为研究我国小麦期货市场是否存在价格泡沫,采用超常易变性方差分析和三分法,以强筋小麦期货市场的历史数据为样本,对我国小麦期货的泡沫度进行了实证分析。结果表明:我国小麦期货市场长期内不存在价格泡沫,短期内存在,并且近几年我国小麦期货市场的价格泡沫度呈逐渐降低趋势。同时依据价格泡沫的发展阶段划分了不同性质小麦期货价格泡沫的区间。
In order to find out whether there are price bubbles in Chinese wheat futures market,the author use the extraordinary variable variance analysis and the three portions test to carry out an empirical analysis this problem with a sample of historical data of wheat futures market.The results prove that there is no price bubble in China's wheat futures market in the long term,but in the short term,there is some and the degree of wheat futures market price bubble has been decreasing gradually.Meanwhile,this paper divides the degrees of price bubble into four different ranges according to the price bubble development stages.