| In August,2007, the loan crisis erupts comprehensively, the mortgage loan organization goes bankrupt, the investment fund to be compelled to close, the stock market fierce shake and Leiman goes bankrupt and so on a succession of event, in the market mostly the organization has not been able to escape by luck, this kind "the dominoes" the effect, has initiated the financial Tsunami which as soon as hundred years meet, has created the significant wound to the hypothesized economy and the entity economy, let the human experience the hypothesized financial instruments' formidable strength once more, therefore, also had many people to put the blame on this time financial Tsunami the derivation. The global mostly country enters the economic recession, the real estate froth is stave, the unemployed population increases and so on, various countries' governments will adopt a series of have rescued the city policy to help the economy soon to recover. Along with financial crisis's past, the people to grows the understanding again, the derivation transaction are also slow slow pace on the stock rail.In recent years, our government advanced the reform of monetary system vigorously, the stockholder's rights mounted cylinder reform, caused the non-circulation stock changes the circulation stock; The new stock release organizational reform, causes IPO to fix a price by the market; Undertaking board's extrusion, let the high tech, the high growth enterprise have the stockholder's rights financing channel, also has built a normal withdrawal way for the risk capital; Financing securities loan's extrusion, enabled in the market to have on credit, these system reform caused the market size to expand rapidly, has consummated the capital market operational mechanism and causes it to develop quickly, promoted for the stock index stock has laid the market foundation. For the better guard market risk, has promoted a series of laws and regulations, like "Securities law", "Prompt sale Act of administration", "Chinese Finance Futures exchange Transaction Rule", "Stock Company Finance Stock Settlement Service Implementation Means", "Negotiable securities Company Provides Middle Introduction Service Implementation Means for Stock Company" and so on, has provided the legal safeguard for the stock index stock's steady movement, moreover, on October 30,2006 promotes the Shanghai and Shenzhen 300 stock index stock simulation transaction, and commodity future many year transactions, gained in the rich experience for the stock index stock's movement. Therefore, for the guarantee stock index stock could the safe steady movement, our country capital market already do the full preparatory work.On April 6,2010, is our country capital market has milestone significance one day, this day, to our country capital market is a fundamental transformation, changed our country only then the commodity future history, has promoted the first financial stock product--Shanghai and Shenzhen 300 stock index stocks officially. Stock index stock's extrusion, is advantageous to the improvement stock market operational mechanism, increases the market movement the elasticity; Is advantageous in consummates the marketability the property price structure mechanism, the guidance resources optimization disposition; Is advantageous in the cultivation mature institutional investor troop, provides the risk management tool for the investor.This article altogether divides into five chapters, the first chapter is an introduction, first elaborated under the domestic and foreign economical environment situation, had pointed out the stock index stock promotes the background and has the research significance, then has made a summary on the domestic and foreign related and the stock index stock related literature, thus may understand that this article promotes about the stock index stock to the stock market influence research present situation, finally had pointed out again the article structure, and showed this article innovation as well as insufficient. The second chapter is carries on to the stock index stock this kind of finance derivation introduced that understood its concept, and had pointed out the stock index stock has the earnest money transaction, the bidirectional transaction, the same day to rotate the system, the transaction cost to be low, what contract sign is the stock price index as well as the cash finalizes and so on characteristics, then introduced again global and our country stock index stock's development process, and elaborated in the entire field the derivation present situation. The third chapter analyzed the stock index stock to have the circumvention systematic risk, the information transmission, the price to discover and functions and the stock index stock and so on property disposition promotes to the stock market four aspect influences, namely the sign index trend, the sign index's undulatory property, the sign index became distributes stock shares as well as aspects and so on market fluidity. The fourth chapter introduced the stock index futures market's condition, first introduced our country stock index futures market's organizational structure and the investor constitute, has like this found out in the market whole operation situation, then introduced our country first stock index stock sign index Shanghai and Shenzhen 300 indices as well as the Shanghai and Shenzhen 300 stock index stock contracts again, thus clearer understands the Shanghai and Shenzhen 300 stock index stocks specifically. The fifth chapter is this article real diagnosis part, first introduced around the stock index stock promotes the Shanghai and Shenzhen 300 index trend situations, around then the Shanghai and Shenzhen 300 index 5 minutes closing prices will divide into the stock index stock to promote two stages, conducts the research to the Shanghai and Shenzhen 300 index's un-adulatory property, has used unit gauging devices again and so on root examination, association entire examination and Grainger causes and effects examination has analyzed the Shanghai and Shenzhen 300 indices and the stock index stock 1 minute trend price relations, finally proposed to the related question three policies suggested; first, the perfect stock market, provides the safeguard for the stock index stock's healthy development; Second, strengthens the capital market the risk management, prevents the artificial operation market; Third, strengthens to the investor the education and the instruction, causes it even more rationalize transaction. |
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