China's Futures Market Pricing Efficiency of Empirical Analysis China and the United States——Based on Cotton Futures Market Price Relations Research

In recent years the price of cotton market by supply and demand balance influence greatly fluctuation,many not expected to price changes processing enterprise,lack of inventory,faced with higher production costs and had to stop production.People pay more attention to the cotton futures market for future spot price prediction ability.This paper is with market mechanism more mature American futures market as comparison object,co-integration analysis and granger causality test methods such as China and the United States through the cotton futures price relationship research,comparative analysis of the two countries cotton futures market difference,and put forward the corresponding policy recommendations according to the conclusion.This paper holds that China and the United States cotton futures market prices have a long-term stable relations,American cotton futures market for Chinese cotton futures market lead role,American cotton futures price of China cotton futures price transfer effect with the short-term fluctuations to long-term equilibrium adjustment self-correction dynamic mechanism,and correction function strong.