CAJ | 학술논문

以全球多个市场作为实证检验对象,从股市波动率变化、系统风险变化以及股市正反馈交易行为影响三个角度,分析股指期货市场稳定作用的含义,即对股市波动的影响及其作用表现,较为全面地解读股指期货的市场稳定作用。研究发现：三个角度都支持股指期货的市场稳定作用;而抑制正反馈交易的作用最为基础、直接和显著,是股指期货市场稳定作用的更为恰当的判断标准。
이전구다개시장작위실증검험대상,종고시파동솔변화、계통풍험변화이급고시정반궤교역행위영향삼개각도,분석고지기화시장은정작용적함의,즉대고시파동적영향급기작용표현,교위전면지해독고지기화적시장은정작용。연구발현：삼개각도도지지고지기화적시장은정작용;이억제정반궤교역적작용최위기출、직접화현저,시고지기화시장은정작용적경위흡당적판단표준。
From the perspectives of volatility,system risk and positive feedback trading of stocks market,this paper makes empirical analysis on indexes in different markets,and analyzes the stock index futures market＇s function of stabilizing the underlying spot markets,including its effect on stocks market＇s volatility and its function mechanism.This paper finds that the results by the three methods all support stock index futures′ stabilization function and the effect of restraining positive feedback trading is most basic,most direct and most observable in three kinds of research,which is the criterion of stock index futures market′s stabilization function.