通过不同的方法我们检验了郑州小麦期货市场的有效性问题。从收盘价与结算价收益率序列来看,虽然,自相关检验的结果表明郑州小麦期货市场基本满足市场有效性假设,单位根检验的研究结果也表明郑州小麦期货市场满足有效性的假设;但是,方差比检验却否认郑州小麦期货市场满足有效性的假设,表明市场存在某些非效率的因素。因此,郑州小麦期货市场目前还不完全满足市场弱型有效的假设。 Through different methods we test the validity of Zhengzhou wheat futures market. From the results of the closing price and settlement price return rate, although the result of autocorrelation test shows that the Zhengzhou wheat futures market basically satisfies the hypothesis of market efficiency, the result of the unit root test also shows that the Zhengzhou wheat futures market satisfies the hypothesis of validity. However, Variance ratio test but denied the validity of Zhengzhou wheat futures market assumptions, indicating that the market there are some non-efficiency factors. Therefore, Zhengzhou wheat futures market is not yet fully meet the weak hypotheses of the market.