The Effeciency Research Of Chinese Stock Index Futures Market Based On The HS300Stock Index Futures Contracts

Stock index futures are a financial futures variety which generated late but developed rapidly, it gave rise to a new peak in the development of stock index futures market when it appears. Since1982, the United States Kansas city’s futures exchange launched the value line index futures contracts, stock index futures has become one of the world’s main futures varieties of a short span of30years. With the continuous development of our country capital market opening to the outside world, the demand at home of pushing out the stock index futures is growing. The first stock index futures——Shanghai and Shenzhen300index futures contracts has finally been launched In2010, running for more than three years, the domestic and foreign scholars gradually began to its research for such a high-risk financial derivatives. On the basic of the mature empirical research of foreign countries, the knowledge I learned, and accessing to a large number of data, this paper was able to carry on the systematic analysis, find the perfect test and measurement methods and achieve the perfect results of stock index futures market in our country.In this paper, the structure is divided into three parts, a total of five chapters. The first part is introduction; the second part is theoretical and the empirical analysis of the effectiveness of the stock index futures market, from chapter two to chapter4. The third part is the fifth chapter-conclusions and policy suggestions.First of all, the introduction part, is telling the research background and the importance of this article, combing the literature at home and abroad, then describing the methods of the article as well as innovative and inadequate, to lay the foundation for the research behind. The second part describes the theory of financial the article uses, choose the suitable testing method of measurement, and then divides the empirical analysis into two parts. In order to achieve the real test results, the article process the data and validate the results. The third part summarizes the above test results and put forward reasonable suggestions according to the actual state of the economy in our country.The main contribution of this article is the systematic discussion of research and the analysis shows that Chinese stock index futures market is weak efficient. The deficiency is the less innovation, and there is no more in-depth research on the basis of comprehensive study.