模范留学生论文参考-融资融券交易下的股指期货市场功能Research on the Functions of Stock Index Futures Market Based on Margin Financing and Securities Lending Transactions
Margin financing and securities lending transactions will be implemented in the stock market of China, which will change the unilateral market pattern of stock market.On the other hand, the stock index futures market will soon be established in China, which will improve the capital market structures and the capital market functions. No matter whether the margin financing and securities lending transactions or the stock index futures will come firstly, we can consider that in the near future, the margin financing and securities lending transactions and the stock index futures will coexist in our capital market.Then, based on the margin financing and securities lending transactions, what will be like the stock index futures market functions including the hedge, the arbitrage, and the price discovery and so on?
The paper aims at these questions, and carries out the mathematical deduce and the empirical study with the data of Shanghai and Shenzhen 300 stock index futures simulation transactions. Through these researches, it indicates the development directions and ways of the securities and derivatives in China, it provides the valuable policy-making basis for the effective supervisions, it helps the investors of stock markets and futures markets to make discisions correctly to invest, to hedge and to arbitrage, and at last, it riches the valuable related literatures for the functions of stock index futures based on the margin financing and securities lending transactions.
The paper mainly studies the functions of stock index futures including the hedge, the arbitrage, and the price discovery functions under the background of margin financing and securities lending transactions.In the first chapter of the paper, the research background, the research significance, the research subjects, and the research frameworks are introduced.
The paper especially emphasizes the research backgrounds. That is to say, the margin financing and securities lending transactions and the stock index futures simulation transactions is its unique research backgrounds. In the second chapter of the paper, some related basic categories and concepts are carried out their explicit means, including the margin financing and securities lending transactions, the stock index futures, the Shanghai and Shenzhen 300 stock index futures simulation transactions, the stock index futures’functions including hedge, arbitrage, and the price discovery functions, and how the margin financing and securities lending transactions influence on the stock index futures’functions.And the third chapter studies the hedge function of the stock index futures under the margin financing and securities lending transactions.