| 2018 is the first year of the implementation of the spirit of the 19 th Party Congress.It is the 40 th anniversary of China's reform and opening up and the 30 th anniversary of China's exploration of futures trading.When the futures market was established,it was given the mission of serving the real economy.In the 30 years from 1988 to 2018,China's futures market has continuously enriched the variety system,optimized the investor structure,and the scale has grown steadily.The capital market was a new milestone in 2018 and began to move towards a pluralistic era.In this year,China's futures market took crude oil futures and iron ore futures as a breakthrough,opening the future "international year of internationalization." The internationalization of iron ore futures will provide experience for the internationalization of other futures products in China.In the 21 st century,the economic growth rate is accelerating,the steel industry has been fully developed,and there is considerable demand for iron ore.In recent years,changes in the economic environment,domestic de-capacity,and supply-side reforms have caused significant fluctuations in iron ore prices,causing serious price risks to representative participants such as steel companies.Therefore,the correlation between iron ore futures and spot prices has a great impact on hedging and speculative operations.Studying the relationship between the two will help the iron ore market participants to avoid the risks caused by price fluctuations to some extent.Studying the impact of internationalization on current price will help to study the function of price discovery,find problems and actively solve them,and help China to improve the pricing power of iron ore pricing.The impact on pricing power is more beneficial to iron ore.The development of downstream industries.This paper selects the active futures settlement price and the Platts index of the iron ore from February 2014 to December 2018.The CSI index constructs the VECM model to explore the relationship between iron ore futures prices and spot prices.The time period is divided into two parts from May 4,2018,trying to compare the impact of China's iron ore futures on the introduction of foreign investors and international competition mechanism.After converting the data into the same unit,it is tested for stationarity,cointegration test,and then the VECM model is established.It is analyzed by impulse response and variance decomposition.Before and after internationalization,the two parts were analyzed separately,and then they were found to be different through comparison.This paper uses the empirical analysis to give the point of view,in addition to testing the traditional level of futures for the spot price,but also compare the situation before and after internationalization,found that the impact of futures on the spot price after internationalization,which helps the spot price discovery It also helps to improve our country's right to speak in iron ore pricing. |
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