本文在阐述了股指期货的主要功能和我国开设股指期货市场的必要性的基础上，
通过对开设股指期货给现货市场所带来的负面影响的分析，研究如何通过股指期货合约的设计来减弱或消除这些负面影响。本文运用理论实证相结合的方法，具体分析并部分验证了合约细则对消除股指期货带给现货市场的消极影响的作用，细则具体包括在对股指期货给现货市场所带来的负面影响的分析基础上，具体设计了合约细则，包括合约单位、合约乘数、最小变动单位、每日限价设计等。股指期货合约涉及到的各个要素。在合约每日价格波幅限制的设计中，使用到Breanna模型和股市收益率近似服从对数正态分布的方法。
关键词：股指期货，消极影响，合约设计
ABSTRACT
On the base of the main function and the essential to set up the stock index future market, the article research how the design of the contract can be used to weaken or remove the negative influence that setting up the stock index future market bring to the spot market after through analysis of these negative influences. This article analyze and partly verify the utility that the detail of the contract remove the negative influence that setting up the stock index future market bring to the spot market. The detail of the contract includes contract unit, contract multiplier, the minimum fluctuation unit, the limitation each day of contract price and the other factors of the stock index future contract.
Key Words: stock index future, negative influence, design of the contract
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