nfluence of Stock Index Futures on Stock Market Price: Theoretical Analysis and Experiences of the Chinese and Overseas Markets

Abstract

On April 16^th 2010, Shanghai-Shenzhen 300 index futures was put forward, and China’s securities market enters into an era of short-position trading. It is an important basic system construction in the capital market, which will have a great impact on the investment concepts, investment structure, investment behaviors and investment strategies of the investors in stock market. This paper makes theoretical analysis on the influences of the launch of stock index futures on stock market price, and takes empirical test of the experiences in the Chinese and overseas markets.