摘要
Abstract
Based on previous research on the liquidity, we analyzed the liquidity pattern of Sino-US agriculture futures market, turnover rate and market size of futures ＆ spot market, found these following characteristics： （1） The mid-term contracts are more active, and the active months are discontinuous; （2） High turnover rate and more volatile, 3） The rate of futures trading volume （or open interest） to spot scale volume is far below than the same product in the United States. Here are some recommendations： （1） Focusing on introducing and cultivating institutional investors （especially institutional buy-side investors and industrial customers）, in order to improve and refine the structure of investor; （2） Innovating trading tools and methods, guiding investors＇ trading behavior from short-term to long-term, improving and consummating positions＇ structure; （3） Under effective risk management, consummating gradient risk control related system, promoting active months transfers to recent months and forming consecutive active months.关键词
农产品期货/流动性/换手率/机构投资者Key words
agricultural futures/liquidity/turnover rates/institutional investors分类
管理科学
