市场信息对中国与欧盟猪肉价格波动的影响
发布时间：2018-10-11 15:16
【摘要】：市场信息是商品价格形成的基础。基于"信息经济学"理论,运用TARCH和EGARCH模型,探讨中国和欧盟猪肉市场信息对价格波动产生的不同影响。结果表明:中国猪肉市场存在明显的信息不对称效应,使猪肉价格上涨的"正向信息"大于使猪肉价格下跌"负向信息"的影响,且"正向信息"对于猪肉价格的波动具有强化作用;欧盟猪肉市场"负向信息"大于"正向信息"的影响,且不存在显著的信息冲击不对称效应,其原因在于欧盟市场的政策干预少,价格"杠杆效应"不明显。因此,中国政府有关部门应减少干预,进一步提高猪肉市场的透明度。
[Abstract]:Market information is the basis of commodity price formation. Based on the theory of "information economics", using TARCH and EGARCH models, this paper discusses the different influences of pork market information on price fluctuation in China and EU. The results show that there is obvious information asymmetry effect in Chinese pork market, and the "positive information" that makes the pork price rise is more important than the "negative information" which makes the pork price fall. Furthermore, the "positive information" has a strong effect on the fluctuation of pork prices, and the "negative information" is greater than the "positive information" in the EU pork market, and there is no significant asymmetric effect of information shock. The reason is that the EU market policy intervention is less, the price "leverage effect" is not obvious. Therefore, the relevant departments of the Chinese government should reduce intervention and further improve the transparency of the pork market.
【作者单位】： 华南农业大学经济管理学院;
【基金】：国家自然基金项目“我国猪肉与蔬菜价格剧烈波动的稳健机制研究”(71373087)
【分类号】：F313.7
本文编号：2264531
[Abstract]:Market information is the basis of commodity price formation. Based on the theory of "information economics", using TARCH and EGARCH models, this paper discusses the different influences of pork market information on price fluctuation in China and EU. The results show that there is obvious information asymmetry effect in Chinese pork market, and the "positive information" that makes the pork price rise is more important than the "negative information" which makes the pork price fall. Furthermore, the "positive information" has a strong effect on the fluctuation of pork prices, and the "negative information" is greater than the "positive information" in the EU pork market, and there is no significant asymmetric effect of information shock. The reason is that the EU market policy intervention is less, the price "leverage effect" is not obvious. Therefore, the relevant departments of the Chinese government should reduce intervention and further improve the transparency of the pork market.
【作者单位】： 华南农业大学经济管理学院;
【基金】：国家自然基金项目“我国猪肉与蔬菜价格剧烈波动的稳健机制研究”(71373087)
【分类号】：F313.7
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