The study shows that the market function improves in price discovery and transparency , which in turn plays a positive role in protecting shareholder interest in corporate governance and establishing manager incentive system 本文发现，股权分置改革是从价格发现与市场信息这两个方面来增进资本市场资源配置功能的，并由此对公司治理结构中的股东利益保护与经理人激励机制起着基础性的优化效应。
Interdelivery spread as a kind of arbitrage is very important as to the price discovery , market activity and risk management . research and development of arbitrage is essential to the development and stability of futures market 跨期套利作为套利交易的一种操作方式,在期货市场上对于价格发现,增加市场流动性,规避风险都有重要的作用,因此研究和倡导套利交易对于发展与稳定期货市场是必要的。
The partitioning of the capital market into domestic and international segments that are not fungible with each other , as indicated by the price differential between them , greatly undermines the efficiency of the market in its all - important function of price discovery 若把一个国家的金融市场分为本地及国际两个部分，而两者的金融工具又不互通，价格自然会有差异，这会大大减弱市场效率，削弱其最重要的价格发现功能。
Three tests of the futures price and spot price for sugar in zhengzhou and futures price at new york board of trade ( nybot ) indicate that sugar market in zhengzhou is efficient , with good price discovery function of the futures price guiding spot price 摘要郑州白糖市场的期货价格、现货价格以及nybot市场的期货价格的三种检验表明：郑州白糖市场的期货运行是有效的，期货价格的价格发现功能发挥良好，能够引导现货价格。
Without adequate interaction , it is invariably the overseas markets that influence the local ones and therefore local market prices because the more mature commodity futures markets play a dominant role in the international price discovery of commodity products 而且在没有互动的情况之下，往往只有从外到内的单向传导，外地价格影响内地价格。也就是说，在国际大宗商品价格发现功能上，国际上较成熟的商品期货市场起主导的作用。
Tough we have experienced the developing phase of ten years ， we can easily find that the obvious flaws in our stock market according to the discoveries of previous research . the most important point is that our market is seriously ineffective and certain function is severely hampered 我国证券市场尽管经历了十年的风雨，但是根据以往的研究成果说明其市场有效性远远不够，证券市场的价格发现功能和资金配置功能并没有得到充分发挥。
This paper empirically researches the relationship between cotton prices in futures market and cash market with the information share model , impulse response function and variance decomposition and gives a quantitive portray of the function of futures market and cash market in price discovery 本文借助信息共享模型、脉冲响应函数和方差分解等方法，对中国棉花的期、现货市场间的价格关系进行实证研究，定量刻划了期、现货市场在价格发现中的作用。
Taking chinese only feed industrial futures - soybean meal futures in dalian commodity exchange as examples , this article examines the dynamic relationship between the prices of spot and futures , and discloses the role of futures market plays in price discovery quantitatively , using var model , cointegration test , error correction model , variance decomposition and impulse responses function methods , etc 摘要本文借助向量自回归模型、协整检验、误差修正模型、方差分解、脉冲响应函数等方法，以中国唯一的饲料工业期货大连商品交易所豆粕期货品种为例，研究了期货价格与现货价格之问的动态关系，定量刻画了期货市场在价格发现中的作用。
It is always wise to keep in mind when you are going to las vegas , if it is the weekend of a major championship boxing match , it might be harder to find a quality room at a good price , while in the middle of summer on wednesday in july you might be offered free tickets to shows and buffets 当你将去拉斯维加斯时，如果现在是一场主要冠军拳击比赛的周末，记住总是是明智的，它可能更难以好价格发现一个优秀房间，当在在在7月的星期三的夏天的中间你可能被提供免费的票到表演和餐台时。
I have already mentioned that , in order to improve the price - discovery function of the mainlands commodity futures market and make the mainlands economic activities more influential in international commodity pricing , and therefore help the commodity producers and consumers on the mainland to control and manage international commodity price risk effectively , our country should develop its own commodity futures market in our own " home court " in our own time zone 上次提到中国若能发展自己的商品期货市场，有了自己的地头，在自己的时区内进行商品期货交易，将有助于加强商品期货市场的价格发现功能并提升全国经济活动对国际商品定价的影响力，从而也有助内地的商品生产者与消费者有效控制与管理国际市场商品价格波动的风险。
