First of all, we analyze the sketch of futures market in China and the distributions ofyields.Based on this, we apply ADF and PP methods to examine the market validity,and explicate the follows.

• 首先,我们运用多年来的期货历史数据分析中国期货市场的总体运行状况和收益率的分布特征,在此基础上,运用ADF和PP两种方法检验了整个市场的有效性的状况,为后文的工作打下基础。