Analysis On The Reason Of Introduction Of Stock Index Futures In China

Based on the background of immature stock market, international financial reform boom stimulated by global financial crisis and China capital market's increasing pressure of opening to the outside world, China has introduced Hu-shen 300 stock index futures which has triggered a wide debate over the reason why China has introduced stock index futures. If we can't be certain about the reason why China has introduced stock index futures, we would not provide effective suggestions for the trajectory of China stock index futures market. For this reason, it is significant both theoretically and practically to explore the reason why China has introduced stock index futures.The researching methods used in this dissertation include normative analysis and descriptive study method, combined with statistical analysis, logical induction and deduction methods. Specifically, when constructing the theoretically analyzing model, normative analysis and logical induction method are used to study the forerunners' research theory and then induce and format three kinds of viewpoint about the reason why China has introduced stock index futures. When analyzing the three kinds of viewpoint about the reason why China has introduced stock index futures and the reason why China has introduced stock index futures, descriptive study method is used, including comparative, statistical with logical deduction. Finally, adopting the methods of deductive to provide effective suggestions for the trajectory of China stock index futures market.The general roadmap of this dissertation is as follows:based on the forerunners' research theory, three kinds of viewpoint about the reason why China has introduced stock index futures has been induced and formated. When analyzing the three kinds of viewpoint about the reason why China has introduced stock index futures, a new method of analyzing the reason why China has introduced stock index futures has been found out, which is analyzing the reason why China has introduced stock index futures from the view of government. Based on this method, a more clear and comprehensive explanation for the reason why China has introduced stock index futures has come out. Based on this explanation, policy suggestions for the trajectory of China stock index futures market has been given out.This dissertation is logically assembled with three parts. The first part is about the theoretical construction (including chapter 1). The first chapter is about the collection of relative studies of researchers besides the introduction of the research background and significance of this dissertation. Based on the forerunners' research theory, the research task has been put forward.The second part of the dissertation is analyzing reasons why china has introduced stock index futures (including chapter 2 and 3). In chapter two, based on the forerunners'research theory, three kinds of viewpoint about the reason why China has introduced stock index futures has been induced and formated, which are the viewpoints of futures can stabilize stock market, fighting for pricing with Singapore, the time is right for introducing stock index futures. When analyzing the three kinds of viewpoint, a new method of analyzing the reason why China has introduced stock index futures has been found out, which is analyzing the reason why China has introduced stock index futures from the view of government. In chapter three, when realising the essential of introducing stock index futures is a government decision results, research conclusions has come out that the reason why china has introduced stock index futures is conforming to the demand of securities market, perfecting stock market and futures market, coping with external competition and challenge more effectively.The third part of this dissertation focuses on conclusions and suggestions (including chapter 4). Among which the first part is a summarize about the main content of this dissertation, the second part are policy suggestions for the trajectory of China stock index futures market, the third part is about the relevant problems of further study.The main conclusion of this dissertation is as follows:the government of china has allowed stock index futures listed in China because the stock market scale has been able to support stock index futures market running smoothly, cooperating with securities financing business, the stock index futures could be a reliable method for improving and development of stock market and futures market, stock index futures market could be a effect way to responding to the competition of overseas stock index futures market and promoting financial market better adapt to the financial globalization. The domestic factors which do harm to the development of stock index futures market could be solved after the building of stock index futures markt by setting up representative share price index, gradually developing pricing function of stock index futures market, realising benign interaction between stock market and stock index market, and then promoting further development of domestic financial market. The competitive pressure coming from international financial market could be responded by learning the experience of the advanced international financial market and prompting stock index futures market growing fast under the protection and supporting of our government within the rang the international interests group allowed. All in all, the policy of allowed stock index futures listed in China is the decesion made by the government of China who stand in the strategic height and has comprehensively considered the pressure coming from domestic and foreign interests within the rang the two interests group allowed. The policy of allowed stock index futures listed in China dose good to developing domestic securities market and coping with external competition and challenge more effectively.The possible new ideas of this dissertation may be (1) to induce and format three kinds of viewpoint about the reason why China has introduced stock index futures based on the forerunners' research theory, which are the viewpoints of futures can stabilize stock market, fighting for pricing with Singapore, the time is right for introducing stock index futures, and then separately giving out the detailed introduction and evaluation for the three viewpoints; (2) to realise the essential of introducing stock index futures is a government decision results by analyzing and evaluating forerunners' research theory, and then get a more clear and comprehensive explanation when analyzing the reason why China has introduced stock index futures from the view of government. The deficiencies of this dissertation are as follows:(1) considering many causes are difficult to be explaned by measurement method, econometric analysis method is avoided, which lead to a more single research method; (2) considering the limitation of length and the emphasis of the topic, the analyzing of relationship between stock index futures and all financial markets is avoided, which lead to a not specific research content; (3) more strategic and principled suggestions for the future development of stock index futures, a lot of specific problems are still not involved.