A Comparison On The Development Patterns Of Stock Index Future And Choice Of China

This thesis is mainly delivered by comparison of two different development pattern of stock index future in different countries. In the recent 20 years, world capital market has maintained long time prosperity, and securities business has also developed in a high pace. But along with the development of securities business, the great fluctuation of stock price has happened more and more often the demand of risk management raise as well. And stock index future is the instrument that can be used to hedge or arbitrage, which also promotes the development of the stock index future. In 2007, 40 countries in the world have built their own system of stock index future with more than 100 different indexes, and trade volume has amount to 4.46 billion.The comparison of the two patterns will be about the reasons, conditions, influences of introducing index futures and its relationships with the stock index. And this thesis will have the background of long time development of stock index futures in other countries. Through the comparison, the thesis will use the theory of institutional economics about the change of system. And the development approach of index futures will be reduced in two patterns: induced institutional changes and mandatory institutional changes. The purpose of the thesis is to learn from the experience of different pattern in development of index stock futures.The content of the thesis is mainly about: first in chapter 1, it will be about the research object, purpose, and a brief summary of analysis and research of economist both from aboard and in China. Still, the thesis will point out the innovation. In chapter 2, it will introduce the development of stock index futures; its economic function in investment in security market; the two patterns of index futures. In chapter 3, it will be about introducing condition in different countries, for example the stock index futures in America, British, Korea and Singapore. Then, in chapter 4, it will analyze the influence of index futures to security market. And it would emphasis on the influence of liquidity and fluctuation. And then in chapter 5, the thesis will be about the choice of China in introducing pattern of index futures, and an analysis of the condition of China's introducing of index futures will be followed. Finally, it will sum up the character of two different patterns.Through the comparison of two different development patterns, the thesis will finally conclude in detail about the establishment of specific system in China with consideration of advantages and disadvantages of the two patterns.