The Industry Chain Integration Of Strategic Agriculture Commodity And Its International Market Power

The occurrence of "soybean crisis" is a lesson to China's strategic agricultural industries. There have been the structural contradictions between small-farm production and large-scale production and coordination problems in the industry chain in China's strategic agricultural industries. In additional, strategic agricultural commodities have the special nature that futures market plays a important role in the pricing mechanism. Once the future market has large-scale fluctuations, the industry stability of strategic agricultural industries will be affected seriously and even the country's industrial safety will be affected. In this paper, we study from the industry chain and market power of China's strategic agricultural commodities, make empirical test of the price discovery function of China's future market, propose the main factors and interaction mechanism that affect the industry chain integration of China's strategic agricultural industries, expect making a reference to the development of China's strategic agricultural industries.Our research in this paper is as follows:on the premise of the literature of industry chain management and international market power, around the main problems of China's strategic agricultural commodities as industrial chain fragmentation and lack of market power tightly, based on the theoretical analysis of industrial chain fragmentation and lack of market power, proceed from the present situation of the industry chain and market power of China's strategic agricultural industries, examine the future market through testing the price discovery, hedging and other functions, propose the main factors that affect industry chain integration of China's strategic agricultural industries, analyze the interaction mechanism between the fasters and suggest on the industry chain integration of strategic agriculture commodities and how to acquire international market power combined with the cast of "soybean crisis" at last.The main conclusions of this study are as follows:â‘ the industry chain of China's strategic agricultural is not perfect and the market power of china is in a disadvantaged position compared with developed countries.â‘¡China's soybean futures market has the price discovery function in the long run, but its hedging function is weak and has a certain speculative.â‘¢twenty two variables of seven categories such as value, supply and demand, technical services, interest groups, logistics, policy support and industrial safety can explain the industry chain fragmentation well.â‘£the state's policy aims is to promote the stability of value and supply and demand, the advantage of technical service is in favor of acquiring the policy support, promoting the function of the interest group and developing the logistics system, foreign capitals like to invest in the industries that the values are relatively stable.