市场套期保值绩效实证研究[N].证券市场导报,2005年11月号. TheDifferencesbetweenDominantContractson ChinaandtheU.S.FuturesMarket ZhaoDong?qiang&ChangQing (ChinaAgriculturalUniversity,Beijing100083,China) Abstract:Thispaperpointsoutthephenomenonthatthereisanobviousdifferenceintimebetweendominantcontractson ChinaandtheU.S.futuresmarkets.paringChinaandtheU.S.rulesforfuturesdeals,itrevealsthatthereasonfor China?stimecontractsliesinChina?smarginrequirementandpositionlimitsystem.TheU.eintobeingby hedger?sneedforsightcontractsinrealeconomy.ThetimefeatureofdominantcontractsonChina?sfuturesmarketcannotmatch withthesightfeaturerequiredbyhedgingandprice?fixingfunction,whichadverselyinfluencesthetwofunctionsoffuturesmar? ket.KeyWords:dominantcontract;marginrequirement;positionlimitsystem;hedging;price?fixing (本文责编?苏?君) ! 39 !
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