CAJ | 학술논문

普遍存在的正反馈交易行为，加剧股市波动，必须加以有效治理。本文以正反馈模型为基础，对包括新兴市场在内的全球10个代表性指数进行实证检验。结果表明，上市股指期货能够有效抑制股市正反馈交易，这补充和完善了Antoniou et al．（2005）的工作。本文进而分析了股指期货发挥作用的五条渠道，并认为上市股指期货能够进一步完善内在稳定机制。
보편존재적정반궤교역행위，가극고시파동，필수가이유효치리。본문이정반궤모형위기출，대포괄신흥시장재내적전구10개대표성지수진행실증검험。결과표명，상시고지기화능구유효억제고시정반궤교역，저보충화완선료Antoniou et al．（2005）적공작。본문진이분석료고지기화발휘작용적오조거도，병인위상시고지기화능구진일보완선내재은정궤제。
The positive feedback trading exists globally and destabilizes the spot markets, and it should be governed effectively. Based on the feedback trading model, this paper makes empirical analysis on ten representative indexes including emerging markets, and finds out that index future helps reduce the impact of positive feedback trading. Also, this paper supplements and improves the paper of Antoniou （2005）. Moreover, this paper analyzes five main channels which index future plays its role, and considers that launching index future can promote the stabilization of local stock markets.