Discussing The Pricing Influence Of Index Futures To Stock Market From The Information's Marketing Efficiency

The generating and development of index futures has had a profound influence to stock market's pricing efficiency. This article separately use cost-of-carrying model to price the index futures whether it is under the complete market condition. Comparing the pricing result with the actual value of index futures indicates cost-of-carrying model's pricing not only cann't intensify stock market's undulation ,but also has the price discovery and the instruction function to the stock price index's moving trend.Meanwhile the price discovery and the instruction function of index futures will promptly transmit the market pricing information to the stock market through the arbitrage mechanism between the futures market and stock market . After gained more correlative stock combination's price information , As a result the Stock market's pricing efficiency is enhanced.In other words, the pricing efficiency of stock market is decided and strengthened through this style of information marketing.