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文章以螺纹钢为例,选取2014年3月31日到2015年4月08日期货和现货价格的数据进行分析,通过ADF单位根检验、协整检验、格兰杰因果检验等方法得出,螺纹钢期货市场发展还不够成熟,价格发现功能不强,市场的有效性还有待提高.并提出要完善法律法规,调整投资者结构,改善合约设计及上下游相关产品,从而使中国钢材市场健康发展.
Taking rebar as an example, the article chooses the data of futures and spot prices from March 31, 2014 to April 08, 2015 and analyzes the data through ADF unit root test, cointegration test and Granger causality test, The development of the rebar futures market is not yet mature enough, the function of price discovery is not strong, and the market effectiveness still needs to be improved. He also proposed that laws and regulations should be improved, the investor structure should be adjusted, contract design and related products should be improved, development of.