Stock Index Futures On The Stock Market Impact

Stock index futures as a stock price index for the underlying assets of the financial derivative products, financial futures is the youngest in the family, one of the most dynamic members. Stock index futures as a representative of the financial futures and the emergence and development, the futures market has undergone enormous changes, and fundamentally changed the pattern of the futures market.As an important component of the financial stock market, stock index futures can not only reduce the systemic risk, improve investor structure to meet the needs of investors diversified investment, but also price discovery, hedging and asset allocation function can effectively improve the financial and the function of the market mechanism, which in the international capital market development in a more and more important position.So the discussion of the stock index futures has become the hot topic in the critical circles, people from all walks of the market are very concerned about the impact of stock index futures to China's securities market. In view of this, based on the domestic and international research in the past, the paper reviews XinHua-FT A50 index futures and HuShen 300 index futures for research, which are closely related with the China's Mainland market, and makes an attempt to analyze the impact of volatility, liquidity and components premium phenomenon of stock index futures. In addition, with the combination of the characteristics of the domestic security market and future market, this paper focused on the forecasts about the launch of the stock index futures, and gave us a number of policy recommendations in a targeted manner.In the respect of research methods, since the stock index series exhibit the self-related and heteroskedastic characteristics, which cannot be studied by the traditional risk-return method, we introduce the GARCH models as tools including TARCH and EGARCH non-symmetric models to make empirical analysis of sub-samples of stock index futures markets in different development stages and different areas.China since the past 30 years of reform and opening up, the national economy achieved rapid growth and the stock market has continually develop and grow, but for the lack of space in the market mechanism, the risk of price fluctuation can not be effectively eliminated, is not conducive to the country's economic and financial macro-control. This paper summarized in the United States stock index futures market development experiences and lessons learned on the basis of China's stock index futures for the development of the market for reference and reference value.