An Empirical Study Of Stock Index Futures' Influence On Spot Market

Stock index futures as a financial derivative products, its role has been more and more attention. Stock index futures, known as the20th century's most successful financial products, the impact of stock index futures on the stock market is good or bad, but has not been conclusive.April16,2010, China launched a domestic stock index futures contracts-CSI300stock index futures contracts. So far, the CSI300stock index futures contracts has launched a year and a half, How the stock index future impact the entire stock market? This is an all stock market participants are concerned about the issue, but also the concern of regulators. This paper aims to answer these two questions.In this paper, the research method is the first CSI300Index and the CSI300stock index futures data Granger test, the results of the empirical analysis of the CSI300stock index futures, found that the role of prices in our market. The CSI300Index before and after the launch of the CSI300stock index futures GARCH CSI300stock index futures on China A-share market volatility impact analysis, the empirical results.On the basis of empirical research, combined with China's actual situation, the author puts forward his own policy recommendations:(1) Increase the variety of transactions, and improve the trading system.(2)Adjust the market structure, increase the proportion of institutional investors into the market.(3)Develop hedge funds, with stock index futures is constantly active, we should set up a certain number of hedge funds to participate in the market.