| Stock index futures is a kind of quite important financial derivatives.In 1982,Pollination of stock index futures contracts appeared in the United States.Although the capital market formed shortly in China,it has developed rapidly.CSI 300 index futures officially listed in April of 2010,which is a milestone in the history of Hermeneutics and marks our country completely farewell the history of without risk management tools.It is helpful to establish and improve the capital market system,and also to improve the operation efficiency further.Now,the academic and industrial circles are paying more and more attention to Stock index futures.With the continuous development,more and more various Stock index futures form,for example,China Financial Futures Exchange(CFFE)lists SSE 50 Index Futures and CSI 500 index futures on April 16,2015 which is not only filling the gaps in the large-cap stocks and small cap stocks,but also promoting the diversification of stock index futures.The function of stock index futures manifests in two aspects: hedging and discovering price,besides,it is conducive to avoid systemic risk.Meantime,the problem of whether stock index futures withdrawal affects the volatility of the spot market should be further studied.As for this question,so many foreign scholars have also analyzed the mature market through positive research and formed diverse perspectives.Nowadays,many Chinese scholars start to study such questions and still have not acquired unified conclusion.Some scholars point out,there are so many speculators in stock market,futures is high leveraged,all of which can increase the volatility of the market.As far as some scholars are concerned,the hedging function of Stock index futures has the ability to restrain market volatility,which is conducive to stabilize the market.In June 2015,the stock market broke out serious decline event arousing suspicion for stock index futures,some people regarded it as the main cause of spot market instability.Especially in January 2016 when Circuit Breaker was carried out,an increasing number of people strengthened the focus on the relationship between stock index futures market and stock market.Therefore,the impact of stock index futures on the stock market is analyzed based on volatility and mobility,and the solution is put forward in the basis of corresponding research results aiming at stabilizing our financial market.The impact of stock index futures on the stock market volatility will be analyzed theoretically based on the related theory,at the same time,the impact of stock index futures on the stock market also be studied empirically based on the macro level.Eventually,the corresponding solution will be formulated so as to stabilize financial markets. |
