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中文摘要：
通过建立理性预期均衡模型分析了股指期货推出对股票市场质量的影响。在股指期货推出前后两种不同交易环境下，股票市场的交易者会采取不同的交易策略，从而形成不同的均衡价格，最终会对股票市场质量产生影响。研究的结论表明股指期货推出提高了股票市场的流动性和信息效率，但对其波动性影响存在不确定性。总的来说，股指期货推出提高了股票市场质量。本文的研究，无论是对监管层制定跨市场监管制度，推出其他金融衍生产品，还是对投资者深刻理解股票市场，进行有效投资都具有很好的理论和实践意义。
英文摘要：
In this paper, a rational expectation equilibrium model is established to analyze the effect of the introduction of index futures on the quality of stock markets. Before and after the introduction of stock index futures, there are different trading environments, in which traders in stock markets will take different trading strategies. These trading strategies will cause different equilibrium prices and influence the quality of stock market finally. The conclusions show that the introduction of index futures increases the liquidity and the information efficiency of stock markets, but the impact on the volatility is uncertain. In general, the introduction of index futures will improve the quality of stock markets. The study is of theoretical and practical significance not only for regulatory authorities to constitute the institutions of cross-market supervision and introduce other financial derivatives, but also for investors to understand the stock market more deeply and to invent more effectively.
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