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本文在界定期货市场定价功能概念的基础上,从理论上分析了定价功能的作用以及定价功能发挥的条件。定价功能有助于提高价格发现效率和起到保障套期保值实现的作用;特别是在价格发生剧烈变动时,定价功能和套期保值功能的联合使用,在规避风险方面要优于单独使用套期保值功能;而定价功能发挥的条件是期货市场近期合约必须具有高流动性,然而中国期货市场对投机严格限制的交易规则限制了近期合约的流动性,使近期合约处于不活跃状态。
On the basis of defining the concept of futures market pricing function, this paper theoretically analyzes the function of pricing function and the conditions for pricing function. The pricing function helps to improve the efficiency of price discovery and play the role of guarantee hedging. Especially when the price fluctuates drastically, the combined use of pricing function and hedging function is better than that of using alone While the function of pricing function is that the recent contracts in the futures market must have high liquidity. However, the trading rules strictly regulated by the Chinese futures market limit the liquidity of the recent contracts, leaving the recent contracts in an inactive state.