本文认为从期货市场的职能角度出发期货市场效率应该具体体现为期货市场基本功能的有效性。
In this paper, it's suggested that the futures market's function efficiency can represent the whole efficiency of the futures market according to the futures market's character.
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。
The function of futures markets is price discovery, price risk hedging, and market efficiency improving.
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。
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.
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。
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.
结果显示：距最后交易日前7、14、28天的铝期货市场支持风险溢价假说，在风险溢价条件下具有长期效率；
The empirical tests are conducted through the cointegration method and results show that the aluminum futures market, 7,14,28 days prior to the last trading day, supports the risk premium hypothesis;
结果显示：距最后交易日前7、14、28天的铝期货市场支持风险溢价假说，在风险溢价条件下具有长期效率；
The empirical tests are conducted through the cointegration method and results show that the aluminum futures market, 7,14,28 days prior to the last trading day, supports the risk premium hypothesis;
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