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理论上,股指期货的推出可以抑制正反馈交易行为,从而平稳市场价格剧烈波动,为投资者提供了新的风险管理工具.我国沪深300股指期货推出至今,其对股票市场的影响,及其是否真的发挥降低证券市场波动性的作用等问题成为学术界研究的热点之一.以沪深300股指为研究对象,从正反馈交易行为是否减少的角度出发,使用非对称GARCH(1,1)模型,对比研究沪深300股指推出前后我国股票市场波动性的变化情况.研究结果发现沪深300股指尚不能很好发挥抑制市场波动的作用,仍需对股市进行长期持续的观察、验证,全方位发展我国的资本市场,提供多元化的投资工具,促进资本市场的发育成熟.
In theory, the introduction of stock index futures can restrain the positive feedback transaction, so as to stabilize the volatility of the market price and provide investors with new risk management tools.China’s 300 CSI futures so far, its impact on the stock market, and its Whether it really plays the role of reducing the volatility of the stock market has become one of the hot topics in academic research.With the CSI 300 stock index as the research object and from the perspective of reducing the positive feedback transaction, using the asymmetric GARCH (1,1 ) Model to compare the changes of the volatility of China’s stock market before and after the launch of the Shanghai and Shenzhen 300 stock indexes.The result shows that the stock index of Shanghai and Shenzhen 300 still can not exert its function of restraining market volatility well and still need to observe and verify the stock market for a long time, We will develop our country’s capital market in an all-round way, provide diversified investment tools and promote the maturity of the capital market.