在石化行业高成本支撑时代下，“期货＋制造”这一新颖产业模式是我国PVC产业可持续发展的路径选择。本文基于产业链升级作用机理提出的以期货工具为纽带的企业价值链模型和立体旋转“钻石”模型，构建了我国PVC期现市场共同健康发展的理论分析框架。实证结果显示，PVC期货价格发现功能有限，回避风险功能效果较差，现货市场仍起主要作用，因此PVC期现市场之间的互动还需进一步加强。%The new industrial mode of ＂futures ＆ manufacture＂ is available for PVC industry towards sustainable development as Chinese petrochemical industry entered into high -cost era. This paper puts forward novel corporate value chain model and three -dimensional rotating ＂Diamond model＂ which take futures factors as its core from the perspective of industrial upgrading function mechanism. After the analysis of the relation between PVC futures and spot prices and the effectiveness of hedging, the results illustrate that PVC futures behaves unsatisfactory in the functions of price discovery and hedging, and spot market still plays a leading role.
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