股指期货推出对股票市场影响的研究企业管理专业论文.docxVIP

中央民族大学硕士研究生毕业论文ABSTRACT 中央民族大学硕士研究生毕业论文 ABSTRACT Stock index futures弱a stock price index for the underlying aSsets of the financial derivative products，financial futures is the youngest in the family,one of the most dynamic members．Stock index futures弱a representative of the financial futures and the emergence and development，the futures market has undergone enormous changes，and fundamentally changed the pattern of the futures market． As all important component of the financial stock market，stock index futures can not only reduce the systemic risk,improve investor structure to meet the needs of investors diversified investment，but also price discovery,hedging and asset allocation function Call effectively improve the financial and the function of the market mechanism，which in the international capital market development in a more and more important position． So the discussion of the stock index futures has become the hot topic in the critical circles，people from all walks of the market are very concerned about the impact of stock index futures to China’s securities market．In view of this，based on the domestic and international research in the past，the paper reviews XinHua．FT A50 index futures and HuShen 300 index futures for research，which are closely related with the China’s Mainland market，and makes an attempt to analyze the impact of volatility,liquidity and components premium phenomenon of stock index futures．In addition，with the combination of the characteristics of III 中央民族大学硕士研究生毕业论文the 中央民族大学硕士研究生毕业论文 the domestic secunty market and future market，this paper focused on the forecasts about the launch of the stock index futures，and gave US a number of policy recommendations in a targeted nM衄既 In the respeCt of research methods，since the stock index series exhibit the self-related and heteroskedastic characteristics，which cannot be studied by the traditional risk-r既um method，we introduce the GARCH models as tools including TARCH and EGARCH non—symmetric models t