我国黄金期货市场流动性研究.pdfVIP

摘要 本文在定义我国黄金期货市场流动性的基础上，分析了流动性对于我国黄金期货市场 的发展及功能发挥的重要意义。在此基础上，本文选取了我国自2008年1月9日上市至4 月初近三个月的黄金期货合约交易数据及相关联市场的交易数据，通过因子分析、对比分 析等方法，论证了我国黄金期货市场特定时期内流动性不足的现状，指出了我国黄金期货 市场流动性水平与先进黄金期货市场的差距。同时，本文运用演绎分析方法及行为金融学 的相关知识，深入到微观层面，对我国黄金期货市场流动性不足的原因进行了深入探讨， 并得出结论：我国黄金现货市场与期货市场关系、黄金期货市场投资者结构、黄金期货 交易制度及期货公司的服务水平是影响我国黄金期货市场流动性的主要因素。最后，本文 指出应通过打通期现通道、大力发展机构投资者、灵活调整黄金期货交易制度以及改善期 货公司服务水平等四个方面改善我国黄金期货市场的流动性状况，进而促进我国黄金期货 市场的稳健发展。 关键词：黄金期货市场 流动性 因子分析 I Abstract AAbbssttrraacctt The author analyzed how the liquiditytoimpact the development ofChinas gold futures market, based onthe definition ofliquidityof gold futures market inChina. Onthis basis, the author selected the tradingdata ofgold futures transactions contract and other associated data withmarket since January92008toApril, and demonstrated the realitythat there was lack of liquidityat particular period inChina’sgold Futures market. The author also pointed out the gap ofFutures market between China and developed country, throughusing FactorAnalysis Methods and Comparative Analysis Methods etc.At the same time, the author analyzed the causes ofthe lack of liquidityinChinas gold futures market from the degree of micro-level, by using some special methods and the knowledge offinances. Theauthor demonstrated the study conclusion: The mainfactors that effected the lack ofliquidityin China’s gold futures market included the relationshipbetween Chinas gold spot market and futures market, the structure of investors inthe market, the gold futures tradingsystem and the service level of futures companies. Finally, the author gave some advices to improve the liquidity ofChinas gold futures market and promote Chinas gold futures market Steadydevelopment accordingto the conclusion,such asopening more futures channels to