| Price volatility is the basic characteristics of the stock market, so price volatility has always been the focus and hot spot for the research of capital market.The price of our stock market operating environment has undergone tremendous change and the traits of stock price volatility also be affected after introducing the stock index futures. It is also based on this background.The basis of research and organize the vast literature, firstly it reviews the status at home and abroad, summed up the proper methods. Secondly, it explains the empirical approach briefly and then is the empirical test parts with the CSI300Index closing price:First, the overall sample data analysis and research, in order to test the validity of the model, followed by this study need to add dummy variables, and then, on this basis, further empirical analysis of sample data, the proposition results prove that this article has value and significance of research, then the wavelet decomposition of the sample data, which is where the text of the highlights, innovation lies, and then of the fluctuation data generated after the wavelet decomposition empirical research, and finally found that its presence makes the conclusion of this article more persuasive, credibility, scientificFinally, according to the empirical study concludes:positive effect on stock index futures on China’s stock market volatility,but the effect is small.In view of this situation, this paper puts forward some policy suggestions:to enhance the ordinary trader education;to Improve the stock index futures contracts;to perfect the structure of investors;to unify the trading system of the spot and futures market;to launch of stock index options properly. |
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