结合国际经验地分析股指期货对A股市场影响.pdfVIP

082025036 杨 嘉 结合 国际经验分析股指期货对 A 股 市场 的影 响 eo n e lu sio n w h ieh P ro P o se d so m e sh o rta g e o f th is artie le. F u rth erm o re ， b y P o sitiv e an a ly sis an d th e eh arac teristic s o f em erg in g an d develoPed m arkets，it 15 eoneluded that (1) after the launeh of stoek index futures， P o sitiv e feed b a ek tra d in g effe e t 15 re du eed to m o re ex ten t in d ev e lo P ed m a rk ets th an th a t in em erg in g m ark ets. It 15 d u e to th e aP P lic atio n o f h ed g in g in d ev e lo P e d m ark ets and the m arketeffe etiveness itself. (2) It 15 the reduction ofPositive feedbaek trading effe et th a t lea d s to th e red u e ed tra d in g e o sts an d m ark e t risk s. A s a re su lt，in th e an a ly sis o f sto ek in d iee s ’sy stem atie risk b efore an d after th e la u n eh o f sto ck in d ex futu re s ，P o sitiv e fig u res a lso d em o n stra te th at a fter th e lau n ch o f sto ek in d e x fu tu re s， sy stem atie risk 15 re d u e e d to m o re P ro P o rtio n an d ex ten t in d ev elo P ed m a rk ets th an that in em erging m arkets. (3).refleeting on em erging m arkets，due to the Positive fee d b a ek trad in g an d h erd effe e t，m ark et e ffe e tiv en e ss 15 re lativ e ly low an d m ark et v o latility 15 h ig h ，sto ek in d ie es ’v o la tility in em erg in g m ark e ts 15 re d u e e d a P P a ren tly a fter th e la u n eh o f sto ek in d ex futu re s. It a lso e an b e m ain ly ex P la in e d th a t cu rren tly sh o rtin g in v esto rs h av e n ew eh an n e ls to m ak e P ro fits b y ex P ressin g th e ir id ea s，50 th at the bubble can be redueed. (4).In the m eantim e，beeause of low m arketeffeetives