The Influence Of Introduction Of Stock Index Futures On The Effect Of Chinese Monetary Policy

Stock index futures is a20th century one of the most important financial innovation, as a large variety of financial derivatives provide an important risk management tool for investors. With the maturation of China’s capital market, the promulgation and implementation of relevant laws and regulations, China’s Shanghai and Shenzhen300shares index futures were launched on April16,2010. CSI300index futures market to further improve the structure of China’s capital market, increase the liquidity and efficiency of capital markets, has injected new vitality into China’s capital market.Relationship between capital market and monetary policy for the current currency one of the most cutting-edge issues in theoretical research. In recent years, the rapid development of the stock market, shares in proportion of household assets structure is increasing, more and more enterprises in the stock market as an important channel of direct financing, which makes the stock market transmission mechanism of monetary policy in China’s monetary policy transmission system is playing an increasingly important role. Therefore, a large number of scholars to study the stock market transmission mechanism of monetary policy, but little research has been the introduction of stock index futures on the effects of monetary policy transmission mechanism. Index futures has stock by not has of function, as price found function, price found on economic resources of configuration and flows played with lights of role, can improve resources of configuration efficiency; index futures sets period hedge function, will rich stock market participants of investment tool, led or promoting stock spot market trading of active, and reduce concentrated sex selling on stock market caused of panic sex effects, on average shares level of violent fluctuations up to buffer role, To avoid systemic risk has an invaluable role, and it will help promote China’s monetary policy objective is achieved. With the constant expansion of the stock index futures trading, studying the impact of stock index futures on the transmission mechanism of monetary policy plays an important role.This paper is divided into four parts, the first chapter presents the background and significance, and reviewed the current situation and research trends at home and abroad, introduced the ideas of this paper and on the basis of this framework, as well as the research methods used, and finally pointed out that the innovation place. Chapter two effect on conduction mechanism of monetary policy of stock index futures is analyzed, which first introduced the transmission mechanism of monetary policy, and describes various channels, such as credit, interest rates, exchange rates and asset prices. The chapter of second Department points on index futures on China currency policy conduction mechanism of effects for theory analysis, index futures through two species way effects currency policy in financial markets of conduction, a is and spot price contact, II is through its trading of particularity for effects; index futures on currency policy conduction to entity economic has must of effects, due to index futures trading of particularity, as lever trading, on investment and consumption has must of effects, makes currency policy of wealth effect and Tobin q theory effect more of significantly, And because of the stock index futures hedging effect makes the balance sheet channel down. Empirical analysis of stock index futures in the third chapter the effects of monetary policy transmission mechanism. The part main by two big content composition, a is using measurement economic model analysis has currency policy through currency supply volume and rates effects index futures price, through empirical analysis known, currency supply volume and index futures price exists long-term of balanced relationship, and rates and index futures price not exists long-term of balanced relationship; II is empirical analysis has index futures of launched on currency policy conduction mechanism of effects, using pulse response function analysis on index futures launched before and after of currency policy conduction for compared, And the introduction of stock index futures has a certain influence on monetary policy transmission mechanism. Finally, theory and empirical analysis of the monetary authorities to make appropriate recommendations.