Futures Market Efficiency

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。

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。

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。