Futures Market Efficiency的意思|示意

In the aspect of excess revenue, the in-sample has great excess returns, the out-sample has negative excess returns, which have shown no market efficiency in China's futures market.

而且从超额收益性方面，样本内有很大的超额收益，样本外，有负的超额收益，这一些都表明中国期货市场是没有市场效率的。

The function of futures markets is price discovery, price risk hedging, and market efficiency improving.

期货市场的功能在于价格发现、价格风险规避及市场效率提高。

The TARCH model shows that the stock index futures have improved the information efficiency of the spot market.

本文通过TARCH模型验证股指期货提高了现货市场的信息效率。

By the GARCH (1, l) model, we verify that the three stages of the Chinese futures market don't reach the stage of weak market efficiency until now, which proves to be of high risk.

通过GARCH(1,1)的市场有效性检验，论证了中国期货市场三个阶段均尚未达到弱式有效，市场风险较大。

Meanwhile, through comparing the efficiency of the three stages of Chinese futures market, it has been found the efficiency of Chinese futures market has been improved a lot.

同时对三个阶段效率进行了对比分析，发现随着时间的推移，中国期货市场的效率有了一定提高。

By the GARCH (1, 1) model, we verifies that the Chinese futures market doesn't reach the stage of weak market efficiency until now, which proves to be of high risk.

通过GARCH(1, 1)的市场有效性检验，论证了中国期货市场尚未达到弱式有效，市场风险较大。