Research On The Resources Allocation Function Of The Futures Market In China

Futures market is a production of advanced market economy and is a significant part of the market mechanism as well. The development level of the futures market plays an important role in appraising a nation's economy system whether perfect or not. As the noted American economist miler who won the Nobel Prize once said: "futures market is indispensable for a genuine market economy". Although there are only fourteen years since the establishment of futures market in China, Chinese Futures market experienced a crazy speculation phase, thus a wholly rectification. Subsequently, with the gradual comprehension of futures markets, the participants in futures market become more and more sensible, Currently, Chinese futures market is generating imponderable effects in improving the nation's economy.Presently, there are only detailed analysis on the basic futures market function of both hedges and price discovery, and just take for the resources allocation function as a result of the two basic functions. So thorough and profound analysis on the function of resources allocation can not be found in the field of futures .According to the eleventh five-year plan, we will strive to establish the price-formation mechanism reflecting on the supply-demand of the markets and the degree of resource deficiency, to boost up the market functions in resources allocation to full extent, which will enhance the efficiency of resources allocation. Accordingly, this thesis aims to analyze the futures market from the respect of resources allocationThis thesis begins with the analysis on resource allocation in the sense of economics, then, give an introduction to the requirements for Pareto optimum, considering the requirements can be hardly met, the thesis turn to institutional economics to explain the futures markets, as an institutional establishment, make the markets trades meet the requirements for Pareto optimum more close. Then give an analysis on resource allocation from the respects of hedge, price discovery, speculation and delivery in details. Thereafter, I give a comprehensive display of the actualities of Chinese futures market from three dimensions, including Micro-view, Middle-view and Macro-view. At last, this thesis provides some countermeasures in order to enhance the function of resources allocation of the futures market in China.