The Influence Of Stock Index Futures On China's Stock Market

This dissertation is a study on Chinese stock index futures.The stock index futures are brand-new derivatives which derive from the stock markets.Stock index is the underlying assets of stock index futures.As their advantages,after two decades development,it's transtion scale growth rapidly.And their impact on stock markets is much more significant these years.This paper is divided into six chapters,the first chapter is introductory chapter,the main content is put forward the topic which combined with the actual situation of China's stock market,and then reviewed the results of empirical research of domestic and foreign scholars.The second chapter introduced the generation and development process of the stock index futures,focus on the function and transaction charicteristics of the stock index futures.Chapter three introduced the status of China's stock market before the formal launch of the stock index futures,and then described the HS300 and HS300 index futures contract in detail.Chapter four described the impct on stock market which after the introduction of foreign stock index futures.Chapter five is the key chapter of this dissertation,in this chapter first introduced the unit root test and cointegration theory,and then use HS300 index and HS300 index futures closing data as the sample data with the methods of the econometrics theory for analysis,concluded that:through the cointegration empirical study there is a long-run equilibrium relationship between HS300 index and HS300 index futures.But there is no actual capital flows between the two markets,so the analysis results of this article is imperfection and need for futher tests.Chapter six made a number of policy recommendations.