The Positive Analysis Of The CSI 300 Stock Index Futures To The CSI 300 Stock Index

Stock index futures have been the contention since its launch.The influence of stock index futures on the stock market volatility has also been a hot topic in the academia and practice research.Standing in the Angle of investors, the volatility of stock market directly influences the investment return and risk; Stand in the perspective of regulators, the stock market fluctuations directly determine its policy orientation, importantly influence diversification of financial derivatives.Therefore, to deepen the impact of stock index futures on the stock market volatility, for all kinds of market main bodies all has the important practical significance.At present, the S&P 300 index is widely used as a series of income measure and track targets, rising more and more attention to its volatility. Since the operation of S&P 300 stock index futures in China, there are lots of theoretical and empirical researches focusing on the underlying market spillover effect of the S&P 300 index futures.However, due to the twists of stock index futures in China, there is relatively few research data. In the meantime, there are lots of restrictions on the research methods to the applicability and flexibility. It is difficult to reach unity about the research conclusion s well. The latest data since its launch is selected in this article. The influence of the S&P 300 index futures is discussed and contrasted from the perspective of long-term and short-term research.In this paper, the S&P 300 index futures spillover effect to its target market is regarded as the research key, the stage before stock index futures, the short stage after stock index futures and the long stage after stock index futures is regarded as the time window, the influence on stock index futures launch event is quantified by the the form of virtual variables, the influence of SHIBOR one-year interest rate and stock market scale is eliminated and the comparative analysis is operated based on the results of different time windows.