The Study On The Influence Of Stock Index Futures On Stock Market

With the deepening of economic globalization and shareholder structure reform, the process for financial market has been obviously paced up, the growing importance of the Chinese economy in the global economy is increasingly clear to all. Since the 1990s, the global market of the stock and the index futures had a new era of rapid development; at the meantime, the stock market was rising together. Financial instruments and derivative financial instrument are play an important function in the financial sector, especially the stock index future which has grown at a high speed. At present, the stock index futures are beginning to gain currency in the china security market. Therefore, we focus our research on the influence of stock index futures market on stock market and Chinese financial development as the presence of the stock index futures.In this paper, a representative of several different counties, in the exclusion of different circumstances with relative value as a research data to the S&P500 as the standard for compassion between the index futures market and stock market. Then, the article analysis the stock index futures before and after the stock index of the characteristics in the stock market. At the same time, the paper also uses the GARCH model for volatility in order to get a better result.Before researching the influence of the stock index futures, the thesis defines the background, meaning, method and structure system of the research in the chapter 1, it provides the reason why we want to study and outline of this paper. The chapter 2 starts with the definition feature and function, it provides the history, current stage and development for aboard and domestic stock index futures respectively. Chapter 3 is based on experience from different countries and regions, using empirical analysis to get the conclusion through two sides: volatility and fluctuation. Finally, chapter 4 is integrated with the specific characteristics of our country to analysis the influence after the stock index futures operating, and some other related issues, the paper elaborates on investment strategy investment research after the stock index futures starting briefly in the end.