股指期货的推出对我国证券市场的波动影响研究.doc

摘要：股指期货已经成为证券市场上一个重要的交易工具。随着股指期货在我国的推出，我国的证券市场也产生了一定程度的波动。

　　　本文试图分析股指期货的推出对我国证券市场波动的影响。选取了沪深300股指期货作为研究对象，利用股指期货推出前后日交易数据来建立模型，进行实证分析，得出沪深300股指期货的推出减轻了我国证券市场的波动。本文的创新之处就在于沪深300股指期货在我国推出才仅有一年的时间，国内外对沪深300股指期货的实例研究还比较少，本文的研究能够为我国股指期货的发展提供一定的政策性建议，有一定的研究意义。但是，由于沪深300股指期货推出的时间还比较短，本文未能够对沪深300股指期货的推出对我国证券市场的影响做更为深入的分析，这也是本文需要改进和提升的地方。

关键词：沪深300    股指期货    证券市场   波动性

Abstract：Stock index futures have become a important trading tool in the capital market. With the launch of stock index futures in our country, the negotiable securities of our country market also produced a certain degree of volatility.

This paper attempts to analyze the stock index futures launched on China securities market volatility influence.I study the example of HS300 stock index futures. Using stock index futures transaction data before and after the launch date to establish model.By empirical analysis,I have a conclusion that HS300 stock index futures launch eased the China securities market fluctuations.The innovation of this paper is HS300 stock index futures in China launched just only one year. HS300 at home and abroad of stock index futures case study is less, the paper studies can be for our country's development of stock index futures offer some policy Suggestions, have certain research significance.But, Due to the HS300 stock index futures launched time is short, this paper not able to HS300 of stock index futures launched on China securities market influence do more in-depth analysis, this paper also needs to be improved and promotion of place.

Keywords :HS300,stock index futures,captical market, volatility