The Research Of Liquidity About Stock Index Futures On Share Market

Stock index future is standardize contract which is based on stock index, the parties agree to buy or sell the index at a certain time in the future at a mutually agreed upon price. As one of the future, stock index contains the functions:hedge, speculate, manage risk and so on.With the development of capital market, stock index future is becoming important for increase the efficiency of the security market. But lacking of knowledge about future and experiences, supervisors and investors worry about the positive effect.To solve the problems the new product can work efficiently.The first chapter elaborates the theories about stock index future’s influence on currency fluency, makes comparison of main research methods and results the background and meaning of the research.The second chapter introduces the emergence and development of both global stock index future market and China’s stock index future market. Then it elaborates the basic function of stock index future in economics and stock index future’s influence on currency market.The third chapter depicts the definition and criteria of fluency, how stock index future influences stock market and the bi-effect.The forth chapter focuses on empirical research. It deepened the research on the stock index future’s influence on the fluency of stock currency market in theory and empirical research.The last chapter derives the result depending on empirical research, and gives advices on the devise and arrangement of China’s stock index future market, which is based on the condition of current development of capital market.First of all, investors should raise their ability to manage risk. The government should put more efforts on the advertisement of market and education of investor, in this way people will know more about the rules and risks of stock index future market. Secondly, speed up the process of legalizing the stock index future market. Stock index future market will develop based on law.Thirdly, multiply the species of product in stock index future market. In this way the market can provide more channels for the investors.Fourthly, we should enhance the supervise ability of inter-market. The authority should support the construction of stock index future market, and carry on furnishing more elites.Last but not least, the government should build strict rules to control risks. The authority should increase the ability to test the risks in the stock index future market, and decrease speculate and control in the market.In a word, stock index future market has both positive and negative effect on our stock market. In order to prompt the development of stock market, the authority should supervise of market much better than before.