The Empirical Correlation of the Stock Index Futures and the Volatility of Capital Markets——Based on 2004～2010 Data

In market economy,the stock index futures have the functions of hedging,financial asset allocation and price discovery of capital,etc.In present stage,the introduction of stock index futures will have major impact on the volatility of the capital market because of the indirect relationship to each other between the stock market,bond market and futures market.The thesis reconstructs the return rate of the stock index to research the relationship between the stock index futures and the volatility of capital market,which relies on the considerations of the firm total assets and total equity of the large-cap firms listed in the Shanghai and Shenzhen stock market.