Hedge Funds Against The A-share Market Study On The Influence Of Stability And Its Asymmetry Effect

In March 2010,the China Securities Regulatory Commission officially opened the margin trading business,and in April opened the stock index futures business,which laid a solid foundation for the growth and growth of China’s hedge funds.Over the years,through the establishment of investment companies in China,international hedge funds have gradually entered the Chinese financial market,and at the same time,Chinese hedge funds have continued to grow in competition.However,at this stage,China’s regulators still face a serious problem of how to develop hedge funds.In China,the main hedging instruments of hedge funds are margin trading and stock index futures,so this article will conduct empirical analysis based on the actual data of these two hedging instruments,and study the two major hedging instruments in China,namely financing and margin trading.The impact of stock index futures on the stability of the A-share market and its asymmetric effects.First,using the CSI 300 Index as the dependent variable,hedging index,financing balance and margin margin as the independent variables,collect monthly data from these four variables from March 2010 to January 2020,and empirically test these four variables Research and explore the mutual influence between them.By fitting the VAR model and the VEC model,it is found that the hedging index is positively related to the CSI 300 index,that is,the hedging index increases,and the broader market index will also increase.This result also tells us that in a certain In a sense,China’s Sunshine Private Equity Fund transactions will refer to the impact relationship between these two indexes to a certain extent,and use this to make investment decisions.On the other hand,we can conclude that the balance of the two funds The CSI 300 Index has a significant impact,but the degree of impact is not large,indicating that under the current scale of margin financing and short selling,the financing of short selling and margin trading can not have a great impact on the market trend.Secondly,this paper conducts an empirical analysis on the daily return data of the Shanghai and Shenzhen 300 Index.The sample interval is from January 4,2002 to January 9,2020.The residual square graph and ARCH-LM test indicate that the data has an ARCH effect,so,GARCH can be modeled,and it is concluded that the implementation of stock index futures will indeed play a role in stabilizing themarket,and by fitting the GARCH model between partitions,it can be further concluded that the market stability has changed significantly after the introduction of stock index futures.it is good.Finally,through the establishment of the TARCH model,this paper studies the asymmetric effect of stock index futures and margin financing hedge funds on the stability of the A-share market,and finds that for the two hedging instruments,margin financing and equity index futures,"lost" The resulting response is greater than the response caused by "acquiring".It can be further seen that no matter whether negative or positive information is received,investors ’response to stock index futures should be greater than that of margin financing,indicating that when the market is going up,we should choose stock index futures hedging that responds more to the good news.Funds,when the market is down or weak,we should not abandon financing and margin trading first,and we should not blindly follow the "no-short selling" policy.If necessary,we prefer to ban stock index futures hedge funds that react more to bad news.This article believes that the hedging strategies represented by the two hedging instruments of margin trading and stock index futures are not the culprits of market fluctuations.On the contrary,they have also played a role in stabilizing the market.Therefore,in China,a market with incomplete financial development,we should moderately liberalize the hedge market,and then introduce financial instruments that meet our national conditions,so that our hedge funds can grow under competitive pressure and continue to improve,improving in the long run.The international competitiveness of China’s derivatives industry.