The Research On Chinese Factor In International Bulk Stock Pricing

Bulk stock plays an important role in human social life and is the basic rawmaterial inputs in contemporary economic construction. In the background of rapiddevelopment of international economy and shortage of resources, the price ofinternational bulk stock is more and more expensive. In addition of the interventionof international speculative capitals, China became the biggest victim in pricevolatility. Therefore, the fight for the international pricing of the bulk stock has astrong practical significance and strategic significance.This article used the methods of theoretical models and empirical models. Inone hand, with the supply and demand theory, Non-perfectly competitive marketpricing theory and market strength theory, we put the Chinese factor into theresearch framework and analyzed the factors that affected bulk stock prices in thereal economy market conditions. We also analyzed supply factors, demand factorsand exchange rate factors to explore the possible influence of the Chinese factor ininternational bulk stock prices by the theoretical side. On the other hand, through therelevance research between international bulk stock index and Chinese bulk stockindex, we got lag model and error distribution model. Then, we made a Granger testabout the two index and indicated that the influence of the Chinese factor ininternational bulk stock prices gradually increased, especially after the2008financial crisis. At last, this article divided the obstacles of Chinese bulk stockpricing ability into international aspects and domestic aspects. Through the analysisof Macro participant, medium participant and micro participant, we identified theproblems and brought up related suggestions.The innovation of this article mainly reflected in three aspects: Firstly, byusing the analytical tool of bulk stock price index, the analysis of the linkage andrelevance of the bulk stock futures markets of international and domestic solved theproblem of lacking of representative brought by the research of only one kind of bulk stock. This method contributed to a more comprehensive and morerepresentative analysis of the relationship between domestic and international bulkstock futures market. Secondly, in the stage of data analysis, we set the time ofglobal financial crisis in September2008as our division points of date segment. Thisapproach stressed the practical implications of the financial crisis on the Chinesebulk stock pricing right and helped us to understand the world financial crisis whichbroke out in2008in a new perspective. Thirdly, by highlighting the financialproperty of the bulk stock and the function of financial derivatives in bulk stockpricing, we explained the reasons of improving status of the financial engineeringtechniques in modern bulk stock pricing.Considering the difficult of collecting materials and date and the constraints ofresearch capacity, there is some deficiency in this article. During the process ofempirical analysis, in order to make the analysis more representative, we used themethod of analysing bulk stock futures price index of international and domestic.Due to the selected indexes were not entirely consistent, the results of the analysiswill be affected by related errors.