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本文构建了一个由流动性交易者、知情交易者和做市商组成的市场微观结构模型，研究股指期货的引入对股票现货市场效率的影响。研究结果表明，在引入股指期货后，股票市场上知情交易者私有信息被揭露的程度提高了，表明股指期货市场的存在能提升股票市场的效率，本文的研究为股指期货的引入提供了理论上的依据。
This paper tests the influence of stock market’s efficiency when weintroducing stock index futures market
by constructing a market microstructure model which consists of liquiditytraders, informed traders and market makers. The result indicates that after introducingstock index futures market, market makers in stock market can know moreinformation about informed traders’ private information, which demonstrates thatthe introduction of Stock index futures market can improve efficiency of stockmarket. This study provides a theoretical basis for the introduction of stockindex futures market.
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