Study On The Relationship Between Function Of China's Agricultural Futures Market And Cash Market

With its particular function of price discovery and risk elusion, agricultural futures market plays significance and important role in agriculture commodities production, circulation and consumption in the world. Now, China's agricultural futures market has entered into the new history stage of steadily development. With this background, analyzing the status quo of function exertion of China's agricultural futures market, probing into influential factors that impact on function exertion and finding out some countermeasure is becoming a vital research project.On the special background of imperfect cash market and imperfect futures market develop together in China's market economy system, this thesis deeply analyzes the actual result of function exertion of China's agricultural futures market and its influential factors from the angle of cash market, and tries hard to reveal the relationship between functions of China's agricultural futures market and cash market. On the basis of this, seeks some countermeasure and approaches to reinforce and improve the function exertion from the angle of cash market.In order to achieve this goal, firstly, this thesis analyzes theoretically the relationship between functions of futures market and cash market. Then, logistic analysis framework and analytical method for this study are constructed. On the basis of this, this thesis analyzes empirically the actual result of function exertion of China's agricultural futures market and its actual role that acts on cash market, and then deeply analyzes cash market how to impacts on the function exertion.The main conclusions of this thesis are as follows: (1) Agricultural futures market develops on the basis of cash market and feeds back on cash market actively by effective exertion of its function, but its function could be exerted fully on condition that cash market is developed and perfect. Concretely speaking, cash price fluctuates frequently and has a large amplitude, and cash market is close to perfect competition. (2) As a whole, China's agricultural futures market increasingly runs in good shape and its function emerges preliminarily since 2000. Separately speaking, Soybean and soybean meal futures market perform correspondingly well, natural rubber futures market takes the third place, and wheat futures market performs the worst. (3) The satisfaction for conditions of futures market is the premise, not the sufficient condition for function exertion full, so undeveloped and imperfect cash market is the key factor that affects and restricts function exertion.Consequently, the suggestions are put forward, which include perfecting market mechanism and decreasing government direct intervention to the market; breaking interlocal and departmental partition and blockage and building domestic unified market; increasing investment and construction of market infrastructure; building and perfecting the mechanism of entering and exiting market for fanner and agricultural processing industry; perfecting policy and legislation against monopoly and improving market competition order.The main innovation points are as follows. Firstly, the research angle is novel. Namely, this thesis puts forward that cash market is the key factor that affects the function exertion of China's agricultural futures market. Secondly, the research content is systemic. Namely, this thesis constructs logistic analysis framework and analytical method for this study, then discusses the relationship between agricultural futures market and cash market. Thirdly, estimating index system is practicality. That is, this thesis analyzes empirically the actual result of function exertion of China's agricultural futures market by using the estimating index system selected and designed.