mechanism of pig spot market, the degree of integration and the subject structure of the pig futures, the contract design and the choice of trading methods, in order to provide some suggestions for the introduction of the pig futures Value reference.