The Empirical Research on the Economic Function of Chinese Fuel Oil Futures Market

摘要

Risk aversion and price discovery are the important economic function of the futures market and are important indicators to determine the futures market. In view of fuel oil futures market undertaking the important pioneer task of the Chinese oil futures market, this article took Shanghai fuel oil futures market as the research object. Based on cointegration theory being intrinsically linked to the futures market, the author studied economic function by co-integration model. The results showed that Chinese fuel oil futures market had the function of price discovery and could realize hedging.