The Impact Of Stock Index Options On The Volatility Of China Stock Market

Stock index option, along with the rapid development of global financial derivatives and rapid rise, now occupy a very important in all kinds of financial derivatives. On February 9, 2015, the Shanghai 50 ETF stock options traded on an exchange, the Shanghai and Shenzhen 300 index options are rubbing their hands in the simulated trading, is expected to not just in the future, you can officially listed for trading. Stock options as a stock index derivatives of options for target, has been to the securities market plays a price discovery and risk management, improve the efficiency of capital use, for the introduction of stock options to what kind of effects on the stock market has always been the most pressing question.Under this background, the stock index options after introduction, the purpose of this paper is to research the change of stock market volatility, in order to study the introduction of stock index options, the influence of the volatility of stock cash market, and forecasts the csi 300 index launched after the volatility of the stock market, we have a certain stock index options of the nature of the Shanghai 50 ETF options has carried on the empirical analysis, and then to Hong Kong of China, Taiwan of China, Japan, South Korea’s four market stock options as the analysis object, for the four market with the combination of qualitative analysis and mathematical analysis methods were studied. This article mainly through choosing the market launch before and after the stock index returns in the stock index options data as sample, in logarithmic difference yields reflect market volatility and risk characteristics, select GARCH model to deal with target market share index, using EGARCH model before and after the launch of stock index options information after impact is analyzed and the influence of further validation, combined with our country market and the surrounding four empirical results are compared and integrated.Lies in the Chinese market in contrast, we see that the volatility of the stock market after the introduction of stock index options, the introduction of stock index option for the most part will not have direct impact on the volatility of the stock market, which China and other markets is the basic consistent, but from the perspective of the differences of information impact, options before, during and after the introduction of Chinese stock market impact information asymmetry affect the increase would happen.When we launched the csi 300 index options conditions in our country stock market prediction, in combination with the results of empirical analysis, we concluded that the csi 300 index options after the launch of the short term, the volatility of the stock market will get improve in the short term, but long-term volatility will reduce gradually, the csi 300 index options for the movements of the stock market will not have too big impact, and stock market liquidity will because options products is rich, and improved.