The Empirical Study On The Relationship Between The Price Of Stock And Price Of Futures Of Resources

Futures markets play a important role of pricing commodities. The wave of the futures price brings direct or indirect effect on the achievement of listed company related and stock price of them. Nowadays, the price of resources are looking for a new fixed location, In recent years, with the increasing linkage between stock and futures of resources, so the empirical research are based on the relationships between stock price and futures price in copper, by using the econometric instrument such as co-integration.The text tries to know the situation of the stock market and futures market from a linkage angle, through the study of the relationship of the stock price and futures price of resources, which can give valuable market information for the relative industry, company and participator of the market. So we can better know the role of pricing commodities of the futures market and the efficiency of the stock market.The study are based on the effective market theory, referring to the relative pricing theory of stock and futures, and the influence factors of the stock and futures, and using the true day data of copper futures and listed company related from 2004 to 2007 and time series analyzing the connection between the stock price and futures price of resources. The conclusion of the research includes:1. The futures market and stock market in copper have long-run equilibrium relationships2.The spot price and futures price in copper are both have significant effect on the stock price, as the systematic risk, the Shanghai composite index also affected the stock price in a certain extent.3. The copper futures market and stock market of china are tend to effective.