股指期货作为一种套期保值的工具，通常被投资者用来规避现货市场中的系统性风险。然而，2015年下半年的股灾，关于股指期货的一系列管控措施陆续实施，股指期货却被认为是做空股市，造成大盘持续杀跌的导火索。全面客观地阐述股指期货在我国金融市场的发展情况，剖析比较股指期货的套期保值效果，对于促进我国资本市场的平稳健康发展有着重要意义。 本文以最大程度发挥股指期货的规避风险的功能为前提，运用不同的套期保值比率估计模型对目前在我国上市交易的股指期货进行实证分析和比较。分别选取沪深300指数期货（IF）、上证50指数期货（IH）以及中证500指数期货（IC）作为期货头寸，选择具有代表性的股价指数和ETF作为...As one of the hedging tools, stock index futures are used by investors to avoid systematic risk in spot market. However, in the second half of 2015, the stock market crash happened in China. Stock index futures were regard as the important reason of this crash. Therefore, having a more comprehensive and objective understanding of stock index futures in China is meaningful and valuable to the stabl...学位：金融硕士院系专业：王亚南经济研究院_金融硕士学号：2772013115280
