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本文利用Chavas等(2005)提出的动态特征定价模型检验中国大豆、豆油和豆粕价格是否符合特征价格理论,在此基础上,首先检验三者之间的价格变动关系,其次使用误差修正模型考察三者价格长期与短期动态联系。研究发现,中国大豆、豆油和豆粕价格符合特征价格理论,不论是特征价格模型还是误差修正模型,均显示中国大豆、豆油和豆粕价格之间存在长期均衡关系。
This paper uses the dynamic feature pricing model proposed by Chavas et al. (2005) to test whether the price of soybean, soybean oil and soybean meal in China meets the characteristic price theory. On the basis of this, the paper first tests the relationship between the price changes and the error correction model, The price of long-term and short-term dynamic link. The study found that the price of soybean, soybean oil and soybean meal in China are in line with the characteristic price theory. Both the characteristic price model and the error correction model show that there is a long-term equilibrium relationship between the prices of soybean, soybean oil and soybean meal in China.