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本文首先从理论上分析了我国燃油期货价格与国际原油价格间的传导机制的相关关系,然后对两者间关系进行实证分析,结果显示:国际原油市场对我国的燃油市场有着深远的影响,国内外石油市场存在长期均衡关系,这意味着通过期货市场的改革可以进一步提高我国在国际石油市场定价中的地位。最后根据分析结果提出相关对策建议,以期为我国的石油定价及其相关企业的风险管理提供理论依据。
This paper firstly analyzes the relationship between the oil futures price in our country and the conduction mechanism of the international crude oil price theoretically. Then the empirical analysis of the relationship between the two shows that the international crude oil market has a far-reaching impact on China’s fuel market, The long-term equilibrium relationship exists between the external oil markets, which means that China’s position in the international oil market pricing can be further enhanced through the reform of the futures market. Finally, according to the results of the analysis, we put forward relevant countermeasures and suggestions to provide a theoretical basis for the pricing of petroleum in our country and the risk management of related enterprises.