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。
This study conducts an empirical analysis on the influence of financial technology(fintech)on the liquidity 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 insights: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.
作者
马赫
刘晨
MA He;LIU Chen(Beijing Wuzi University,Beijing 101149,China)
出处
《中国证券期货》
2024年第4期28-37,共10页
Securities & Futures of China
基金
北京市教委社会科学计划一般项目“北京市涉农中小企业‘银行+保险+期货’新型融资模式设计及效果评价研究”(SM202110037004)。
关键词
金融科技
股指期货
流动性
Financial Technology
Stock Index Futures
Liquidity
