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Dynamic characteristic and efficiency analysis of the Chinese Futures Markets

机译：中国期货市场的动态特征和效率分析

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With the development of the Chinese Futures Market and prevalence of futures contracts, people lay more emphasis on the efficiency of four Future Exchanges in China. How to evaluate the efficiency in an effective way becomes an important issue. This paper is based on the Nonparametric Data Envelopment Analysis (DEA) and Malmquist efficiency index to make an overall analysis on the efficiency of four Future Exchanges in China from July 2010 to January 2014. The major innovation points about this paper lie in the following four areas: (1) The efficiency of every Futures Market is estimated and the extent of the resource utilization is designated. (2) A ranking of the four Futures Exchanges in order of efficiency is arranged, which provides a new method for the evaluation on the Chines Futures Markets. (3) The scale efficiency of the Chinese Futures Exchanges is calculated, and it gives an answer to the problem of the scale economy for Chinese Futures Markets. (4) The utilization of the Malmquist efficiency index is initiated to analyse the latest changes in the efficiency of the Chinese Futures Markets, and a complete information on the efficiency of the Chinese Futures Markets is provided.
机译：随着中国期货市场的发展和期货合约的普及，人们越来越重视中国四个期货交易所的效率。如何有效评估效率成为一个重要的问题。本文基于非参数数据包络分析（DEA）和Malmquist效率指数，对2010年7月至2014年1月中国四个期货交易所的效率进行了全面分析。本文的主要创新点在于以下四个方面领域：（1）估计每个期货市场的效率，并指定资源利用的程度。 （2）按效率排序对四个期货交易所进行排名，为评估中国期货市场提供了一种新的方法。 （3）计算了中国期货交易所的规模效率，为中国期货市场的规模经济问题提供了答案。 （4）开始使用Malmquist效率指数来分析中国期货市场效率的最新变化，并提供有关中国期货市场效率的完整信息。

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