Csi 300 Stock Index Futures Market The Validity Of The Research

The hushen 300 stock index future officially traded since 16th, April, 2010, which represented the establishment of financial future market in China and have raised wide concern and investigation.About theories on market efficiency, the Eugene Fama market efficiency theory is quite hard to be analyzed in reality and thus lack of application, which is now still the dominant one in the area. This article is about analyzing the market efficiency of hushen 300 stock index future market through investigation on pricing mechanism, price discovery function and the effect on fluctuation range of hushen 300 stock market. Through analyze, the author finds that the hushen 300 stock index future does have price discovery function(about 10-15minutes ahead the stock market) and can efficiently reduce the fluctuation range of its bid stock market(historical fluctuation reduced from 0.238266 to 0.206121, and realized fluctuation from 0.062511 to 0.046925). All these results help to develop the answer that the hushen 300 stock index future market is a efficient one.At last, the author tries to apply the investigation into the FAMA efficient market theory and finally finds the market can be treated as the so-called weak efficient market.