The Study Abour The Stock Index Futures’ Influence On The Stock Spot Marker’s Volatility

As the first financial futures, HS300stock index futures was traded in the China Financial Futures Exchange on April16,2010. HS300stock index futures has become a milestone because it has changed the transformation of China’s securities market system. HS300stock index futures has become a finanicial innovation in china. HS300stock index futures is a tool. HS300stock index futures is derived from the spot market.Can it in favour of the stable development of China’s stock market or create the volatility of market?There are different views in academia.It has caused a wide range of concern in community.The author has collectd,processed data from June26,2008to Feburary10.2012. Garch model and other measurement tools are used in the process of an empirical analysia of the daily rate.In order to provide some valuable references in the study of HS300Stock Index Futures.while helping to understand and help regulate the capital market in China.On the basis of the theoretical analysia and empirical research.the author concluded some conclusions.As follows:First, the return of HS300index is stable, no significant autocorrelation, with a clustering phenomenon and has ARCH effects. Second, the frequency distribution has fat tails and it fails the Jarque and Bera test for normality.Last but not the least.based on the sample variance and the GARCH model method, the variances between the two periods (before and after the introduction of stock index futures) were slight changes at5%level, that is to say the introduction of stock index futures has no significant effect on the stock market volatility. There is a certain reference value on future researches.