The Empirical Analysis For The Impact Of The Sample Path With Stock Index Futures

CSI300Index and the CSI300stock index futures contracts havediversity, resulted in the selection of the market also has a diversity ofhedging operations. In the markets which have many choices of hedgingoperations, whether the stock market, or stock index futures market, thereis a wide range of investors and they have different options aboutinvestment and investment targets. Different investment and investmenttargets will produce the different investment results.Each trading day, Stock index futures market support four stock indexfutures contracts to trade, investors will be based on their own purposes,preferences and different calculation methods, choose a different mode ofoperation, and it will produce a different path, the path of the samplecomposition, called the sample path. Each market has its own investorssample path, a different sample path after using hedging model, will get adifferent effect of hedging.This article will focus on different investment paths with each other,using a variety of hedging model to calculate more than the CSI300Indexand CSI300stock index futures hedge ratio, then the hedge ratiocalculated using carried out in different paths and different investmenthedging performance model analysis, and concluded that in order todetermine what kind of hedging model which path with the best results canbe obtained. Finally, this paper will combine with the status quo of Chinesestock market and stock index futures market, to explain the conclusions.