On The Csi 300 Index Futures Market Function Change Comprehensive Considerations

China’s stock index futures market opened in April16,2010. Which introduces short mechanism that marking the end of an unilateral market for20years. China’s securities market gradually matured.According to domestic and foreign research results, Affect of introduction of stock index futures on the index in very different, at the same time the price discovery function of stock index futures is also considerable controversy, so great discrimination appeared before the launch of stock index futures. The focus is if stock index futures are able to play to its functions under the condition of the premature spot market in our country, Stock index futures market has been opened for more than one year. We want to test whether the function of stock index futures are being gradually optimized, or failed due to the imperfections of the system of the spot market and unreasonable structure of the investors, even caused great harm to the spot market.This paper considers the function of Hushen300index futures based on the price discovery function and stability function. The paper adopts vector error correction model, Information share model and Transient model of permanent and impulse response analysis in considering the price discovery function, and GARCH type models are adopted in researching the stability function of index futures. The results show that the price discovery ability of hushen300index futures has been significantly improved and future market begin to play a decisive role in price discovering. The stability functions of Hushen300stock index futures also did significantly enhance with a deteriorating trend.