A Research On The Influence Of The Stock Market's Volatility Under China's Stock Index Futures

Stock index futures is along with the development of economy,and at the same time it can improve the capital market,and gradually formed from the futures contracts to commodity futures and financial futures,including interest rate futures,bond futures,stock index futures,etc.This is the product of a market economy has been developing.The 1970's oil crisis triggered the economic crisis,the financial crisis in developed countries,developed countries economies capital market turmoil and economic instability,sharp fluctuations in interest rates,exchange rates,stock market swings,the stock market is a barometer of the health of operation of macro economy,how to prevent systemic financial crisis from the financial sector,has become urgent problem to consider,policymakers and investors.In this background,stock index futures arises at the historic moment.Stock index futures to hedge risk,price discovery and hedging hedging,asset allocation,value investment,and other functions,is the present capital market is one of the most active derivatives.Stock index futures trading activity reflects a country's financial market developed.January to December,in 2016 the national futures market accumulative total volume of 4.1billion hands,accumulative total turnover of 196 trillion yuan.Even tighter regulation in 2016,stock index futures trading limited,the futures market is still the most active market.Stock index futures is introduced by avoiding financial market systemic risk,then evolve into hedging,investment,financial instruments.But in 1987 the United States before and after the period refers to the launch has caused a crash in 2015 and China 500,the Shanghai 50 rare stock market launch in China less than a month thousand shares drop stop phenomenon caused the people to the stock index futures to the stock spot market risk aversion function of questioning.On April 16,2010,our country for the first time introduced the CSI 300 stock index futures,on April 16,2015 launched the CSI 500 index futures and Shanghai 50 index futures,this is for a perfect capital market system in our country,is beneficial to promote capital market liquidity and efficiency,is the important milestone in the development of capital market of our country.Under the background of the research on the impact of stock index futures on stock spot market volatility research is of great significance.For stock index futures on the volatility of stock cash market,there are a lot of research both at home and abroad,part of the study tend to stock indexfutures accelerate the volatility of the spot market,part of the study tend to stock index futures to defuse the spot market volatility,part of the study tend to influence,due to the different economic environment and the emphasis of the study concluded that different conclusion is normal,this is the charm of stock index futures research.On the impact of stock index futures on the volatility of the spot market research is always one of academia,a research focus.Abroad thanks to the development of stock index futures history long,perfect capital market system,perfect regulation system,so the study of stock index futures is mature.Domestic short due to the development of stock index futures,single variety,so most studies still at the stage of research and analysis of overseas mature markets,the study of domestic three big stock index futures is not a lot.Considering the current domestic research board and the present situation of our country's economic development,this article based on the related research at home and abroad,the theory of stock index futures to conduct a comprehensive analysis,and combined with our country since 2010,research and analyze the specific development of the stock index futures,the concrete conclusion and analysis the reason,to the healthy development of stock index futures market in China is put forward constructive Suggestions.In this paper,the logic structure is clear,after comprehensive comparison the domestic futures market abroad,through the analysis of domestic and foreign research in detail,the development of more mature markets such as the United States,Japan,the development of China's futures market has very important reference significance.This article focuses on the csi 300 stock index futures,because csi 300 stock index futures samples,all basic covers the city of Shanghai and shenzhen two leading enterprises,has a strong representative,the empirical analysis,through the establishment model can objectively reflect the real market situation.In this paper,theoretical analysis in place,the five effect of stock index futures to a comprehensive and detailed analysis,can fully evidence of the significance of stock index futures research can guide the healthy development of stock index futures market in China.Csi 300 stock index futures in China was introduced in 2010,the CSI 500 index futures and Shanghai 50 index futures launched in 2015,the development history of them are relatively young,especially the 2015 launch of stock index futures,and the use of the CSI 300 data more convincing,although the domestic stock market crash in 2015 prompted the policy level in 2016,the stock index futures is heavily regulated,but the market will need to return to rationality to the general equilibrium,explore the deeper level of stock index futures and stockmarket relationship is the purpose of this article,the stock index futures on the spot market is help up to down effect or slow release effect,we need to conduct further research,makes an empirical analysis on the basis of theoretical research.Combined with the conclusion of empirical analysis and the development status of Chinese stock market,guide the future capital market practice.