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对稀有金属市场内、市场间的信息溢出效应的研究,不仅有助于揭示市场信息的跨产品、跨国传播机制特别是国际金融风险的传导机制,还可以增进人们对稀有金属市场微观结构和信息效率的认识。本文运用信息溢出检验方法(Hong方法)详细分析了我国稀有金属现货市场内各品种间的信息溢出效应及国内外稀有金属现货市场间的信息溢出效应。研究结果表明:我国稀有金属交易市场已具备一定的信息溢出能力,其中,稀有金属钨处于主导地位,具有信息先导的作用。与国际稀有金属市场相比,我国稀有金属市场处于弱势地位,但信息溢出效应逐渐显现。
The research on the information spillover effect in the rare metals market and the market not only helps to reveal the cross-product and cross-border transmission mechanism of market information, especially the transmission mechanism of international financial risks, but also enhances people’s understanding of the microstructure and information of rare metals market Efficiency awareness. In this paper, we use the method of information overflow test (Hong method) to analyze in detail the information spillover effect among different breeds in China’s rare metal spot market and the information spillover effect between domestic and foreign rare metals spot markets. The results show that: China’s rare metal trading market has a certain ability to overflow information, of which the rare metal tungsten is in a dominant position, with the information to guide the role. Compared with the international rare metals market, China’s rare metals market is in a weak position, but the information spillover effect is gradually emerging.