我国金属锌期货价格与现货价格关系的实证研究

he relationship between futures prices and spot prices has always been concerned by the investors because it reflects the operating efficiency of futures markets. In this paper, with vector autoregressive models, co-integration test, error correction model, Granger causality test and other methods, I researched the relationship between futures and spot price of zinc, which was new exchange-traded at the Shanghai futures in 2007. The Empirical Study of the results showed that: guide mutual relations exist between metal zinc futures price and spot price and, the long-run equilibrium relationship exists between futures and spot prices. Also, futures price and spot price interacts each other.