In recent years, China's agricultural products prices volatile has attention of all

people in our country,this is related to our country agricultural product market

development lag.The agricultural product futures market and spot market are

complementary Full-blown agricultural products spot market is the prerequisite for the

development of the agricultural product flitures market,and the development of

agricultural product spot market needs regulation and guidance of agricultural product

futures market.After 20 years development,China's agricultural futures market is adapt

to China's rapid economic developmentcan partly resolve the agricultural product

market risks.In comparison,The United States of America futures market has 150 years

of development history,can effectively resolve the agricultural product market risks,the

reasonable configuration of resource of agricultural products,to strengthen the global

voice on agricultural products market And improved the international competitiveness

of America agricultural products spot and futures.based on the huge influence of

US,futures market on the world.it guides futures price in China. This paper is with

market mechanism more mature American fotures market as comparison

object.Through the comparative analysis about China and USA agricultural products

futures market in several aspect,such as the origin and development of agricultural

products futures market, agricultural products futures listed species5investor

participation,supervision system and the current development status of China's Futures

Company and so on,we can recognise there are some question in our agricultural

products futures market, China's futures market participants are not reasonable,

speculators proportion is higher.China's regulatory system of self-regulation is

weak,and mor government interference. Agricultural products futures varieties listed

speed is slow, so futures contracts varieties is lack. These conditions lead to the

agricultural product futures market can not cater the demand of the market. Learn from

the experience of American's mature market,and combined with the development of

China's market, This paper put forward the corresponding policy suggestions according

to the conclusion. Improve the investor structure of agricultural products futures in

China,at first,we should conduct propaganda and education on farmers and establish

英文摘要

efficient agricultural cooperatives, so that the farmers groups to participate in the

agricultural product futures market. Secondly, encourage large institutions to join the

futures market. Excessive speculate activities should be properly suppressed. We should

increase the agricultural product futures market varieties listed speed, perfect futures

legal system, improve the self-discipline supervision status. To improve the trading

methods and tools and correctly guide the investors to longterm transaction. Thtough

the various aspects of continuous improvement,China's agricultural product futures

market hedging and price discovery function to play a more effective.The healthy

operation of agricultural product futures market can promote the stable development of

the stock market.

Key Words: Agricultural Product Futures Market; Spot Market; Hedging

第1章绪论

1.1研究背景和意义

1.1.1研究背景

农产品期货市场以其独特的价格发现、规避风险等功能在世界农产品的生产

经营中发挥着重姜的作用,经过二十多年的发展,我国农产品期货市场已经进入

稳定发展阶段。随着全球经济的不断发展,期货市场的作用越来越突出,美国经

济家米勒说:“没有期货市场的经济体系称不上是市场经济。”国际农产品期货市

场为世界农产品的流通、定价、生产发挥了很大作用,在发达国家农产品期货市

场已经成为农户和农企避险和安排生产的工具。

自我国加入WTO以来,市场化进程加快和关税降低等一系列问题使国内农产

品竞争加剧,农产品受国内外市场供求关系影响,价格波动剧烈。2000年我国小

麦、玉米等主要农产品价格波动超过20%。2004年主要农产品价格上涨,小麦上

涨30%,棉花上涨50%。这种现象不仅让消费者和以农产品为原料的加工商在购

买商品时承担较大风险,更让农户的种植生产计划无所适从,农户盲目追逐现货

市场价格。所以在市场价格剧烈波动的情况下,大家有较强的规避风险的愿望。

但是我国农产品期货市场发展时间较短,期货市场体系尚不完善,农户对期

货不了解,没有主动寻求规避风险的意识,这样期货市场功能不能有效发挥,所

以要防止供求不平衡和完善农产品市场体系,首先要有一个完善的期货市场。美

国的期货市场发展了一百多年,己经形成了比较成熟的现货和期货市场体系,我

国要完善期货市场,可以借鉴他们的成功经验,从对比中发现我国期货市场发展

中存在的问题,并找出相对应解决策略。

1.1.2研究意义

鉴于我国目前期货市场体系发展背景,本文选择以“中美农产品期货市场对

比研宄”为题,通过实证对比全面深入的分析我国期货市场,对我国期货市场体

系的完善具有重要意义。

完善的市场体系是市场经济健康运行的前提,期货市场作为现货市场的延伸,