Empirical Research On The Impact Of China's Spot Market, The Stock Index Futures

Recently, the Stock Index Futures has become one of the most popular topics in the stock market. Especially the introduction of "Futures Exchange Management Regulations" which marks the timing of introducing the stock index futures is basically ripe. The launch of stock index futures will have a far-reaching impact on the stock market and the whole national economy.This paper based on the development of stock index futures and basic theory of stock index futures. The paper which contacted with other person's scholars experience, combine theoretical and empirical analysis methods, analysis the impact of transitioning the stock index futures on China's stock market, as well as decision-making and supervision by the relevant policy recommendations. The paper mainly analyses the HS300 stock index futures by using the qualitative analysis and empirical analysis, and advance the policy recommendations which is base on the research result and about the development of our country's stock index futures market. The impact of the stock index futures can be divided into two aspects: First, the paper, by using the qualitative method, analyses the volatility relationship between the spot and futures and the spot's change after the futures introduced. Second, by using the GARCH model, research the alteration during the period which is around the time of introduced of the stock index futures. Simultaneously, combining the empirical research conclusion, the paper also proposed relevant policy recommendations. The main conclusion of this paper can be summed up into two aspects: First, the fluctuate of the spot market has been pricked up by the introduction of the emulational trading of HS300 Stock Index Futures. Whether the Stock index futures or it impact have certain risks. Second, in view of this risk, expand the positive effects of stock index futures, and minimizing the negative impact.