股指期货基于信息传递效应稳定作用的局限性

股指期货对现货市场的波动有潜在的影响。有学者认为股指期货能向现货市场传递信息，可提高信息质量，加快证券价格对新信息的反应速度，促进信息效率，从而起到稳定市场的作用。但是，股指期货信息传递效应对现货市场的稳定作用具有一定的局限性，这种局限性源于：第一，股指期货有限的价格发现功能；第二，股指期货有可能向现货市场传递有噪音信息；第三，市场解释信息方式影响稳定作用发挥的程度；第四，股指期货引起信息同质性，使市场丧失信念多样性，更易反应过度。

Limited Stability Role of Stock Index Future Based on Information Transmission

Stock index future has a potential influence on the volatility of spot market. There are ideas that stock index future can transmit information to the spot market, improve the quality of information, fasten the stock price reaction to the new information and promote the information efficiency. And thus it may stabilize the market. But there are limited roles for the information transmission effect of stock index future in stabilizing the spot market. This limitation comes from the followings： First, stock index future has a finite function of discovering price; Second, it is possible that stock index future transmits information with noise to the spot market; Third, the extent of the ways of explaining information affect to stabilizing the market; Forth, stock index future may bring about homogeneous information, make the market lose heterogeneous briefs, which may bring about frequent overacting.