This paper examines the impact of the introduction of the gold futures on the spot market quality. The paper looks into it from 3 aspects, namely liquidity, volatility and informational efficiency according to the data of gold spot market trading compiled in 6 months before and after the introduction. Not considering other influencing factors, the results indicate a decrease in spot liquidity and efficiency as well as an increase in volatility in the post-futures pe-riod , proving the hypothesis that introduction of gold futures trading overall damages the market quality. The results have implications for improving China's gold market structure and working efficiency.%探讨了中国黄金期货引入对黄金现货市场质量的影响,利用黄金期货引入前后各6个月期间黄金现货市场的日交易数据,从流动性、波动性和信息效率3个方面展开研究.该研究发现:在消除其他影响因素的基础上,黄金期货上市交易后,黄金现货市场的流动性下降、波动性增加、信息效率降低,表明黄金期货引入整体降低了黄金现货市场质量.该研究结果对完善中国黄金市场结构,提高黄金市场效率,具有借鉴意义.
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