The Effects Of Stock Index Futures On Security Market In China

As an important instrument of financial derivative, Stock Index Futures, which have the functions of finding price and hedging etc,were applausive by most securities market investors rapidly and is titled'the best exciting innovativeness in finance in 1980's . Although the function of Stock Index Futures were doubted at stock market collapse of USA in 1987, through a series of surveys and analyses, Stock Index Futures are renewedly recognized very important in developing capital market. The prejudices, like Stock Index Futures caused market collapse and multiplied the risk of stock market shake, were wiped off. On the other hand, the discusses induced by stock market collapse developed Stock Index Futures. Since 1990's, Stock Index Futures is rapidly expanded in scales and areas, and was described to be a symbol of the advanced stock markets in the world. As an instrument of eluding the market system risk,Stock Index Futures have been used to developing the function and improving the competition of capital market in most of country. Facing the financial market competitions being fierce day by day and the capital market opening progressively, it is necessary for our country to put out Stock Index Futures in developing mechanism of capital market .The thesis has five parts in all. The first part introduces the concept and fictions of Stock Index Futures, and analyses the characters of Csi300 stock index.The second part analyses the relation between Stock Index Futures and Underlying Assets, pointing out that Stock Index Futures coming from the underlying assets business.The third part summarizes the effects of Stock Index Futures to capital markets through analyzing evidence researches and the facts in difference country.The fourth part analyses the effects of Csi300 index future to security market in our country.The fifth part concludes that it is necessary to put out Stock Index Futures in our country in the near future.