The Positive Study Of The Efficiency Of Domestic Nonferrous Metals Market Based On SCP Paradigm

The thesis makes the positive analysis of the domestic metals futures market through the SCP paradigm of industrial economics. In comparison with overseas market, it puts forward the strategies of promoting the development of domestic futures market.As an important portion of financial market, the futures market is crucial to the development of national economy. In recent years, the domestic futures market is coming into a new growth period and the varieties of futures products are growing. With the even bigger role of futures market, it exerts an increasing important influence on investors and manufacturers. They give more importance to the development of futures market. The global financial crisis broke out in 2008 which also influenced the global economy. Under the current circumstances, the research on the efficiency of domestic futures market especially that of the nonferrous futures market is of great importance to find a way to accelerate the progress of domestic futures market. The thesis analyzes the present situation of metals futures market and the primary varieties of futures products with the positive method as well as the efficiency of domestic futures market under the impact of financial crisis with a complete and detailed way.The core of modern industrial organization theory is SCP framework, which is also a method used by many researchers when they research a certain industry. It is proved effective in practice and it is also used in this article. At first, the thesis analyzes the structure of domestic futures market as well as the market behaviors and then discusses the performance of the nonferrous futures market according to cointegration method. The main analysis on market structure includes market concentration rate and entry barriers for non-ferrous metals market. The analysis on market behavior emphasizes on conducts of market maker and Price behavioral analysis.It finds the relationship between internal market and external market through the comparison and gets the conclusion that external futures price will influence internal futures price, the domestic market prices of the impact of non-ferrous metals should be improved.According to the positive analysis of aluminum and zinc which are the representative young-line products, meanwhile we choose the data of transaction prices of the related products in the period from July 31st,2007 to July 31st,2009 which are sourced from SHFE,to analyze performance of domestic nonferrous futures market and reach a conclusion that the efficiency of aluminum market is much better that of zinc market.Finally, it compares the efficiency of domestic futures market with that of British and American futures market and then finds the fact that the domestic futures market is the lowest efficient. It points out the current problems in the futures market and put forward the settlement method.