中文摘要：

利用2007—2014年的沪深300股票指数数据,可建立GARCH模型、TARCH模型进行实证研究,分析股票指数期货上市对股票现货市场价格波动的影响。研究表明：股指期货的推出能够有效降低股票指数的价格波动;同时,股指期货的推出有利于降低股市的非对称＂杠杆＂效应,即利好、利空消息对股市的冲击有所降低。

英文摘要：

This paper analyzes the influence of the listed stock index future on the fluctuation of stock cash market price by establishing the GARCH,TARCH model for empirical research with the CSI 300 stock index data of 2007-2014. The research shows that the launch of stock index futures can effectively reduce the volatility of stock index price. At the same time, the launch of stock index futures help decrease the asymmetric leverage effect of the stock market. That means the impact of good or bad news on the stock market has decreased.