股指期货推出对股市波动性影响研究——来自日本的实证分析  

The Study on the Effect of Stock Index Future to Stock Markets' Volatility——Based on the empirical study of Japan

作　　者：彭蕾[1] 肖涛[2] 

机构地区：[1]西南财经大学中国金融研究中心,四川成都610074 [2]西南财经大学保险学院,四川成都610074

出　　处：《云南财贸学院学报》2004年第5期34-36,共3页Journal of Yunnan Finance and Trade Institute

摘　　要：期货的推出是否对其标的资产的波动性及其特性有显著影响,至今在经济学界和实践部门都有着很大的争议。为了分析日本股票指数期货的产生对于日经225指数的影响效应,通过对在相继推出三种日经股指期货之后,日本股市的波动性是否有明显改变进行实证分析,得出日经股指期货的推出对日本股票现货市场影响不大的结论。Whether the introduction of futures has influenced the underlying asset volatility and its characteristics is still debated both in the economics and practitioners. The aim of this paper is to examine the effect of Japan stock index futures to Japan stock 225 index, which is to answer whether the volatility of Japan stock market is greatly changed after the introduction of the three kind stock index futures. The conclusion is that the influence stayed low.

关 键 词：股指期货 波动性 股票市场 

分 类 号：F833.135[经济管理—金融学]