Abstract:Based on the monthly data of soybean and sugar from January 2007 to December 2016 and the application of ARDL model,this paper conducts a systematic calculation on the financialization factors affecting the spot prices of domestic agricultural commodities in the long term and the short term.The results show that among the four financialization factors,namely inflation,domestic futures prices,international spot prices and money supply,the first three impose great impacts on the spot price of domestic sugar while all the four influence the spot price of domestic soybean chiefly; the impacts of exchange rate and energy prices on both are negligible.Finally,countermeasures are proposed to tackle with the financialization of agricultural commodity,including improving the macroeconomic environment,standardizing the development of futures market,improving the risk prevention and control system of imported agricultural commodities,and concerning variety differences.