Research On The Discovery Function And Volatility Spillover Effect Of The CSI 300 Stock Index Futures Price

Stock index futures were born first to meet the market traders in the face of investment risk when the lack of hedging tool needs.Over the past 30 years,the rapid development of stock index futures,Shanghai and Shenzhen 300 stock index futures officially launched,whether for investors to hedge the needs of China's financial market or long-term development point of view,have a historic significance.Looking back on the year 2015,for the A-share market and stock index futures is a very fast conversion year,so that most investors thrilling year,overjoyed,frequently appear thousands of daily limit of thousands of shares limit the macro scenes.Management in order to stabilize the market,as much as possible to reduce the losses suffered by investors in the stock market crash after the introduction of a number of targeted policy measures,such as increasing the alleged manipulation of the market crackdown on the introduction of the stock index futures limit Regulations,etc.,in the stability of various measures,the current market has basically become normal.Based on the analysis of the existing research results,this paper makes a theoretical study on the actual performance of China's stock index futures since the listing of the six-year stock market.(EGARCH model)is used to analyze the volatility spillover effect of Shanghai and Shenzhen 300 stock index futures by means of stationary test,unit root test and Granger analysis,generalized autoregressive conditional heteroskedasticity model.On the basis of theoretical analysis and empirical test,this paper analyzes the current situation and existing problems of stock index futures in our country,and makes the conclusion of empirical research in line with the explanation of economic significance and practical significance.Finally,the corresponding reasonable suggestions and prospects are put forward.