摘要
Abstract
Using the Lotka-Volterra model for dynamic relationship between populations in simulated ecology, we conducted the empirical analysis of the competition in trading size between Shanghai and Shenzhen 300 Stock Index futures and the spot market. The results show that when Shanghai and Shenzhen 300 Stock Index futures was just introduced, stock index futures market and stock spot market had competitive trade diversion effect in trading sizes, while with the gradually improvement and perfection of the stock index futures market, their competition turned to coexistence relationship, and trade introducing capital effect appeared. Meanwhile, it is found that the main reasons for the turn from competition to coexistance between the futures market and the spot market are： intensified regulation in the stock index futures market, structural optimization of the investor structure in the sock index futures market, and the prevalence of arbitrage trading in the stock index futures market.关键词
股指期货/Lotka-Volterra模型/交易转移效应/交易引资效应Key words
stock index futures/lotka-volterra model/trade diversion effect/trade introducing capital effect分类
管理科学
