金融科技对股指期货流动性的影响
The Impact of Financial Technology on the Liquidity of Stock Index Futures
马赫 1刘晨1
作者信息
摘要
本文研究了金融科技对沪深300 股指期货流动性的影响,基于2017-2022 年沪深300 股指期货的交易数据,通过分位数回归方法分析并得到以下结论:金融科技能够显著影响股指期货市场的流动性水平;金融科技对期货市场流动性的影响是动态变化的,并且可能由于效果和时间层面的不同而产生变化.
Abstract
This study conducts an empirical analysis on the influence of financial technology(fintech)on the liq-uidity of the CSI 300 stock index futures market.Utilizing transaction data spanning from 2017 to 2022,the research employs quantile regression to dissect the nuanced effects of fintech advancements.The findings reveal two primary in-sights:firstly,the integration of fintech significantly enhances the market liquidity of stock index futures;secondly,the influence exerted by fintech is subject to temporal dynamics and exhibits variability across different stages of market evolution.These results underscore the complex interplay between technological innovation and market microstructure,offering valuable implications for both practitioners and regulators in the futures industry.
关键词
金融科技/股指期货/流动性Key words
Financial Technology/Stock Index Futures/Liquidity引用本文复制引用
基金项目
北京市教委社会科学计划一般项目(SM202110037004)
出版年
2024
NETL
NSTL
万方数据